At NRP we receive calls from Advisors just like you wondering what flat dollar or commission based fee they should be charging for the services they provide to their clients. In an effort to address this need in an efficient fashion, we have developed the Advisor Compensation Calculator (ACC) that will help you to determine where your fee should be based on the services you plan to provide. The ACC is fully customizable; however, we do provide you a recommendation for the fee & number of meetings or reports per year in each section based on the plans asset size. You should feel free to customize these numbers as you see fit, we simply wanted to provide you a starting point. In each section, if you mouse over the underlined words you will see a pop up with more information on what that section is asking for to clarify any questions you may have.
One additional item to note, is that we did include in this ACC the ability to account for a potential clients “effort level”. Effort level refers to the amount of effort you and your team perceive supporting a particular client will take.
You’ll notice once you complete the ACC you will end up with two suggestions for cost, one based on the highest levels of effort and your number of internal employees, and one that is custom to your entries in those areas, it is up to you which you choose to show to your clients or perspective client. Remember, as you are using the ACC if you have any questions; just give the NRP Service team a call, they will be happy to help you.
Completing an RFP as Project Work for a Non-Client
A great way to generate new business is to take on an RFP as simply a onetime project for the client. It is a simple way to show the value you can provide to a perspective client and generate additional income for your business at the same time. Simply select the asset range of the plan you will do the RFP for to see our recommendation for the fee you should charge. Remember, we also assume that you will go meet with the client fact to face to present the results of the RFP and have considered that in our pricing recommendation.