The amount you pay for a subscription-based relationship with an advisor could vary.
For instance, financial advisors who are part of XY Planning Network don’t require clients to have a minimum level of assets in order to work with them. They may charge a start-up fee, along with a monthly retainer fee.
“Most people at the wirehouses don’t want to help someone who is 25 years old, has $30,000 in a 401(k) and $1,000 in the bank,” said Rockie Zeigler, a CFP and founder of RP Zeigler Investment Services in Peoria, Illinois.
He charges his subscription-fee clients $500 upfront, plus a $150 monthly fee.
For that cost, clients get four to six personal conversations annually, ongoing communication with the firm, a twice-yearly review of their 401(k) plan and more.
The level of interaction you’ll get will also vary based on your circumstances and the advisor’s service offering.
“Some advisors are very hands-on and meet monthly each year because they’re doing cash-flow coaching and it takes that intensity to learn how to build those savings habits,” said Roberge.
He charges an upfront cost of $2,000, and a monthly retainer of $200 for the first year of service.
In that time, Roberge builds a plan for the client, implements it over the year, and meets with the client about six times.
“In between, you have access to me if there’s something urgent and that can’t wait,” he said.