This week, Jamie Hopkins talks with Rick Ferri, a CFA who is rethinking the way we charge clients and how we provide service as financial professionals.

Rick went from the military to Wall Street, into an investment management firm, and now to a flat-fee planning firm. It’s a unique business model, and Rick is challenging the status quo about what it means to be a fiduciary.

Working his way through different companies with various positions, Rick found that the system was flawed and wasn’t producing for clients the way it should. He turned to the work of John Bogle around low-cost index funds and never looked back.

Currently, Rick is writing a new book and doing hourly consultations with clients who need help on the investment side of their portfolio.

In this episode, we talk about the difference between advisors and fiduciaries, changing business models, and how to educate clients on fees and investing. We also discuss what it’s like trying to get good Italian food in Texas!

“Educate your clients as to what they should be paying. If you’re using the excuse, ‘Oh, you know, the clients are paying this and so, therefore, it must be right’, that’s nonsense. It’s no more right than letting the clients trade triple-leveraged ETFs. ~ @Rick_Ferri

Main Takeaways

  • The best-laid plans don’t do much good if clients don’t implement and follow through with the changes you recommend. This is one of the challenges of an hourly business model.
  • Advisors should align their fees with the work they do. If they can do that, then they’re acting as a fiduciary. Being upfront and transparent about the work and the cost of the work is critical.
  • Technology and innovation are going to disrupt fees and fiduciary standards. In the near future, we’re likely to see a push to drive down fees and enforce the responsibilities of a fiduciary.

Links and Important Mentions

Get Your Free Blueprinting Guide

The first step to setting up the framework of your business is to have the right blueprint. But knowing what goes into that blueprint is half of the battle. We put together a free resource that you can use to set your firm down the right path.

Go to to get your free blueprinting guide.

Subscribe and Stay in Touch

Framework 006 – Episode Summary for RSS Feed

This week, Jamie Hopkins talks with Rick Ferri, about advisors and fiduciaries, changing business models, and how to educate clients on fees and investing. Rick is a CFA rethinking the way we charge and service clients.

You can find show notes and other information at


Jamie Hopkins

Managing Director, Carson Coaching
facebook twitter linkedin mail print
Share Post: facebook twitter linkedin mail print
Recent Posts

How Advisors Can Support Working Parents With Back-to-School During COVID-19

By: Sarah M. Cain
By Sarah Cain, VP of Coaching, and Kelsey Ruwe, Chief of Staff Firm leaders, many of your team members are stressed right now, and it’s only going to get worse…

Retirement Income Planning and Creating Educated Clients with Christine Benz

By: Jamie Hopkins
In today’s episode of Framework, Jamie talks with Christine Benz, Morningstar's director of personal finance. Christine has worked with Moringstar for 25 years and focuses on retirement income planning. She…

The Financial Advisor’s Comprehensive Guide to Starting a Podcast

By: Cameron Carlow
Podcasting has been growing in popularity among financial advisors in recent years – and it makes sense. Listeners often seek podcasts for advice, and advisors, well, advise. So this content marketing…

Building a Technology Strategy and Pushing Financial Planning Into the Future with Joel Bruckenstein

By: Jamie Hopkins
In today’s episode of Framework, Jamie talks with Joel Bruckenstein, the producer of the annual T3 Advisor Conference, the premier technology conference for independent financial advisors. Joel also runs the…
1 2 3 63