A Matter of Time: Principles, Myths & Methods for the Hourly Financial Advisor

by Mark Berg, Matthew Jackson

Don't just build a practice. Help build a new profession. Hourly counsel has the potential to be the fastest-growing segment in the delivery of financial advice. With the templates and tools in this book, you can reap the full benefits that it has to offer. Written for established and aspiring hourly financial planners alike, A Matter of Time lays out the challenges that lie in the path of the hourly practitioner, which often result from the tacit acceptance of many myths that surround the model. Drawing on insights acquired over twenty years of running and growing an award-winning hourly firm, the authors address these myths and show how the most common pitfalls can be avoided. With practical illustrations, you'll learn how - Price, position, and deliver hourly advice - Segment your client base and prospect for an entirely new clientele - Develop a relationship-based approach and avoid a "transactional" mindset - Harness the potential of time-tracking to create a stable foundation for growth A new type of firm-and a new potential audience for financial advice-is awaiting the financial planning profession. You now have the roadmap. Getting there is only a matter of time.

142 pages, Hardcover

Published September 30, 2021

Reviews

[Walter Thomas · Rating 5 out of 5]

Thorough yet concise book on myths and how to operationally run an effective hourly financial planning business. Of all the fee models that exist within financial planning this one seems to be the most transparent and available to a much larger audience. Enjoyed this book and especially the busting of the myths the hourly model presents. Given the authors 20 year success of running an hourly firm, it was an extremely helpful read and very practical.

[Jamie · Rating 5 out of 5]

Fantastic resource for hourly planners

Berg & Jackson have penned an important and informative book for hourly financial planners. The discussion ranges from myths, benefits, struggles, communication, pricing, and management, to measurement. It was a quick read and very helpful to inspire me to go all in on hourly as my fee model. I especially appreciate their discussion of how hourly as a fee model doesn’t preclude folks from having an ongoing financial planning relationship and that hourly is not solely for the middle class or those not able to be served under an AUM model.

[Jack Clemans · Rating 4 out of 5]

This is the ONLY book I have been able to find specifically aimed at an audience of hourly/project-based financial planners. It is a short and easy read and offers great insights into the hourly financial planning model which has been useful for how I consider, discuss, and advertise my practice. Much of the book is from the perspective of a larger, established firm with multiple employees which does not yet apply to me, but I did find it useful foresight. So grateful to find a book like this at all with such a niche practice. Thanks to Mark and Matthew for bringing it to life!

[Kevin · Rating 5 out of 5]

Of the 12 myths, Myth 10 resonated with me the most. Mark Berg and Matthew Jackson provide compelling evidence—such as Timothy Financial’s record of 75% of revenues coming from returning clients—to demonstrate that hourly billing can foster meaningful, ongoing relationships, countering the notion that the hourly model is transactional. The authors explore the pitfalls of a project-centric business model, cautioning advisors against focusing solely on transactional engagements. That said, advisors like Rick Ferri and Allan Roth have shown that a one-and-done approach can work successfully within the hourly model. This underscores the model's flexibility, allowing advisors to tailor their practices to meet both their clients’ needs and their own business philosophies.

The book concludes with a mention of The Hourly Exchange, an envisioned online community where planners could collaborate, share benchmarks, and establish best practices for hourly planning. While the idea has great potential, I was disappointed to learn that it never gained traction. A resource like this could be invaluable for advisors navigating the challenges of the hourly model.

This book is more than just a guide—it’s a thought-provoking exploration of how financial planning can evolve to better serve clients and advisors alike. For those considering the hourly model or simply looking to improve their practice, A Matter of Time is both an informative and inspiring read.

[Kyle Ray · Rating 5 out of 5]

Inspiring for financial planners/advisors who want to run a business or charge hourly. It motivated me to track time even if a different service model was used.