A recent podcast by the renowned “Nerd’s Eye View” blogger Michael Kitces and the XY Financial Planning Network about monthly retainers in the finance industry struck a chord with us.
What we see trending in 21st century financial advisory firms is chatter of monthly retainers. This mentality is nothing new. As a matter of fact, we at WMGNA have been doing it since 1995 and have yet to come across anyone else who is doing it. Here is what our current membership includes: Ongoing consultations, reviews and specific recommendations in areas including, but not limited to: tax planning, cash flow analysis, risk management, investments, insurance, educational funding consultation, retirement planning, real estate purchase and financing, automobile financing, business related social media presence, employee benefits, heritage and multi-generational planning, corporate or business planning, and charitable giving. We also help with completion, interpretation, and organization of necessary paperwork and access to our team of strategic partners. Members also get our WMGNA, LLC App and personal financial website, along with invitations to social events and subscription to our Monthly Connect.
Investment advice, while related, is separate from financial advice and the two need to go hand in hand. WMGNA is an independent registered investment advisor so members have the access to transparent low cost investment services. These marry up with their overall financial plan because we are doing their financial plan. Just this week we got a call from a client whose son is at a local college, has an internship and the 188k mile car, which needs more work, may not make the commute. She called us up and we figured out a way for her to afford a new car and now she is going to our strategic partner in the automotive arena.
Ahead of the curve, WMGNA continues to embrace cutting edge financial technology. With that we are in the process of developing a 100% digital membership with our 20+ year team behind it! Our “MO” is to make sure you make smart choices with your money. Members, who make expenditures of at least 5k, if not lower, consult with us before doing so. The weekly grocery bill is their own business, but we help them afford major expenditures like vacations, cars, etc. We also have strategic partners to make sure they are in the best position possible with every aspect of life. This is what we have been doing for 20 years.
While we may have a few trust fund babies; the great preponderance of folks who are members are everyday people, small business owners, dentists, and executives. With their WMGNA membership they have one place to go for their true success. Our true success formula: great lifestyle + money X the time to enjoy it = true success. To us, this is what the monthly retainer is all about. It isn’t brain surgery but it takes time. We do have a brain surgeon that is a client but he doesn’t have the time to do any of this on his own (that’s why he uses us). If you are working with someone now ask about their monthly retainer fee. If they don’t know what you are talking about or don’t care, find out why.
How much is your advisor charging your for financial advice? No charge? How do they stay in business?...and keep in mind the axiom “free” advice is worth what you pay. If your advisor isn’t charging you, then how do they get paid?
If you would like to find out how much we know and care contact firstname.lastname@example.org or call our headquarters in Farmington, CT 860-679-5255.