/ by Don Connelly / Best Practices / 0 comments
Among the more critical decisions a financial advisor must make is determining their fee structure—what to charge clients and how to charge them. After all, the fee structure sets the tone for how clients perceive the value they receive from your services.
If clients feel that the fees are too high relative to the value provided, it can lead to dissatisfaction and attrition. Conversely, if they perceive your fees as fair, it can foster trust and long-term loyalty. However, if they are too fair, it could threaten your business’s bottom line and sustainability.
Choosing the proper fee structure is a delicate balancing act for advisors. It requires consideration of client expectations, business sustainability, and your own financial goals. Your fee structure should align with your business model and client base, leading to stronger client relationships and business success while fulfilling one’s fiduciary obligations to clients.
Here are the pivotal factors to consider when determining how to structure your fees:
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Factors Financial Advisors Should Consider When Choosing a Fee Structure for Their Practice
/ by Don Connelly / Best Practices / 0 comments
Among the more critical decisions a financial advisor must make is determining their fee structure—what to charge clients and how to charge them. After all, the fee structure sets the tone for how clients perceive the value they receive from your services.
If clients feel that the fees are too high relative to the value provided, it can lead to dissatisfaction and attrition. Conversely, if they perceive your fees as fair, it can foster trust and long-term loyalty. However, if they are too fair, it could threaten your business’s bottom line and sustainability.
Choosing the proper fee structure is a delicate balancing act for advisors. It requires consideration of client expectations, business sustainability, and your own financial goals. Your fee structure should align with your business model and client base, leading to stronger client relationships and business success while fulfilling one’s fiduciary obligations to clients.
Here are the pivotal factors to consider when determining how to structure your fees:
Read more
Combatting Low Fees
/ by Don Connelly / Marketing Yourself / 0 comments
If you ever need to combat lower fees, begin by understanding what your competition is actually doing. Then form your strategy accordingly.
Listen to this audio episode or read the transcript below to learn how to de-commoditize yourself and why you need to win the value-argument instead of the fee-argument.
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