In this episode of The Complete Advisor, host Dennis Mattern delves into a pivotal aspect of the finance industry – the decision to charge a fee for a financial plan. Joined by special guest, Frank Oliver from Oliver Asset Management, the discussion revolves around the transformation advisors undergo when they transition from a fee-free practice to one that charges a fee for the complete financial plan. Oliver candidly shares his journey from not charging a fee to deciding to charge, and finally implementing it, providing a real-life perspective on the fear and courage involved in such a transition. He reveals how this shift improved not only his practice’s perceived value but also the overall quality of service offered, leading to an enhanced sense of credibility and a significant increase in client closing ratios. This episode offers invaluable insights for financial advisors pondering the shift to a fee-based practice and those looking to understand the tangible benefits of such a move. Check out this insightful conversation that will undoubtedly help you view your practice through a new lens.
