We cannot waive the financial planning fee in most cases because
- Almost every clients we met claim that their case is a “simple” case although it is often far from simple.
- All clients pay according to the level of complexity of their case. A simple case will be cheaper than a complex case. This is fair to the client.
- We insist in being honest with the client – we need to earn a living. You should only deal with those who are honest with you.
The complexity of the case varies from individual to individual. Generally, complexity is based on the following:
Level organization. A client who is disorganized will be charged more. Examples: missing or outdated insurance policies, does not know exactly how much CPF balances available or have no idea what kind of investments were previously made, etc.
Number of financial planning expertise required. Example: A person who requires retirement planning & insurance planning will pay more compared to someone who just need insurance planning.
Number of scenarios required. Example: A person who wants to know whether is it better to keep his property to get rental income or sell his property to invest in stocks (two scenarios) will pay more compared to a person wants to know whether can he retire based on his existing situation (one scenario).
The time between first and final meeting. Example: A person will pay more if the first and the final meeting is 12 months compared to a person whose first and final meeting is 4 weeks.
The actual number of meetings. A person who requires five meetings will pay more compared to another who only requires two meetings.
Life stage. Example: Working parents tends to have more needs and hence will pay more compared to a fresh graduate.
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