Finding Your Fee: How to Price Wealth Management Services

Posted by Brian Lampron, AIF

November 8, 2016 at 10:00 AM

Given changing regulations and increased competition from both robo-advisors and enterprise firms, investment management fees continue to come under pressure. As a result, many of you may be charging—or considering charging—fees for wealth management services. Should you base this decision on what your peers are charging? If you do, you may find yourself on the lower end of the totem pole, even if your services are “worth” more.

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Topics: Pricing Your Business

5 Steps to Navigating the Fee Conversation with Clients

Posted by Brian Lampron, AIF

October 7, 2015 at 1:30 PM

Recently, an advisor e-mailed me that one of his good clients questioned his practice's advisory fee. The advisor was caught off guard and found he was unsure how to handle this conversation. Sound familiar? In fact, for many advisors, navigating the fee conversation with clients can be surprisingly difficult.

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Topics: Pricing Your Business

The Rise of the Robo-Advisor: Threat or Opportunity?

Posted by Greg Gohr, AIF

October 6, 2015 at 10:00 AM

Unless you've been on an extended sabbatical for the last couple of years or unsubscribed from all industry-related electronic media, you've probably heard about the "new, new" thing in retail financial services: the rise of the robo-advisor. The term robo-advisor is everywhere, as the industry press provides almost daily robo-updates and the financial services cognoscenti opine ad nauseam on the topic. But is the robo-advisor phenomenon just another evolution in delivering retail investment solutions, or is it a real game changer, poised to upend an entire industry by forever altering how clients obtain and pay for investment advice?

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Topics: Pricing Your Business, Asset Management & Investing

Are You Charging for Planning? If Not, Here's How You Can Start.

Posted by Greg Gohr, AIF

November 4, 2014 at 10:00 AM

Are these planning clients, or should I just propose managing the assets? Okay, they're planning, but if I go too high on a planning fee, they might not hire me, and they've got a large IRA I could manage. Alright, I'm going for a planning fee, which should be about $2,000. This is a complex case, but that's a lot . . .

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Topics: Pricing Your Business

Hourly Rates for Financial Consultants: How Much Is Your Time Worth?

Posted by Greg Gohr, AIF

July 2, 2014 at 1:30 PM

hourly rates for financial consultantsIn an ordinary year, you have about 2,000 working hours available to get everything done. That's it. Ensuring that each of those hours is as profitable as possible is critical to growing and sustaining your business.

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Topics: Pricing Your Business

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