Product-Neutral or Product-Inclusive?

Unbalanced brass scalesThere are benefits to both.

By Anthony Glomski and Russ Alan Prince
Your $5-Million High-Net-Worth Practice

Accounting firms adopt one of two business models when it comes to offering financial products for fees or commissions. Either they do or they do not. A fancier way of saying this is that an accounting firm has adopted a product-neutral or product-inclusive financial product business model.

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A product-neutral financial product business model is built around the delivery of services in exchange for a retainer, project or hourly fee. The typical services offered via a product-neutral model tend to be administrative, wealth planning or lifestyle in nature and might include accounting and tax work, estate and succession planning, and concierge support.