Fee Details for Financial Planning Services
Fees for financial planning are based on time worked, and the hourly rate. The rate depends of the level of expertise required to complete the work:
- Administrative assistant: $60/hour
- Associate advisor: $125/hour
- Lead advisor: $150/hour
Fees may be negotiable based on client and lead advisor discussions.
Details about “level of expertise required to complete work”
Administrative assistant: This type of work is typically clerical in nature, such as data entry or paperwork completion. There is no analysis, or strategy creation, or recommendations as a result of this work. Although the work requires the employee to follow the firm Code of Ethics and confidentiality, it (the work) does not require the employee to have any license or registration to complete. Associate advisor: This is work to support the lead advisor’s work with a client. The work by the Associate advisor would require, at a minimum, registration as an Investment Advisor Representative under the Registered Investment Advisory firm, Trail Financial Planning LLC. The work is typically within one of the areas described by the Certified Financial Planner Board, as stated below. Lead advisor: Each client is assigned a lead advisor. This is the person responsible for managing the client relationship and all planning work related to the client. The Lead advisor is responsible for making final analysis, recommendation and reporting actions with the client. The work requires, at a minimum, registration as an Investment Advisor Representative under the Registered Investment Advisory firm, Trail Financial Planning LLC. The fee is written into the client-advisor agreement, and is established before any work is done.
How fees are assessed and paid
At the end of each month, the Adviser will prepare and send an invoice to the client that includes a description of the work completed, the date the work was completed, and the formula used to calculate the which is compliant with requirements set forth in WAC 460-24A-135 (Washington state Administrative Code). Clients may opt to make partial monthly payments to pay off the account balance over time. All work (except for initial deposit as described below) will only be invoiced after the work is completed. Typically, an initial deposit is requested from the client to secure a spot in advisor’s schedule. This deposit will be less than $500. Trail Financial will not bill an amount above $500 more than 6 months in advance. Financial planning services may be terminated at any time by written notice. If the planning agreement is terminated, client will be billed for work done, but not yet paid for. If payment was received, but work was not done (such as an initial deposit was received, but the client decided not to proceed with services), a refund will be provided to the client for the amount of payment received less any work completed. Fees may be paid by electronic funds transfer or check.