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Really good question....
I have found that many RIA's are focused more on asset management than anything else. Painting with a broad brush here, many are "recovering wirehouse brokers" who think they have a corner on the stock market and make all investment decisions in-house. If these firms offer any type of financial-planning its normally a one-time event that the clients go through and pay a hefty fee ($3000-8000 is the range I've seen the most).
^This is not where I see my time best spent. My value prop is being a plan-builder relationship quarterback, not a trader or portfolio analyst. We hire the best third party asset managers.....we don't compete with the smartest investment minds in the world, we hire them for our clients. A planner to me is someone who creates an actual plan and then adds a team of professionals to give the client feedback in all areas of their financial lives....Tax/Estate Planning/Banking & debt/Cashflow/Insurance/Investments. We give them software where they can track their entire financial lives, updating daily. We meet with them twice a year to review life changes and adjust the plan accordingly.
Our annual fee that our clients pay for financial-planning services range from $500- $2000 per year for that client/household. To answer the above, this makes having a financial plan feasible for anyone at any net worth level. For the up an coming 30 something i like to say "it will cost about 1/4 of your annual cell phone bill".
Financial-planning fee's are separate from our AUM fee's. If someone has investments with us we utilize Third Party Asset Managers such as Brinker Capital and Investnet. The client is paying roughly 1-1.5% per year in fee's, some of which go to the TPAM and some comes to us.
All insurance business is done through our separate entity, as RIA and insurance business have to be kept separate from each other.
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