Bob Schumann, MA, MBA, CFP, EA

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Bob Schumann was in the insurance and mutual funds sales business when he was contacted by a local ACA member. "We had a client in common," Bob explains. "She had met with the client and saw some of the work I had done for which I hadn't been paid, because I didn't see the need to sell them anything. She told me I needed to become a fee-only advisor and told me about ACA."

But Bob wasn't ready to make the change. He had just gone through a career change a couple of years prior and couldn't see himself starting over again from scratch in such a short period of time. "It was a costly mistake to delay," says Bob. "I still kick myself. Fear of losing the income stream I had built up is what kept me from making the transition; I was looking at the negative--what I would be giving up--instead of the positive--what I would be gaining."

What has Bob gained? More money, certainly. He doubled his income in his first full year. But more than money, he now loves the work he does. As he puts it, "Work has become play."

"You know, you always need to do what's right for the client, but as a commissioned planner you don't always get paid for doing what is right," Bob shares. The conflict of interest from the compensation system often made him uncomfortable. He saw that the agents who passed up a questionable sale to give good advice were ignored by management, while those who led is sales production were held as models to emulate, even when it was obvious that some sales were unsuitable or better options were available. "I was just trying to help people," he says, and it worked. His 300 active clients were attracted by his superior service and by good advice even when it did not lead to a sale. With no cold calling and minimal marketing he had a self-generating source of business and income. He knew if was time to change, however, when even clients began to encourage him to find a way of doing business where he could be paid for the work he did and not just for the products he sold.

"But I didn't know how to charge for the advice I was giving," he says. He knew it was valuable; he was the only CFP in his agency and he had an MBA and a tax background. "My clients were willing to pay for it, but how do you price it? ACA answered that question. Value based pricing--what you charge is related to the value you deliver. It was a perfect fit for me."

Beyond a pricing model that works for him, Bob has also found ACA to be a source of the continued learning and support that helps keep him on top of his game. He recognizes that no one advisor can ever learn everything that's needed in this business and the ready access to other great financial planning minds keeps him renewing his membership year after year. "I enjoy coming together with people who have the same values I do, the same ideals that I do, the same vision of trying to make fee-only financial planning available to the masses."