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In general, once you have a client set up, how many hours a month do you spend on each of them?
Every client is different. I have a few who require only 2-3 hours a month and others who require more than that. It depends on client’s needs and situation. Having these “maintenance” clients is nice so I can spend more time with new and/or more challenging clients.
Ditto what Natalie said. It varies widely from client to client. I have some that take 2 hours/month and others that take 10x that or more. It also depends on your market and the types of clients you are managing…just the little older lady who lives by herself with minimal expenses or a high net worth client with multiple properties and staff or a client with a small business where you are managing both personal and business tasks. They all require different things and that will change the amount of time you spend.
Sarah, I find there is no “average” amount of time per client. I often do things that have nothing to do with “Daily Money Management” per se, but are serving the client’s needs and contributing to their overall well-being. For example, when long-time client Alice [not her real name] lived locally, I blocked 4 hours every Thursday for her, knowing that 1/2 hour would be ample time to do anything “DMM”-related, but that she would keep me busy performing myriad other tasks. Now that Alice lives in an Assisted Living Facility in another state, I spend no more than 2 hours per month, on average, performing DMM duties for her. How much you ‘wander’ is up to you; some of our colleagues hold a rigid line on what services they perform while others, like me, are more flexible.
P.S. I charge the same fee regardless of the tasks I’m doing.
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