I want to give my advice away for nothing, but it is much harder than it sounds.
This is the business model I am trying to put together: I meet up with a prospective client, explain that if I agree to conduct any work it will be free from any advice charge and I will be happy to conduct the work on this basis.
If at any stage the client wishes to make a fee payment to me before, during or after the process, they are most welcome to. It can be for whatever they want it to be — including nothing; and if it is nothing, I will be happy with that and will not resent the client for it.
It sounds mad, and suicidal from a business point of view, but the problem with this is not what you expect.
The first problem people envisage is that you will not get paid, and that you will end up swamped and working for nothing.
The big difference is that we get to know our clients on an intimate financial level, and that builds a degree of trust.
The first filter you have at your disposal is the fact-finding mission. If after that you do not wish to do business with the client you say: “Sorry I am not in a position to help you”.
You have control on who you advise. The problem is not getting paid for the work you do, but the clients not knowing how much to pay. I have done a fair bit of research into this and this is the major obstacle.
It puts your clients in an awkward position of not knowing if they have paid you enough. I want to get away from a suggested fee level, as it defeats the purpose and you may as well just charge the fee.
I would genuinely like some feedback from the adviser community on ways to help make this work, because I really want to introduce this.
Nigel Tinsdale
Financial Adviser
Tinsdale Investment Management Limited
Bewdley
Worcs
