Soaring demand sways advice firm to charge for additional meetings
Soaring client demand for face-to-face meetings with advisers has resulted in a Melbourne-based advice firm imposing a fee for meetings beyond the number allotted in its review agreements.
Scott Haywood, director of Haywood Financial Planning, said the fee is now imposed if a client wants to see a planner for advice outside of their review agreement.
He said this was imposed because of the growing number of clients that were asking to see an adviser more often, and the impact that this was potentially having on resources.
“Instead of once a year or twice a year, clients now often want to come in every two months.”
He said demand was generally being driven by clients looking for additional advice on the current state of the market and what impact it will have on their retirement.
By the same token, Haywood said the firm does not want any dormant or any inactive clients because of the compliance risks.
“If we don’t see our clients at least annually then we will write to them and say that unless they contact us they may be appointed to an adviser external to our firm.
“There is a compliance risk to the practice if you have a big basket of clients that you are not servicing and yet earning income from.”
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