Cork Fee based financial adviser sought

[Steven Barrett]

I think most mechanics wouldn't refuse ten minutes of their expertise in exchange for an hour's pay.
I know some mechanics who will allow customers to supply their own parts (at their own risk). They will happily increase their labour rates to make up the lost markup/supplier discount.

Advice and execution don't necessarily need to go together, and separating them can remove conflicts of interest.

Are you suggesting I overcharge for my time?

I have no conflicts of interest at all. Whether someone pays by fee or commission is up to them, I give them the choice, so I don't have any conflicts.

But what I do want is to build a business with long term profitable clients. Clients that get an exceptional level of service and who pay me for it.

Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)

 

[trasneoir]

Are you suggesting I overcharge for my time?
Whether someone pays by fee or commission is up to them, I give them the choice, so I don't have any conflicts. But what I do want is to build a business with long term profitable clients. Clients that get an exceptional level of service and who pay me for it.

Fair play, that sounds perfect.

I have no conflicts of interest at all.

To play devil's advocate: If a customer walks into your office (on a commission basis) with a 10k net worth and asks you what to do with it, it's not in your (short term) interest to tell them "That's your emergency fund, keep it liquid". Forgive the contrived example, but I hope it makes the point.

More broadly, I do understand that people tend to be delusional about the cost of professional services. I imagine it would be near impossible to make a living in your industry on a pure time-and-materials basis.

 

[Steven Barrett]

I ask all my clients if they have an emergency fund. Some tell me they only want to discuss what to do with the 10k, others will tell me how much they have in each account. The size of the emergency fund does vary too. A civil servant is unlikely to lose their job and need to call on their fund to pay household builds but someone in a start up business will. I discuss that with them too.

Because of the commission culture of financial services, people believe they only have to pay if they buy something. Filling out the form is the easy bit. It's all the work that is done before then that costs the money. I believe I do a good job for people and I use a lot of software that costs money so I can give better, unbiased advice. It all has to be paid for. Never mind the loads of levy's that I have to pay to the Central Bank, Ombudsman, ICCL etc.


Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)