Ep 132: Finding The Confidence To Avoid Discounting And Charge The Fee You're Really Worth with Linda Leitz
Financial Advisor Success
Michael Kitces
4.8 • 696 Ratings
🗓️ 9 July 2019
⏱️ 114 minutes
🧾️ Download transcript
Summary
Linda Leitz is the president of Peace of Mind Financial Planning, an independent RIA based in Colorado Springs that provides comprehensive financial planning services on a retainer fee basis to nearly 100 clients. Today Linda joins the show to discuss what she has learned over her 20 years of experience, including key takeaways about pricing her services and why her team of four works with clients for an ongoing retainer fee. She also explains how she has overcome the self-doubt that so many of us experience when quoting our planning fees so that she is able to charge what she is really worth.
Listen in as we talk in depth about Linda’s decision to shift from being a solo advisor under a cost-sharing partnership to building her own multi-advisor team, as well as what surprised her most when switching to a team structure after being solo for so long. You’ll learn why she decided to go back to school for a Ph.D. in financial planning as an experienced practitioner, how her mentality has shifted over the years, and more.
For show notes and more visit: https://www.kitces.com/132
Transcript
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| 0:00.0 | Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with |
| 0:07.2 | financial planner, speaker, and consultant Michael Kitsis to hear stories of how leading financial |
| 0:13.0 | advisors navigated the inevitable challenges that arise on the path to success and get insight |
| 0:18.7 | from leading industry consultants about how to break through to the |
| 0:22.0 | next level in your advisory business. And now here's your host, Michael Kitsas. |
| 0:27.7 | Welcome, everyone. Welcome to the 132nd episode of the Financial Advisor Success Podcast. |
| 0:33.9 | My guest on today's podcast is Linda Lights. Linda is the president of Peace of Mind Financial Planning, |
| 0:39.3 | an independent RIA based in Colorado Springs providing comprehensive financial planning services |
| 0:43.5 | on a retainer fee basis to nearly 100 clients with a team of four. What's unique about Linda, |
| 0:49.5 | though, is the depth of her experience in pricing her financial planning services and working |
| 0:53.8 | with clients |
| 0:54.4 | for an ongoing retainer fee. |
| 0:55.9 | And what she's figured out over the span of 20 years about how to successfully position retainer |
| 1:00.9 | fees for clients who may not be used to seeing the exact dollar amount they'll be paying |
| 1:05.1 | for financial planning advice. |
| 1:07.1 | In this episode, we talk in depth about how Linda has structured her financial planning fees |
| 1:11.8 | tied to a client's income net worth and complexity. |
| 1:14.8 | The way she presents this information to clients using a fee calculator to validate the price. |
| 1:20.4 | The way she positions a retainer fee increases during biannual renewals, |
| 1:24.9 | showing clients how their fees compare to what another advisor's AUM fee might be, |
| 1:29.7 | how the biggest problem when quoting financial planning fees is not that clients try to |
| 1:33.7 | haggle the price down, but that as advisors, we often haggle our own fees down due to our |
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