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