There is a lot to keep up with when you run your own advisory firm. Not that this is a surprise, but staying abreast of everything that must be done can be a bit overwhelming. Each client is on a different track and each is at a different stage in the process. With one client, I have completed the financial plan and we are in the implementation phase. We are transferring assets to me and getting an attorney involved to draft their wills. With another client, I am nearing completion of their plan but there are some special nuances which require me to do further research. Another client is gathering additional information so I complete their plan. On top of all that, keeping up with planning strategies, tax laws, changes in the insurance market, etc., requires a lot of time. Then the asset management piece, which leads me to this week’s topic, deducting the fees.
Last week I said I made an interesting discovery about fees and would share it with you this week. The question I had was this, “With what frequency should I deduct the fees?” Should I deduct them monthly or quarterly?