Most advisors are missing this surprising opportunity

career

Shockingly, you might be able to generate more alpha for your clients by helping manage their career than you can from investing or financial planning.

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Today’s guest, Michael Haubrich, CFP®, created the concept of “career asset management” as a way to help add additional value to his clients using an asset that is typically neglected by financial advisors.

The idea is by helping clients manage their career and earning potential, you can not only help them earn more money, but you can also help them find greater career satisfaction and guide them through a more rewarding retirement.

Listen to the Career Asset Management Conversation

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Transcript

career
Michael Haubrich: Not all clients want to focus on increasing just their financial assets.

How do your price this?

Michael has an innovative way to price his services. Instead of a traditional AUM model, he prices his services as follows.

  • A base fee of $1,200
  • A fee of 0.5% of total net worth
  • A fee of 1.0% of adjusted normalized gross income
  • The fee is fixed for 2 years then revised based on the above formula

Notice how this removes the volatility and to some extent, the conflict of interest in the AUM model. By basing it on income and net worth, you remove most of the volatility from the AUM model. And by locking it in for 2 years, you smooth out fluctuations. Also, paying off a mortgage using investment dollars no longer means a hit to your income under this model.

What do you think of this pricing model?

Consulting

I am available to consult with your firm on the issues raised in this podcast and other strategic issues facing your firm. To learn more, click here to send me an email inquiry.

Resources

Michael Haubrich’s book, Career Asset Management

Janine Moon’s book, Career Ownership

Mitch Anthony’s book, The New Retirementality

My earlier podcast with Mitch Anthony

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Steve is the founder of Belay Advisor and a NYT bestselling author, podcast host, speaker, and financial advisor coach.

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