Hourly Financial Planning Fee

2 replies [Last post]
WrapIt's picture
Offline
Joined: 2008-01-30

As I  continue to develop my business I am trying to diferentiate my services between investment management and financial planning.  For most of my clients I simply manage their investments on a fee basis, and for most of those clients I provide some basic financial planning services for free.  However, more and more I am getting clients that want financial planning services but maybe don't have an account with me at that time.  What is a typical hourly fee that advisors charge for financial planning?  I am in a rural town so prices here tend to be on the lower end of the spectrum, but I obviously still want to make it worth my while.  Can anyone give me a range of typical fees? Thanks!

joelv72's picture
Offline
Joined: 2008-11-28

$150/hr with a minimum of $500 is a good place to start.  Part of it depends on your target market.

WrapIt's picture
Offline
Joined: 2008-01-30

Thanks for the insight gentlemen.  I like the idea of fixed fees for planning, other than the uncertainty of time it can take for any given financial plan.    As I do more plans maybe I will get a better handle on how much to charge individual clients.  I'll probably start out giving clients a choice between hourly or fixed and tweak things as I go.  As joelv72 suggested, I will probably go with $500 or $150/hour to begin with, although I may have to lower the fees as the market seems pretty soft right now for financial advice.  Hopefully I will be able to increase them as I develop my market a bit more. Thanks Again!

Please or Register to post comments.

Industry Newsletters
Investment Category Sponsor Links
Planning Investment Category Sponsor Links
Wealth Planning Category Sponsor Links

Sponsored Introduction Continue on to (or wait seconds) ×