Planner Pulse 026: [Pricing series] Chris Bates — Why I charge flat fees for my financial planning services

Today I’m joined by Chris Bates from Canopy Private, which is a small financial planning practice in Sydney, that’s about a year old.

The chat I had with Chris was recorded back in April, not long after the Trowbridge report was released. 

Around that time Chris also published an article on LinkedIn about his views on commissions, which got a big reaction, including this doozy.

So I contacted Chris and asked him if he was interested in sharing how he charges, so that others can get an insight into why he charges the way he does, and how he makes fee for advice work in his business.

Listen and learn

In this episode, we talk about:

  • How Chris got to where he is today

  • Why Chris charges a fee for advice (no commissions or FUM/AUM), and the impact this has on how his clients see him

  • The exact numbers Chris charges his clients — for full financial planning advice, as well as insurance only advice (including what happens at claims time and if insurance is denied)

  • The mistakes Chris made with his pricing and the impact it had on his business

It frees you to give advice.
— Chris Bates

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