From our inception, Kulig Financial Advisors has believed that clients should have a clear picture of the costs they pay for advice. We believe in transparency in fees and communicate them explicitly so that you know what you can expect to pay. For this reason, we are announcing a change to our service offering, and a change in the rate for hourly planning services.
New Planning Subscription Service
We believe that clients benefit most from a long term relationship with an advisor over time, so we are introducing subscription financial planning services. Why introduce this approach? We don’t want you to feel that you cannot pick up the phone or turn to us for follow up on the steps it takes to execute a plan. While the one-time plan has appeal for many people, it makes our relationship a bit unclear for some people, who may also be reluctant to ask additional questions or engage us for follow up because of the additional hourly fees that may be charged.
The financial planning subscription service helps clients with ongoing planning needs and keeps their plans current. You benefit from any new approaches that we find to addressing planning issues. Additional benefits include:
- We assist in implementation of your plan at no additional fee
- You receive a higher priority of service
- We are available when questions arise at no additional fee
- Services that would normally be an additional charge will be included. Examples include a financial organizer, withdrawal planning as you approach retirement, and other services we may provide in the future.
- Ongoing access (where available) to planning tools, such as our interactive retirement planning software.
- Updates to your original plan are at no additional cost to you.
Costs for our financial planning subscription service are an upfront fee of $1,400 to $2,200 plus a monthly subscription of $125 to $190, with the exact fee based on the level of complexity of your planning needs. The service is renewable annually.
New Hourly Planning Rate
If you have worked with us, you may know that for one-time financial planning work, we charge an hourly rate for our time. However, we do not simply run the clock and surprise you with the bill when we present the plan. Instead, we define the work, estimate the time, and quote you a fee range with an upper limit that we commit to. This way, you know in advance the most you would be asked to pay. While working for you, we track our time and determine the final bill by actual hours involved in the work.
After much consideration and competitive analysis, Kulig Financial Advisors has determined that we will increase our hourly rate for financial planning engagements from $240 per hour to $275 per hour, effective immediately. There are several reasons, key among them being significant increased demand for our services and increased costs for compliance and other services. Last but hardly least, we have increased our service offerings and plan to continue to do so in the future.
For clients returning for their regularly scheduled annual updates in 2019, we will charge the former $240 hourly rate when determining costs for your work.
For prospects who are currently scheduled for Get Acquainted sessions, we will also honor the $240 hourly rate.
The goal of continued expansion is that we hope to serve more people in our area, where there is limited access to fee-only advisors, particularly those who offer as needed financial advice that is tailored to your needs.
We appreciate your business, and if you have any questions or issues concerning this rate change, please get in touch. We appreciate and value your trust and look forward to continued work together.