For advisors looking to build back from the pandemic in a more financially sustainable fashion, subscription and membership club-based fee models are emerging as attractive options.
"The pandemic gave me time to reflect on how I was working," said Jolene Detillion, owner of Seattle-based agency Your Travel Designer. "I started thinking about how we could get more business from clients we're already working with, while maybe weeding out those clients who are really time-consuming and, when all's said and done, maybe don't bring that much to the bottom line."
The solution Detillion came up with was an annual travel subscription program, which the company began rolling out last year.
Your Travel Designer's annual subscription plan starts at $2,500 for up to a family of four, with larger or multigenerational family subscriptions running between $3,000 and $5,000 per year. After paying the nonrefundable, "use it or lose it" fee, subscribers can work with Detillion and her team as much or as little as they'd like.
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