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Episode Info: The conflicts of interest within embedded compensation models are well known, but how can you actually get away from it and maintain a stable and comfortable revenue stream? Today’s guest mastered his business’ transition to a fee-based model, and he’s on a mission to share what he’s learned with other advisors.  Adam Chapman is a native of London, Ontario, where his practice is currently located. He completed his B.ACS at Western University, back when it was UWO, and has added his CFP and CLU designations since starting his business back in 2005. Adam focuses on retirees and people who are about to retire. He's paired this niche audience with a business model that has him focused on switching his services over to an almost exclusively fee-based and fee-for-service offering in the next one to two years.  What You’ll Learn in This Episode:  Why a young advisor like Adam is the perfect fit to work with retirees (3:45) Adam’s transition to a fee-based practice (7:10) Adam’s process for wealth management (17:15) The psychology behind transitioning to retirement (22:00) Why Adam has left behind the transactional model of financial planning (26:20) 3 compensation mistakes Adam sees other advisors making (34:05) How the delivery of financial advice is evolving in Canada (42:50)  Links and Resources:  Email Adam  Quotes by Adam Chapman:  “It didn’t seem fair that I have to take a pay cut just to do what’s right for the client.”  “That fear of running out is what prevents people from using the money.”  “If we can help clients step out of their comfort zone a couple times in retirement and do something they never thought they could ever do, that’s phenomenally motivating and powerful for me.” Over the last three years, Adam has entirely switched his practice over to being 100% fee-based. This unique experience, along with his insight into the psychology of retirement, has brought advisors to him asking for advice about running their own fee-based practices; today, he’s sharing these insights with you. Below, we’re covering three key ideas from this episode:   Transitioning to a fee-based practice 3 compensation mistakes Adam sees other advisors making The psychology behind transitioning to retirement   Transitioning to a fee-based practice About five years ago, Adam became frustrated with his commission-based compensation. Since he works with retirees, he was helping clients take money out of their accounts to spend, but his compensation was supposed to come from selling products— which at this point in their lives, his clients often didn’t need. “It didn’t seem fair that I have to take a pay cut just to do what’s right for the client,” he says. So he quit cold-turkey, and in the last three years, he switched to his business being 100% fee-based. While he expected to lose some income through the transition, that hasn’t actually been the case. For one thing, his clients seemed much happier once he...
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