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Anyone have success charging an hourly fee for financial planning? Considering making a jump into it, have cfp designation, but am mostly commission at the moment. Won’t be a total switch.

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Do the math. You’d go broke

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I have and it seems quite the opposite. Seems more an issue of how I market and convey the service/value than anything.

Value > Hourly. If I save a client $1M in taxes, but takes me 20 minutes to explain, how much should the client pay? That particular client pays $20k/year and of course I’m doing more than that tax advice.

Do you both and let them choose

I think it depends where you are. Bigger cities it could be great. Smaller markets would be tough. I should think a flat, annual fee would be better than hourly... the more efficient you become the more you make, where as hourly seems capped growth. Hourly efficiency means you can have more clients and not necessarily make more money.

We do annual renewing fee planning model. Monthly retainer basically. Love it.

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