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From the December 2007 issue of Investment Advisor • Subscribe!
The Compensation Issue
After speaking with multiple advisors and representatives from the major groups that certify advisors to work with the older population--The American College, the Society of Certified Senior Advisors, and the American Institute of Financial Gerontology (AIFG)--it appears that most planners do not charge separately for these services. "That's included in our financial planning fee," notes advisor Rosanne Grande. "Since it's still a new offering, we are trying to develop processes to see if we may need to charge for it later or if I need to get someone to help me take these people around." Neal Cutler of the AIFG concurs. "The feedback we've gotten is that [advisors] don't charge extra. The designation gives them a leg up in keeping clients and/or attracting new clients." According to Keith Hickerson of The American College, it adds to the value of a practice. "Advisors earn more income with this designation. It's part of their investment in their career," he says.