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Forum Your Practice Compensation Disclosure Document

Compensation Disclosure Document
UserPost

11:50 am
July 7, 2011


De Goey

posts 6
1

I have a simple, one-page compensation disclosure form that I get all client sto sign. They get a copy and the original goes in their file. If any one ever tries to say they didn't understand how (or how much) I get paid, I pull it out.

Does anyone else do anything similar?

If yes, how's it working for you?

If no, what's keeping you from doing it?

4:04 pm
July 14, 2011


jmpereira

posts 2
2

Wokring on one. We currently verbally confirm the fee and email to follow up. However I am working on a 1 page excel spreadsheet that breaks down their fees by who gets what: Advisor, manager, operating expenses and taxes.

4:13 pm
July 14, 2011


marc.lamontagne.7

posts 1
3

Hi John,

My compensation disclosure is included in my letter of engagement. I always tell fellow advisors that I believe this letter of engagement is one of the most powerful marketing tools that I use in a prospect meeting. Typically they have never seen one before and impressed by the professionalism.

Yes you may have to bring it out on occasion to remind your client how much they are paying and for what services. Though a few years ago I added a "review of fees" on the agenda of my annual reviews to reinforce the value and bring up any simmering concerns.

So far so good,

Marc

10:49 am
July 15, 2011


De Goey

posts 6
4

I use separate documents for LOE and Compensation (although I would argue that the Compensation document is part of the LOE).   Ironically, my experience is that clients find the professionalism of a compensation 'rate card' more impressive than a LOE.  We get tot the same place, though.