Nov 6, 2024
As we move closer to a new year and into a new administration, advisors are looking for strategies to increase profitability in their practice. What we want to recommend today might surprise you, but I want to talk about why you might want to raise fees.
You’ve heard me talk about reducing fees for a number of years, but now I’m recommending the complete opposite. I’ll explain why in this episode, but keep in mind that I’m not suggesting you raise fees on your existing clients. Instead, we’ll highlight a few areas of your practice where you can start increasing fees and revenue immediately if you institute these practices right away.
The goal for every advisor should be to more revenue with fewer clients and that’s what we want to get you thinking about in this show.
Here’s some of what we discuss in this episode:
- Why you should never do any type of work for a client without charging.
- Low fees might actually be turning people away.
- Requiring clients to put all of their business with you.
- Different AUM fees setups.
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