Modern Investing is very flexible with the payment options. We strive to have a payment option that fits your needs best. Option #1 is what most people choose as it's similar to how you pay the bank for investment help. Option #2 is for people that have specific problems and want help with their finances but have no need for investments or insurance.
If you are someone who wants help with your investments or insurances then all the compensation is within the product that suited you the best. This is what most people prefer as it feels just like a bank or other financial institution.
For investments: we primarily use a group of ETFs that track indexes, the total fee for this type of portfolio can be as high as 1.58% and as low as 0.47%. This all depends on the amount you have to invest and your risk profile. As we are an independent organization we do have access to funds outside of these boundaries for clients that want something different but prefer to use the index portfolios. (Average Canadian Mutual fund cost 2.35%, in case you want to compare. https://www.advisor.ca/news/industry-news/investment-fees-cost-canadians-hundreds-of-thousands/ )
For Insurances: We have access to over 20 insurance companies that provide Life, Critical Illness, Disability, and Long-Term Care. Whichever company works the best for you we can use.
If you are looking for something more specific then we charge a flat fee of $65 per meeting ($57.52 + HST).
These meetings are specific to the client but are usually for:
1. Budgeting/Spending Problems 2. Communication between partners (Business or Marital) 3. Financial Simulations using Excel 4. Examining another Financial Plan
This option should only be used if you know you don't need any other product.