Financial Advisor Success Ep 127: Creating A Stewardship Report To Show Your Ongoing Value To [401(k) Or Other] Clients with Jania Stout
Jun 4, 2019
Jania Stout, Managing Director and Co-Founder of Fiduciary Plan Advisors at HighTower, shares her journey in 401(k) consulting, managing nearly $4 billion in assets. She highlights the significance of stewardship reports that showcase ongoing value to clients. Jania discusses her innovative custom CRM for reporting and the distinct fee structures she employs. Tune in to learn about her strategies for leveraging LinkedIn for business growth, navigating independence, and the competitive landscape against large firms.
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Use Minimum Fees And Selective Pro Bono Work
- Set a bare minimum flat fee to cover travel and service costs; Jania's team uses $10,000.
- For small plans, offer pro bono or advisory-lite options rather than full-service engagements.
Whiskey Distillery Startup And A Bottle For Advice
- Jania took a startup whiskey distillery and helped them set up a plan, then declined full engagement due to cost.
- She accepted a bottle of whiskey after providing pro bono guidance instead of charging her $10,000 minimum.
Unbundle Projects From Your Base Fee
- Unbundle services: keep a base flat fee but charge extra for projects, voluntary corrections, and in-person education.
- This counters fee compression and keeps core services financially sustainable.