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asking them to pay more . That ’ s why it ’ s vital to have a plan for these conversations . Advisors can even write up a “ script ” of some key talking points to hit on while keeping the conversations personal .
When it comes to broaching the topic , it ’ s key for the advisor to use an evidencebased rationale . The clients will be more amenable to fee increases if they see why it ’ s necessary . The advisor can explain how the firm ’ s capabilities have grown and how the cost of doing business has risen , which can help the clients better appreciate where the advisor is coming from . Data points from the revenue audit and research into industry standards can also help here .
Most importantly , advisors should approach the conversation with empathy .
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By offering a range of service options , advisors can cater to different client segments without compromising the overall quality of service .
This is a sensitive topic , and every client ’ s views and financial situation are different . Advisors who have maintained strong relationships with clients to begin with will find it easier to speak candidly .
Alternative Solutions A blanket fee increase won ’ t be a onesize-fits-all solution for an advisor ’ s entire client base . For instance , advisors can create a retainer model for lower-profit clients who want to stay on board , offering them a streamlined service package that meets their needs without stretching the advisory ’ s resources . This model allows clients to maintain access to essential services while acknowledging the advisor ’ s need to prioritize time and resources effectively .
Alternatively , senior advisors might consider transferring some clients to an associate advisor within their practice , ensuring that these clients continue to receive personalized attention while freeing up the senior advisor ’ s time to focus on higher-value relationships . This approach not only maintains client satisfaction but also serves as a valuable growth opportunity for associate advisors , who can build their experience and client base .
In some cases , it might be beneficial to introduce tiered service levels , where clients can choose a package that best fits their needs and budget . This strategy can help clients feel more in control of their financial planning costs while allowing advisors to segment their client base according to profitability . By offering a range of service options , advisors can cater to different client segments without compromising the overall quality of service .
Ultimately , the key for the advisor is to find a balance that preserves their client relationships while ensuring the longterm sustainability and growth of the business . Advisors should feel empowered to explore these alternatives as part of a broader strategy to align their fees with the value they deliver , ensuring that every client relationship is mutually beneficial .
Of course , there may be some clients with special circumstances whom advisors want to keep at the same fee structure for a variety of reasons . Advisors have the best understanding of their clients and their relationships with them , so ultimately it ’ s the advisor ’ s choice on how to move forward . In these situations , it ’ s important for them to find a balance in which they can both nurture their clients and also advocate for themselves . An advisor will feel better empowered to do this by making sure they know how their fees stack up , and that will help them make the best decisions for their business in the long term .
MATT MATRISIAN is head of client growth at AssetMark .
30 | FINANCIAL ADVISOR MAGAZINE | NOVEMBER 2024 WWW . FA-MAG . COM