After writing my first blog post, “Intern’s Corner: The Big Four Push” I began to think about how does one choose the right firm. I am lucky enough to have had to opportunity to experience different firms and different values over the past two years. I have been a member of Beta Alpha Psi (BAP) in that time period. By having those opportunities, I feel that I have been able to explore different options, and I know what is right for me. These are the steps that I took when choosing the firm I choose Read more…
Feb
1
When I ‘retired’ from Arthur Young and Company a couple of years ago, (1978) it wasn’t because I didn’t love the profession, or the work. It wasn’t because the compensation was inadequate. It was the job. It was my employer. I wasn’t trusted. I was given an annual quota of time to fill, monitored by a semi-monthly report submitted on my time sheet in quarter hours. Annually, there was a summary of my hourly performance in comparison to my peers and to employees that I had never met, who had served before me. We complied with an arbitrary standard we had no input in setting. The majority of my waking hours were planned for me, without my input. Read more…
Jan
15
Rick Telberg in his article titled Four Steps to Getting the Fees you Deserve gave four tips I believe were directed to certified financial planners (CFP’s), but I believe apply equally to all engagements of service providers.
- Don’t procrastinate – (when discussing fees) Not only for CFP’s but for all of us. Always discuss the fee up front. Establish the value and scope of the service up front. No one likes surprises. Especially clients.
- Present the fee structure clearly
- Put your fees in context – “This might be a good time to explain what you are delivering for the fee”. I couldn’t agree more. By defining the scope you’ll avoid misunderstandings and establish each party’s responsibilities.
- Put it in writing – “Make it clear you’re not hiding anything”. We use a fixed price agreement which defines the scope, performance guarantee, responsibilities, and the fee. It is an addendum to the engagement letter for specific services.
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