Ep. 6 – 21 Questions (Series) – 5. Are your fees negotiable?

Welcome to the Real Retirement Financial Planning Podcast. 

This series covers the 21 Questions to Ask Your Financial Advisor. 

The list of questions was inspired by Jason Zweig of the Wall Street Journal, and his blog post: The 19 Questions to Ask Your Financial Adviser.

Responses to Jason’s questions I read from other advisor websites lacked depth.

Yes, or No, sometimes needs more context and a greater explanation into the whys.

The goal of this series is to target the essence of what I think Jason is trying to protect you from, and help you make a better educated decision.


21 Questions to Ask Your Financial Advisor

5. Are your fees negotiable?

Jason is looking for a “Yes” here.

Nope, at MARGIN, we believe you get good advice at a fair price. There’s no reason to negotiate.

The fee is $4,499 annually, billed quarterly at $1,124.75 per relationship for real comprehensive financial planning and discretionary portfolio management.

There’s no current limits on interactions through phone calls, e-mails, and/or meetings. 

Another peer stated that I charge too low for all the value I add after I walked him through my process, deliverables, service, and my expertise level.

One suggested doubling my fee.

I’m not greedy: keeping fiercely loyal clients, and a hyper-competitive offering that adds as much value as possible is most important to me.

Another flat-fee firm founder I intellectually spar with says he includes a “PIA” tax. While he won’t decrease his fees, he might just increase them for the special type of client. There’s no need for me to do that either. I smell those clients a mile away. I’m sure another firm will take good care of them.

If you have to negotiate, are you at the right firm?

Price isn’t everything, but ask yourself, if this firm is negotiating with me to they really value their value?

People don’t give away things that are valuable.

They charge a fair margin for them.