Andrea Thompson

I don't think we're there yet.

Hopefully the human will always have a place in this equation, but we're definitely not there today.

Yeah, that's definitely been an interesting conversation topic between advice and lead planners, especially at FPAC, is where is the right sweet spot for ensuring that we can earn a living still, an appropriate living?

You know, we're not talking about any sort of dollars that are close to what I would say the traditional advisory rate.

relationship may make an advisor, but to be fair and to compensate us fairly for what we do.

So that's an ongoing discussion.

What I would say is because of the connection of advice-only planners that we do have in FPAC, we have the more senior experience advice-only planners mentoring the ones who are coming in more so and trying to get them to understand and have the confidence to price themselves appropriately because

At the end of the day, your experience, your professionalism, your credentials and certifications are why someone is hiring you.

And we often lack the confidence when we start a practice to say that we're worth it.

I definitely went through that myself.

I mean, I remember when I started, I'm embarrassed to even say what my starting price was for a comprehensive financial planning relationship.

I'm not even going to say it now because it's absurd.

But a few of my mentors in this profession, I'll give a shout out to Julia again and also Sandy Martin, said to me and were very helpful in the start of the practice to say you have to charge what you're worth and your experience of being a 20-year financial planner now is worth something and you have to price appropriately.

I do think that we are getting there, absolutely, but you're still going to find a range.

And I think you have to be aware of what that says about perhaps where we need to go still in this particular profession.

We do need to come a little bit more closely together.

I think there is still quite a range of fees that you'll see out there.

Some of them are still way too low.

Both sides.

I mean, I work with Canadian residents only.