Monthly Retainer Financial Planning Isn’t Viable. Or Is It?

This is another one of my interviews at T3 Conference in California last week.

Alan Moore is the co-founder of XY Planning Network, a network for financial planners working on monthly retainer with Gen X and Gen Y clients.

I guess no one told him when he set up the business in 2014 that retainer fee model isn’t viable for financial planning? Actually, they did. Most people in the industry laughed him off or told him it was a stupid idea.

2 years and 360 financial planners later, guess who’s laughing now?

 

 

 

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Wayne Hatter
Abraham is the founder of FinalytiQ, a research consultancy for platforms, asset managers, and advisory firms. Recognised as one of the country’s leading experts in retirement income, platforms and investment propositions, Abraham has authored several papers on these subjects and delivered talks to the Personal Finance Society, The FCA and several conferences across the country.
He holds a Master’s degree from Coventry University and an alphabet soup of qualifications, including the Investment Management Certificate, Chartered Financial Planner, CFP and Chartered Wealth Manager designations. He was one of 5 finalists for the Professional Advisers Personality of Year Award 2015 but the award went to a more deserving winner, obviously!

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  • Phil Castle

    Funnily enough, we’ve been working on a simialr basis for the very same reasons for several years pre RDR.
    We charged a monthy retainer to all clients (inlcuding those with no money, i.e. X & Y) for 3 yearly reviews rather than annual as whislt annual reviews are necessary invariably for funds under management, life changes tend to be every 5 years, so a 3 yearly full cycle review made sense with ongoing support and advice to the clients and full Truth planning. Clients with FUM, we charged an FUM fee and carried out more frequent reviews (usually annually). We’re now at the stage where most clients have significant FUM, so we were about to drop the monthly fee, but it may make sense to keep it as an option for X & Y clients taken on by our younger staff.

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