There is a lot of talk in the Industry about "defining your service proposition" to help justify the fact advisers receive trailing commissions. Many of these ongoing service offerings include things like e-mail newsletters, free seminars and annual meetings to discuss the economic environment.
I think that education is very important for clients so that they better understand what is happening with their money however how do you cost these services? Clients of my Accounting practice get newsletters, daily updates on our website, you tube videos and free seminars all for free and all without me charging them a monthly fee. Now i could charge them a monthly fee, some would accept and some wouldn't and there is not doubt this would make my business more profitable but my question is why would I charge my clients for this service?
Sure there is a cost but I believe it is part of my Marketting and Client retention strategy as much as it is a "service" for clients. Now I could easily be missing the point here as I am new to Financial Planning but it just strikes me as odd?
What do you think? What ongoing service(s) do you expect from your financial adviser and what would you pay for them?
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