Fee-For-Service Financial Plan

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. 

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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.

Step 6: Monitor the 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 fee-for-service PLAN includes two(2) face-to-face meetings as follows.

  1. A preliminary data gathering and goal setting meeting,

  2. A PLAN presentation, discussion and recommendation meeting plus

  3. 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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