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What is the value of a "free" Financial Life Plan? Thumbnail

What is the value of a "free" Financial Life Plan?

Naturally, when I have a conversation with someone that's inquiring about our services, they will ask "how do you get paid?" In other words, they want to know our fee structure. 

I explain that we always start by doing a comprehensive Financial Plan...ie: a full financial checkup complete with a financial health assessment, investment audit, plan recommendations and your own financial dashboard that updates in real time, for a flat fee of around $3,000**.

Every once in a while, I hear "Well firm XYZ says they will do a financial plan for free!"

Personally, the word "free" always makes me take a pause. 

I typically respond to their statement with something like, "Hmm...that's interesting! Why do you think they would do that? What are they hoping will happen after you complete their "free" financial plan? And moreover...how much value could there really be in a plan that they're literally just giving away?"

And if you've ever been intrigued by a free plan, I would encourage you to consider each of those questions too. 

Here's the thing, if a plan that has seemingly no value or dollar amount attached to it is the sort of thing, you're looking for... then our process might not be the best fit for you. And that's ok! 

At Drucker Wealth we are so committed to financial planning and know how much value our clients will derive from every step of our process and that exactly why charge for it!

Most financial professionals talk about how important it is to have a financial plan, but then turn around and offer a "free plan" with an end game already in mind. The hope that you invest with them, buy insurance from them or both! 

Personally, I don't think there is a more backwards way of doing things. 

And I'm always left wondering, "how much value do you really think you're getting from a financial plan that you didn't invest any money or time on?"

Don't get me wrong, there are absolutely things I want to pay the lowest possible dollar for (car insurance, phone plan, or a cable bill...) They're essentially products that you want the best deal on.

But when it comes to having a financial plan, 

  • something that will help build your financial foundation 

  • something that is designed for your family to benefit from for decades, 

  • something that will help you plot the course to your future retirement.

Aren't we looking for what will do the most good? What will provide you and your family the most value?! 

With something so all-encompassing, shouldn’t we be seeking the option that that will provide us with the greatest lifetime return? Not just the lowest immediate price tag? 

There are times when cheap or free is favorable and other times when long term value will serve you best. The thought of your financial future being designed with something free keeps me up at night... there is always a price to pay! 

Let's cut to the chase: I think having a real financial plan, the type that will plot out your future goals and serve as a decision center for you moving forward, is one of the single best things you could do for your future.

In fact, as a firm we believe in having a Financial Life Plan so deeply that we won't take on a new client unless they commit to building one. That's right... we don’t want to open new client accounts...unless we do a financial plan together!

Want to dive in deeper over a call? Book your Right Fit Call with me here!


 **Fee-based financial planning services offered exclusively through Investment Advisor Representatives of HTK.  For complete information on services offered and associated costs, please refer to the applicable Form Adv or Advisory Agreement.

The views expressed are the views of Drucker Wealth Management, and are not necessarily those of Hornor, Townsend and Kent, LLC(HTK). The information provided is for educational purposes only and is not intended as investment advice or a solicitation for the purchase or sale of any product or security. Investing involves risk, including the potential loss of the money you invest. Insurance and other financial products and services may be subject to certain terms, eligibility requirements, conditions and costs. Lance Drucker is a Registered Representative and Registered Investment Adviser of Hornor, Townsend & Kent LLC, (HTK), Registered Investment Advisor, Member FINRA (www.finra.org) / SIPC (www.sipc.org). 2 Park Ave, Ste 300, New York, NY 10016. 212.681.0459. Drucker Wealth Management and other listed entities are not affiliated with HTK. HTK does not offer tax or legal advice. Always consult a qualified professional for specific information regarding your personal situation.