Business model for retainer services
Financial Planning Fees & Clients
Charging for Retainers
Best Clients for Retainer Fees
Compliance and Retainers
Billing for Recurring Fees
Combining Retainer Fees & AUM
Broker-Dealer Compliance & Retainers
Compliance and Payment Processing
To best institute a successful business model for contemporary financial planning services, it is first necessary to understand how the landscape has shifted. The new generation of clients for financial advisors have two key characteristics—they do not necessarily have large portfolios to manage, and they are enveloped in the universe of technology. They live in a world of robo-advisors and have very few (if any) liquid assets. The good news is that the Gen X and Y market is a profitable one if you are willing to be pliable when it comes to structuring your business model. The old model of Assets Under Management (AUM) has been rendered somewhat archaic when it comes to the requirements of this younger market who, quite simply, do not have large asset bases to manage.
It is imperative that Financial Advisors and Managers adapt their business models to this new demographic and their specific set of needs if they are to work toward reaping sustainable profit revenues from this source. To do so, two major factors have to be taken into consideration: that your business remain compliant, and that you construct a payment processing solution that is suitable to your unique needs as an advisor.