Reasons Not to Work with Me #2 | Hourly Financial Planning

Hey everybody, I'm Robbie with Matterhorn Financial Planning here with episode two of Financial Planning Done Differently. I am at Upper Cramer Lake in the Sawtooth Mountains and check this out, I got the penthouse suite here, got a primo spot, no extra charge. Really happy this was open, had to move that tree and cut some branches but got it done.

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How Hourly Financial Planning Clients Are Charged

I'm going to talk to you today about another way that my firm's different than industry norms, and that's how I charge clients. So there's two ways that I charge people. The first is on an hourly basis. It's really just straight hourly fee based on how much time we use.

So say you've just got a few questions or you've got a one-time project. Maybe you're a do-it-yourselfer and you just want somebody to eyeball what you've been doing, or you think you're in such a situation in which you got a plan in place, you won't need help again for a few years. Any of those kinds of things.

Maybe you have limited funds. Maybe all your money's in your 401(k) at work and no investment managers can manage that and get paid and help you out. Those types of things I work with. We just define what the engagement's going to be, what we're going to cover, and I'll give you an estimate. Then we get to work and you just get charged based on the amount of time that we work.

Monthly Retainer Financial Planning Services ( No Longer Offered ) 

And the second way that I charge people is on a monthly retainer. You just pay a set fee every month and it's not dependent on your asset size. There's no minimums, there's no minimum level that you have to bring into the firm or something. Keep your assets where you're at and you just pay a set fee.

And this puts us in more of a proactive relationship. We can cover all of the financial planning items that you need. I can give you investment advice, not specifically management—you'll have to make your own trades—and I can also do your tax return for most people as part of that fee.

Now that fee just becomes part of your budget. You know how much it's going to be every month, and we don't have to worry about you wondering how long it's going to take to answer this question, whether it's worth it to pay it or not. You just know that it's like an all-you-can-eat buffet. We take care of whatever questions you have.

Why I Never Charge a Percentage of Assets

So I never charge a percentage of assets under management. Therefore, it doesn't matter to me how much money you have or where the money's at or anything like that. I'm just here to consult with you and help you in one of those two billing methods.

And you'll see those bills come right out of your checking account just like any other bill that you have. They're not hidden anywhere. You'll get a bill and it'll come out of your checking account and you'll see it.

Connect With Me for Hourly Financial Planning

Thanks for being here with me in the Sawtooth today. Give me a call if you have any questions or email. You can set up a meeting through the link on the website here—just click book a meeting and set up an intro call. We can chat over Zoom and answer any questions you have. Thanks.