After years in the wealth management industry, I've come to a firm conviction: for retirees, a flat-fee structure for wealth management (financial planning and investment management) is often the most transparent and beneficial approach. My journey to this belief has been a process of observing, learning, and ultimately, prioritizing my clients' best interests above all else.

Managing Conflicts of Interest: A Core Principle

A crucial aspect of any fiduciary relationship is managing conflicts of interest. Just like attorneys, accountants, and therapists, financial planners hold a position of trust. Our clients confide in us their deepest financial fears and aspirations. It's our responsibility to provide advice that is objective and unbiased. This is where the flat-fee model shines.

Aligning Your Wealth with Your Vision for Retirement

One of the greatest joys I have as a financial planner is helping my clients use their wealth in ways that truly align with what makes them happy. A flat-fee model allows me to make recommendations without concern for how they might impact the fee the client is paying or how I am compensated. Whether that means advising a client to pay off debt, referring the client to an experienced insurance professional to purchase a pension through a single premium annuity, or encouraging them to spend more on the experiences and passions that bring them fulfillment, my focus is entirely on what is best for them within the guardrails of their financial plan.

Predictable Fees Based on Complexity, Not Market Movements

The segment of clients I work with most—those with $1M to $10M in assets—tends to require a consistent level of annual service. The time I spend on each client does not scale linearly with their asset size, and my fee structure reflects this reality.

For clients with additional complexities, such as rental properties, privately held investments, or complex tax considerations, I adjust the flat fee accordingly to account for the extra time and expertise required. This ensures that each client pays for the actual services they receive rather than an arbitrary percentage of their portfolio.

To me, a client who has $3M of assets under management but is overall a low complexity household should not be paying 3 times more than a client with $1M that has a very high complexity of planning.

Transparency and Trust

Ultimately, the flat-fee model is about transparency and trust. You know exactly what you're paying for, and you can be confident that my advice is always in your best interest. It's a simpler, more direct approach that allows us to build a strong, collaborative relationship focused on your financial well-being.

If you're a retiree looking for truly objective and unbiased financial advice, let's talk about your vision for retirement and how we can help you achieve it.