His package fees currently run 1% to 2% of his clients’ average monthly income—in line with some other fee-for-service advisors. Many consumers are comfortable spending this percentage on monthly subscription services, he said, and pushback from clients is rare when he mentions his monthly fees.
To keep his monthly costs affordable and to protect his business, Cofield charges an onboarding fee that clients must pay—either in full or in installments—within 30 days of signing up. It’s $1,000 for his starter service package, $2,000 for his growth service package and $3,000 for his wealth builder package.
When he explains the dual purpose of his onboarding fee to clients, “they get it,” said Cofield, who does extensive work for clients during their first few months with his firm.