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2 Revenue Streams You Should Consider Adding to Your Practice
Manage episode 173410519 series 1316924
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As our industry evolves, it’s important that you consider adding these two revenue streams to your practice.
With the Department of Labor regulation well on its way, I think it’s time to look at your practice in a couple of ways as it relates to finding new revenue streams. Today I have two streams I want to talk about that I think you should highly consider.
The first is financial planning fees. You have a role as a fiduciary inside any retirement account or IRA to provide a fiduciary standard of care. In order to do that, you need to have a comprehensive knowledge of your clients’ unique situations.
If you charge a fee for a financial plan, two things generally happen. The first is that you know your clients are taking your advice seriously. The second is you get all of your client’s information rather than just enough to open an account.
The second potential revenue stream is insurance.
One of my biggest fears as a firm owner is that we will have a generation of children who will inherit their parents’ financial planning situation when they pass away. Because of that, in the investment-based world, we will see fiduciary advice given along the lines of, “You need to buy some more life insurance,” but we won’t see any life insurance actually sold.
You should highly consider adding one or both of these two revenue streams.
I think not being in the insurance space is a vulnerability for all our practices. If you don’t want to sell it yourself, at least refer it out to a professional who you can generate a split business arrangement with.
If you consider a revenue model centered on one or both of these two factors and integrate them into your practice, you’ll have a better opportunity to continue your business without much of a hiccup in terms of revenue streams.
If you have any questions about this topic or other ways to grow your business in the 21st century, please don’t hesitate to give me a call. I’d love to help you. Until then, happy selling!
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