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Fees & charging  



How do you charge clients for this work?

1 Answer

In our webinar today (27 May 2020) Neil Parker answered:

The charging question is the most frequently asked one. The first thing to say is that it doesn’t really matter what you charge in your business for this service, as it will be bespoke to your organisation and based on how you operate. One thing I would say is that you should charge something specifically for the lifestyle planning element, this should be a standalone service and disconnected from charges you make for the advice work and implementation elements. Putting this into perspective, the first charge I made for this work was £50 when I first mustered the confidence to ask a client to pay me for talking to them about lifestyle planning. At Joslin Rhodes we charge up to £2,000 for the lifestyle financial planning element, as a standalone service, there are a few packages within that as the charge will depend on the amount of policies a client has. As you know, there is a lot of work involved in finding out the information on client’s existing policies and we adjust the price accordingly.