Do what, you ask? Why, financial planning of course. Now I'm not talking about the off-the-shelf variety where you spend a little bit of time gathering data from the client and produce a "cookie cutter" analysis. I'm referring to the type of highly customized plan the wealthy are looking for, which begs another question. Who needs this type of service?
In the strictest sense I would say everyone. However, the question each of us has to answer is this: "Which segment of the marketplace do we want to focus on?" Another question of relevance: "What is our perception of planning?" If it's merely a way to sell things, then it will likely come across that way to the client. If you think of it as a "loss leader," then are you really a planner?
Not trying to ruffle your feathers here, but ask yourself what it is that a planner does. If you said "financial planning," then you are correct. If you hold yourself out as a planner but aren't charging a fee, then perhaps you don't believe you are you providing something of value.
So, what is the value you place on your ability to do planning? How much do you charge for your time? Granted, if you go through the entire process and the client doesn't do business with you and you did it for free (or priced it very low), then you just spent a lot of time for no return. Here's how I approach it.
