Has anyone left a wire house to go completely hourly fee based, and run your own financial consulting business? Is this a stupid idea or is it feasible?

like
Posting as :
works at
You are currently posting as works at

^So basically not what the op is asking at all

likefunny

You can do it. You charge hourly on retainer is the model many use. So roughly $2,500/year minimum fee to include everything. I use AUM but I believe that’s how the hourly people do it best

helpful

Left UBS|Painewebber back in 2002. Opened my own firm and never looked back.

We do total wealth management, fee only. No commission and no hourly rate.

Stupid idea. I don’t mean that harshly. The math doesn’t work. 8 hours a day, 5 days a week, 4 weeks a month. 160 hours a month. Can you bill that? Would be nearly impossible. Annualize that over 12 months. No chance.

Once you were at capacity (enough clients to fill up all 2,000 hours) you couldn’t grow. You’d either need to increase your hourly rate or hire people and pay them a salary to scale or grow. Sounds like the wrong direction from more freedom growth model based on AUM

FFS this industry is such a scam 🙃🤪

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