Survive & Thrive Under the DoL Rules:
Taking Advantage of Fee-Based Planning

We asked participants: What’s the one best thing you learned from this presentation? What are you going to do differently in your business now that you’ve heard these ideas?

“Need to start early.” – Gordon Conwell

“You can get good info without traveling to attend workshops and training seminars. Develop good communication.” – John Boyer

“Assess how I do or could bring value to the table.” – Steven Daniel

“Insights of how different advisors approach the fee based business. Apply more of a schedule to my fee based business, so that the clients are aware of next steps and expectations of my work and what they are required to do based on the arrangement.” – Chris Johnson

“Embrace fee based planning and get over the hurdle in my own mind first. The clients will follow. I plan to develop a printed list of steps in my planning process (similar to the one we saw today) and a printed schedule of fees so I can show these items to all new clients.” – David Henderson

“Developing a presentation to show clients and prospects what to expect and establish the value you provide for service.” – Douglas McCroskey

“Value is defined as ‘what I’m doing for my client that they cannot and will not do themselves.’ If the DoL rule goes into effect, we will have to move to a fee-based practice to survive. Focus the client on the value they are receiving from our practice.” – Frankie Taylor

“The value is not about the price. The definition of value is what I am doing for my clients that they either can not do or will not do for themselves. What am I doing as a financial advisor to create value and help the client to achieve their financial goals. But only when the value is implemented is when we get paid. Having the first meeting create value and qualify my prospect to see if they’re engage in creating a solution for themselves, then I can get paid for my time and professional services and experience. I will focus more in the client’s needs rather than in the product. The value is not about price. I will realize that my education, experience and time are worthy, therefore, I must feel proud and confident of putting value on the solutions that I am presenting, therefore they’ll do business with me.” – Mayra Abreu

“How similar DOL ruling and compliance is in other countries.” – Mark Laviola

“How the DOL Fiduciary rule may impact the US in similar fashion to how it has affected the practices of those in other countries. I am going to wait until I hear more about the new administration’s take on the rule.” – Brandon Reichert

“How charging fees for what I now get commissions for will be a good thing for me. Charge fees for situations where I usually receive a commission.” – Charlie Potts

“Other countries have tightened the reigns and advisors are still in business. There was a mass exodus which should be great for me as a long-standing fiduciary. I’m going to hold my head proudly about my fees. I will relisten and take some notes as I like the pricing models the UK fella laid out. Similar to the Clarity 2 Prosperity models.” – Richard Loek

“Prepare for the future.” – Randy Mader

“Stay ahead of the pack.” – Leon Avila

“The fee structure that is currently in place. Think about how to structure our practice to be ahead of the curve.” – Thomas Shultz

“Value Proposition. Concentrate on more fee based accounts.” – Richard Anderson

“How successful Advisors are using fees. Continue to model the process.” – Ebony Brady

“Not to fear charging fees. Depends on what happens with the DOL.” – Michael Kirsh

“We don’t want the DOL rule to be put in place! Make a decision on continuing in business.” – Woody Syverson

“No matter what the politics of the moment may be….you need to stay ahead of the curve! Politicians and leaders come and go but worldwide trends get implemented by regulators. Try to prepare for fee based business.” – Joe Anthes

“We are in for an awakening and must accept the change we must make of DOL. Also, that it is not a career ending issue but a good thing. Get ready.” – Javier Perez

“Defining value. Continue my advice and fee based practice with even more clarity around value proposition.” – Larry Roberts

“Getting ahead of the curve and getting ready for what is coming. Start my written flowchart and value proposition.” – Greg Nelson

“Boldness in fees. I am still not sure on how to react to DOL proposals and my outlook on the market.” – Scott Gons

“How to transition into fee based planning.” – Charles Grotyohann

“Fees for Service at every stage of planning and implementation processes. Reexamine how to Transition to new Business Model over next 3-5 Years.” – Terry Headley

“Adapt to change. Start charging fees.” – James Goodacre RHU,REBC

“Bhupinder’s process and his phrase, “The first meeting is at MY EXPENSE.” I have already made the shift from commission to process/service for a fee. I charge a financial planning fee and asset management fee. My BD does not allow monthly retainer, but I am pushing them. I’d love to hear you speak at our National Symposium.” – Paul Romo

“The Value Proposition and being paid for the value I give to clients. Talk with my partner about setting fee schedules.” – Saundra Hewitt

“Bhupinder’s flowchart. Use this material to continue my move to fee based.” – Kevin Jones

“The potential requirements that we can expect in the US. I am semi-retired and no longer selling securities. I am not sure how the changes effect retirees.” – Darrell Westb

“Perspective from different parts of the world – and in particular the value conversation that the gentleman from the UK shared. Review the materials that he mentioned, so I can assess how to go forward with fees.” – Ross Feldman

“The need to be prepared and how others are making the change.” – Sheryl Klehr-Ottinger

“Embrace the change coming and try to be ahead of things instead of catching up. Also, have the confidence to state the value that I bring and that there is a cost to that. Creating a vision for where I want my practice to go and what it will look like.” – Signe Nelson-Combs

“I’m not moving to Australia to be a financial planner! Re-think my value proposition.” – Dean Callison

“I am glad that my firm has done all of the DoL planning for me.” – Aron Levy

“Create a value for what we do; as advisors we have been giving away a lot of time and information in the hopes of getting paid in the end. Move quicker toward fee-based practice; currently it’s hybred both commission and fee based.” – Lee Benson

“Get organized, have systems in place to keep moving forward with stuff i have learned about this.” – Douglas Mock

“The balance between fee based and commission. Reassures me of the importance of “Value” when providing services to clients. It’s ok not to undercharge when providing quality service. Solidify what is already working well when it comes to servicing my clients as well as adjust statements such as changing “free initial consultation” to “initial meeting is at my expense”.” – Joyce “Cheri” Jordan

“I will need a higher level of net worth client to work with. UK, Australia, and S. Africa models are flawed in terms of helping the middle class. It appears that the DOL drafted legislation was an attempt to mirror those countries.. Continue the process of transitioning my business.” – John Mueller

“How to deal with the DOL. Start to get office more efficient for DOL.” – Fleming Hunt

“Go fee-based and be done with it. Our problems are still in the compliance arena — the practical issue of who is going to take the financial master role for individual product sales. Already a 65. The issue for me is the annuity restrictions and whether the source of funds matter will affect other insurance product sales.” – R Allan Jensen

“Confirming how the outcomes of new rulings will probably take us into opportunities and challenges to adjust our business models. Even more selective on the new clients I take on. Continue to educate and sharpen my knowledge for creating a bigger value to clients.” – Cindy Asuncion

“Global regulation. Continue to move to fee based advisor.” – Jerald Hoffner

“What we are doing for free now! Re-write my fact finder & Value proposition.” – Jon Brandt