I'm a newer advisor in the "luxury travel" space. FYI: that I spent my "career" in the high net worth (HNW) financial services industry as a relationship manager which required tons of discovery and really getting to know my clients, their families, and their needs/preferences. Now in "retirement" the pivot to HNW travel makes sense and my prior clients agreed.
Luxury travel allows me to maintain these relationships in a different arena. So far I have been planning/booking using commission only and looking at my ROI I wonder if I should switch to "fee based" planning? I'm not "in it for the money" but still, my time and expertise has value. Prior career was salary +. I'm not looking to earn by "volume" and being too specific in the services that I provide - focusing on certain providers- but perhaps I should? I enjoy the aspect of high-touch/concierge planning, but dang...it takes a lot of time and energy.
So fellow TAs:
- Do you provide fee based planning, or both?
- If fee based, how do you set your fee schedule?
- If fee based, do you waive commissions and bill at net plus fee?
TIA!