why i charge
what i charge
While I was still at a firm, I talked to a lot of financial advisors. I researched even more. But I never hired one.
Why?
Because I was nervous that their incentives were not aligned with my own.
Some financial advisors get paid by earning commissions on the products their clients buy. Those advisors' only incentive is to get their clients to buy the insurance policy or mutual fund that earns them the biggest commission.
Other financial advisors get paid by taking a percentage of the money that they manage for their clients. These are called "assets under management" (or AUM) fees. There is very little relationship between an AUM fee and the amount of work that the advisor actually does for the client. AUM fees create an incentive for advisors to maximize the assets that they manage, potentially at the expense of other approaches and goals. And over time, as those assets under management increase, AUM fees can become extremely expensive.
I didn't like either of those options.
When I started ZZ Planning, I decided to charge a flat fee for comprehensive financial planning. Flat fees avoid the conflicts of interest inherent in other pricing models. Flat fees are transparent and understandable, and increase predictably with inflation. And a flat fee financial planner is what I was looking for when I was in practice.
MY ONLY INCENTIVE IS TO DO WHAT IS IN YOUR BEST INTEREST, SO THAT YOU WILL WANT US TO WORK TOGETHER FOR YEARS TO COME
HANDLING YOUR INVESTMENTS AT NO ADDITIONAL COST
When you pay for comprehensive financial planning, you get optional investment management. That means I'll do the buying and selling of your stocks, bonds, mutual funds, ETFs, and other investments, if you want.
Because ZZ Planning charges a comprehensive flat fee, there is no additional cost for investment management. I don't take a percentage of your investments.
DISCOUNTED RATES FOR JUNIOR ASSOCIATES
With lower salaries, minimal assets, and potentially huge loans, junior associates need good financial advice at a reasonable price.
As a result, I provide graduated, discounted rates for junior associates, with fees adjusting over time until they reach my standard rate. If you're a junior associate, and are interested in learning more about discounted rates, reach out to set up a call.