I would like to open up the topic of Fee-Only or Fee-Based Vs. Commission Based Financial Planning. As you know we highly recommend doing everything in your power to convert to Fee-Only for several reasons. Reasons like:
1. Reoccurring Income from management fees instead of one upfront commission payout that gives you little to no insentive to continue servicing your clients and properly managing their accounts.
2. Limiting or removing the temptation to sell products that yield you a high commission all while being horrible for your clients.
3. Entering into and maintaining an ongoing mutually rewarding relationship with your clients that will allow your financial practice to flourish because your client’s accounts are flourishing.
If you have any further thoughts, questions or comments please feel free to add to this discussion.
We look forward to your input.