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One of the hardest conversations many financial advisors avoid isn't about investments or markets—it's about their own fees. If you've ever looked at your client list and realized your fee schedule has evolved over the years into something inconsistent, you're not alone.
In this very candid conversation, Libby sits down with advisor Todd Lester to discuss how he tackled a firm-wide fee increase after more than 30 years in the business. Todd shares the mindset shifts, compliance considerations, communication strategies, and surprising results that came from finally aligning his fees with the value his firm provides.
In this episode, you'll learn:
- Why inconsistent fee schedules create both compliance concerns and fairness issues across your client base, and how to recognize when it's time to make a change.
- How Todd delegated fee increase conversations to a trusted team member, why that approach worked so well, and what advisors can learn from using a third-party communicator.
- The biggest fears advisors have around raising fees, why those fears are often exaggerated, and how clients actually responded when presented with the changes.
- The remarkable outcome of Todd's fee increase project, including the recurring revenue added to his practice, the clients he retained, and the lessons he'll carry into future pricing decisions.
If you've been putting off reviewing your fee schedule because the conversation feels uncomfortable, this episode will give you both the confidence and the practical ideas to move forward. You'll walk away with a fresh perspective on pricing, value, and why charging appropriately isn't just good for your business—it's also part of serving clients fairly and sustainably.
Related: From Advisor to CEO: How to Stop Being the Bottleneck