That's good advice.Charge a quarterly fee to worthy clients. Provide a quarterly portfolio report (there's plenty of software around to do a push of a key) plus a review of some of the investments in the portfolio plus a general economic and business review (and there's plenty of those on offer). Provide an annual review. Provide ad hoc advice when something might impact on portfolio such as tax change. Much better than having to go through motions to clients who are not engaged but under grandfathering commissions (now in trouble if no attempt made).Setting up a portfolio takes time and money but once underway then best for client (compounding growth) and adviser (reduce workload) to reduce churn. No SOAs and forms needed.
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