Financial Advisors: How to set boundaries with clients and friends when they become ‘freebie-seekers’

Stategic Business Coach, Planning Strategist Maria Marsala
Establishing where free ends and fee begins can be challenging, but learning the art of declining gracefully is essential to focusing on what’s important in your practice.

As long as you’re in the financial arena, you’re going to be asked to work for free. Financial professionals endure a specific set of boundary-crossing issues. Timothy Yee, a corporate/non-profit retirement planner from Green Retirement Plans Inc., says this about the people I call “freebie seekers”: “It is amusing to be asked if they can buy a no-sales- charge/ultra-low-expense fund through me and not pay me for my time. I can’t imagine the same person going to a doctor and asking to fix a broken leg for free. Why has financial planning allowed itself to be turned into a commodity?”

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