Resource Guide to Billing on Held-Away Assets

A few weeks ago I provided a summer reading list for advisors – a compendium of business books, white papers and resources on how to drive more referrals.  Today I want to give another “homework” assignment for the summer holidays – a list of materials you can read/listen to on the beach after you complete second quarter client reporting and are able to enjoy the hot summer weather.  Take a few minutes to explore how your peers bill on held-away assets.

The advisors I speak with who have made the decision to provide advice on a client’s 401(k), 403(b) or other “held-away” accounts generally fall into one of two business models:  1) they bill on a retainer basis; 2) they bill on an AUM basis.  What we’ve found is that advisors who bill on an AUM basis charge less for held-away accounts than on other accounts.  Below are a few resources that illustrate what advisors charge.

What to Charge (i.e., setting the fee structure)

  1. Bringing held-away assets into the fold (whitepaper)

  2. Held-away, not hidden (whitepaper with nationwide survey results)

In addition to understanding how to set the fee structure we’ve put together resources that answer questions regarding compliance.  You do not need to have custody to manage a client’s held-away assets.  Nor do you need to have custody to bill for the advice you provide to enable a portfolio to grow.

Compliance Considerations

  1. Compliance chapter of The Definitive Guide to Billing on Held-Away Assets (webinar)

  2. The Definitive Guide to Billing on Held-Away Assets (printable e-book)

Lastly, you may want to spend a few minutes to understand how to deduct fees on held-away accounts. While you can’t bill directly to someone’s retirement account, there are a number of ways to receive your fees.  The three most popular methods are: deduct from a brokerage account; deduct from a bank account; receive a check.

Billing Mechanics

  1. Bring Held-away assets into the fold (whitepaper)

  2. Don’t leave money on the table (whitepaper with tips from Orion Advisor Services and Altfest Personal Wealth Management)

  3. Video featuring Karla Paxton on How to bill on held-away accounts

Enjoy your summer reading!

You May Also Be Interested In…

Summer Reading List for Advisors (Blog post by Cynthia Stephens, VP of Marketing, ByAllAccounts) 

The Definitive Guide to Billing on Held Away Assets (Interactive eBook)

Bring Big Data Power to Your Client Accounts (Blog post by Martin Dickau, CTO, ByAllAccounts)  

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