The attack on advisory fees has been rampant…and it’s escalating. Some say you charge too much. Others think advice should be free (or close to it). And still more want you to feel guilty for making a great living.
You save your clients tons of money. You keep them out of trouble. You give them a shoulder to lean on. And you help them accomplish lifelong goals. Unfortunately, the crooks, criminals and rogue advisors have painted you with an unflattering shade of gray.
And people who should know better can’t tell the difference.
There are a boatload of industry watchers who don’t/won’t/can’t appreciate the power of professional advice. They confuse price and pricing mechanisms (fees vs. commissions) with the sanity that you bring to an insane world.
Sound dramatic? It’s not.
Financial advisors…real, true blue advisors are worth their weight in gold. Whether you deal with the ultra-wealthy, the mass affluent or the up-and-comers (your choice)…you’re worth every penny you’re paid. And in many cases…even more.
But here’s the rub.
Regulators, some industry trade groups and the “robo” crowd have been making the case that you should charge less for what you do. They value algorithms and killer apps more than human intelligence and interaction. That’s nuts!
What’s worse? Some of you are buckling.
You are discounting your fees with the “expectation” that clients or future clients (i.e. prospects) expect to pay less. This is like arguing against yourself. When you win the argument…you LOSE.
I wrote about this late last year…“Should you increase your fees?”
A recent study by PriceMetrix, The State of Retail Wealth Management, 5th Annual Report, indicates that advisors were actually able to RAISE their advisory fees last year.
That’s right…raise their fees.
This means advisors may be doing a better job of pricing their value. Aligning what you do to make your clients lives better with the way you are paid. Matching your time, energy and intellect with a meaningful return on that investment.
Take some time to consider your true value. Are you pricing it right?
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