What You'll Learn In Today's Episode:
- Clients need to understand what they are paying for.
- It’s essential to focus on what clients can control.
- Pricing strategies can evolve as advisors gain experience.
- Increasing value can help alleviate doubts about fees.
In this week’s Follow Up Friday, Amber Kuhn highlights the ever-present challenge of advisory fees and client perceptions. Matt and Micah emphasized on Monday that the fee conversation isn’t just about the percentage – it’s about the value delivered.
While they acknowledged that a 1% fee might indeed be too high for an advisor who’s not actively engaging with clients, they argued that consistent value delivery changes the equation entirely. They stressed the importance of helping prospects understand the complete package of services they’re receiving rather than fixating solely on fees and performance metrics.
Their message was clear: advisors need to believe in their fee structure and have clear, tangible processes in place to support it.
Related: From Misconception to Mastery: The Continuous Nature of Estate Planning