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Mason & Associates, LLC Redefines Financial Planning with Fee-for-Service

Mason & Associates, LLC, a financial planning firm based in Newport News, Virginia, has successfully integrated AdvicePay to evolve its client service model. By embracing a fee-for-service approach, the firm has addressed challenges in client revenue and modernized its operations. This has allowed them to maintain strong relationships with legacy clients while attracting younger clients seeking specialized financial advice.

The Challenge

As Mason & Associates grew, they faced a pressing need to balance client relationships and profitability. With a commitment to serving long-standing clients while achieving revenue goals, the firm sought a solution to appropriately charge for their expertise—especially for clients with assets primarily in employer plans or smaller portfolios.

The Solution

After evaluating various options, Mason & Associates selected AdvicePay to launch a fee-for-service model. This shift allowed them to introduce monthly billing and retainers for clients, enabling sustainable growth without sacrificing client relationships.

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John Mason

"Don’t be scared to implement something new and don’t feel guilty for charging a fee. It seems that most advisors don’t charge a fee because they are scared of being told no or they don’t believe they’re worth it.  Your entire business doesn’t need to convert from AUM or commission (or a combo) to retainer or fee-for-service, but the successful firms of the future will offer that service."

The Results

AdvicePay has enabled Mason & Associates to modernize their billing approach with impressive results.

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Client Retention

Successfully retained 75% of Legacy Clients, providing continued value without compromising profitability

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Increased Revenue

Billing $7,000 in monthly fees, turning previously unprofitable relationships into viable client accounts

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Client Diversification

Able to attract younger clients with assets primarily in employer plans, expanding their client base and future AUM potential

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Enhanced Efficiency

Advisors spend more time on strategic client engagement, thanks to streamlined payment processes and automated revenue tracking

Key Takeaways

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Modern Billing for Client Retention

Offering flexible, monthly billing options can retain valuable long-term legacy clients while maintaining profitability

Modern Billing for Client Retention Offering flexible, monthly billing options can retain valuable long-term legacy clients while maintaining profitability
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Profitability through Fee-for-Service

Transitioning to a fee-for-service model supports both the advisor's and the client’s financial goals, ensuring sustainable growth

Profitability through Fee-for-Service Transitioning to a fee-for-service model supports both the advisor's and the client’s financial goals, ensuring sustainable growth
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Attracting the Next Generation of Clients

Younger clients are willing to pay for advice, especially when it’s tailored to their specific financial planning needs and is flexible without always requiring account management

Attracting the Next Generation of Clients Younger clients are willing to pay for advice, especially when it’s tailored to their specific financial planning needs and is flexible without always requiring account management
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Building a Future-Ready Firm

Implementing fee-for-service now positions firms to adapt seamlessly as the industry shifts toward this model

Building a Future-Ready Firm Implementing fee-for-service now positions firms to adapt seamlessly as the industry shifts toward this model

Securities & advisory services offered through Centaurus Financial, Inc., Member FINRA and SIPC, a Registered Investment Advisor. Mason & Associates, LLC and Centaurus Financial, Inc. are not affiliated companies. This is not an offer to sell securities, which may be done only after proper delivery of a prospectus and client suitability is reviewed and determined. Information relating to securities is intended for use by individuals residing in California, Colorado, Florida, Indiana, Maryland, North Carolina, and Virginia.