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Fees and Services: From Traditional AUM to Flat Fees & Three Service Levels with Dan Haylett [Ep52]

Welcome to episode 52 of The Innovating Advice Show. 


I’m joined by Dan Haylett, a Life Centered Financial Planner at TFP Financial Planning in the UK which is at the forefront of evolving fee and service models in the continuing shift away from the AUM model.


In this episode, we’re taking a deep dive into how TFP has structured their fees and service offerings. This was was a big transition for them moving to fixed fees for both initial and ongoing services.


Dan also shares why the AUM model doesn’t make sense anymore and his passion for full transparency of what they do and how they charge, and why they clearly list it all online.



Humans Under Management virtual event happening 8th September: https://bit.ly/IAHUM2020

Tickets: R500, US$30, £23, AU$42.





Resources



Guest Bio


Dan joined TFP Financial Planning Ltd in September 2018. He has worked in financial services since 2005, specifically in investment management, where he has held senior sales and management positions in the City with some of the largest global asset management companies.


Dan has been happily married to Diane since 2009. They have two daughters: Gracie, who was born in 2008, and Olivia, who was born in 2011.


Dan is sports mad, with a particular love for cricket; he has played to county 2nd XI standard and has spent a year in Australia as an overseas professional. Dan also loves golf and plays to a 6-handicap.


Timestamps


01:11 - Introducing Dan Haylett

02:30 - The journey to financial planning

06:40 - Struggling with a purposeless work

08:30 - The fee structure: moving on from percentage charges and product sales

13:23 - Handling investment management

19:13 - What’s included in the initial fee 

24:54 - Having an ongoing relationship with clients

28:20 - The three different tiers for ongoing clients

34:09 - Deciding to list fees online