Fee-For-Service Financial Plan
Advantage Wealth Planning offers a Fee-For-Service Financial Plan for those wishing to implement and monitor a financial plan on their own.
Below is a more detailed explanation of the traditional plan versus a fee-for-service financial plan.
The Traditional Financial Plan
The typical process followed for a client/advisor engagement is an ongoing relationship as defined by the Financial Planning Standards Council (FPSC). This engagement involves the following six steps as listed and shown below.
Step 1: Define and agree on the scope of the financial plan.
Step 2: Determine your goals and expectations.
Step 3: The financial planner clarifies your present financial status and identifies any problem areas and opportunities.
Step 4: The plan is presented to the client in written format.
Step 5: Implement the Financial Plan.
The Fee-For-Service Financial Plan
If you want only independent financial advice only whereby you can implement and monitoring the plan yourself, this is referred to as a fee-for-service plan. There is no product recommendation or selling involved.
In simple terms, it includes the first four steps of the plan but excludes Step Five: Implementation and Step 6: Monitoring the plan. Below is a chart for reference where the omitted steps five and six are grayed out.
A preliminary data gathering and goal setting meeting,
A PLAN presentation, discussion and recommendation meeting plus
Email and phone support is provided for a period of 18 months after the final meeting.
The minimum fee-for-service plan is $750 (including HST).
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