Implementing a Fee-For-Service Model
The fee-for-service manual was specifically written by Cost Accounting Specialists CL Whelan and Associates for financial planners to provide practical advice on implementing a fee-for-service model within their practice. The manual has been accredited by the Financial Planning Association of Australia. Participants who read the manual and complete the exercises will earn 4.0 CPD points.
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- A detailed hardcopy manual with case studies and exercises
- CD
- Pricing and monitoring templates
- 60 days telephone support
Your financial planning practice may have already commenced the move towards a fee-for-service pricing model or is considering the move. Our fee-for-service manual will assist in making the transition a lot easier and smoother.
Pricing
The price for the Manual, CD, Templates and 60 Day Phone Support is $430 + GST
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Table of Contents
Overview of Manual Aim of manual Objectives of manual How to use this manual Continuing Professional Development About the author Introduction The trend towards a fee-for-service approach Advantages of implementing a fee-for-service model Exercise 1: List other advantages Difficulties with implementing a fee-for-service model Exercise 2: List other difficulties Exercise 3: How would you overcome some of the above difficulties? Transition from Commission to Fee-for-Service Factors that compel a successful transition Careful planning Transition Period The Client Presentation Overcoming Objections Fee-for-Service Systems Team Training Financial Product Providers Exercise 4: List any other transitional considerations Calculating Hourly Chargeout Rates Why calculate chargeout rates How to treat financial planning commissions received How to treat non-financial planning commissions received Calculating chargeout rates for your firm Step 1: Labour costs of employees Step 2: Overhead costs Step 3: Billable hours Step 4: Required Net Profit for the next 12 months Step 5: Allocate overheads and Net Profit and calculate hourly chargeout rates Step 6: Check for reasonableness How to amend hourly chargeout rates Financial Forecast Pricing a Service Fixed fees Pricing matrix Pricing a service using the template provided Step 1: Select team Step 2: Detail each task Step 3: Detail disbursement costs Step 4: Value pricing Exercise 5: Pricing a service Client Engagement Letter What is a client engagement letter? What is included in a client engagement letter? Recording and Monitoring Time Options for recording and monitoring time Methods of recording and monitoring time Manual timesheet Time recording software Recording and monitoring time using the template provided Billing Fees and Cash Collection Billable fees Cash collection Key Profitability Indicators Revenue per FTE Revenue per owner/principal Average hourly chargeout rate Exercise 6: Average hourly chargeout rates Forecast fees Profitability of firm Labour efficiency % Staff ratio and direct staff ratio Costs per $ of fees Appendix 1 55 Manual timesheet |
