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Michael Kitces – The Past, Present & Future of Financial Advice - [Invest Like the Best, EP.122]
Invest Like the Best with Patrick O'Shaughnessy
Is the Flat Fee Model a Good Investment Model?
The flat fee model is an alternative pricing model to compete with a u m f in the investment management business. The only business model that i'm aware of anywhere in the history of any industry where your average revenue per client automatically goes up at a real increase above inflation, simply by keeping the client. It's just ludicrously powerful from a business scale ability perspective and just a pricing power perspective. If you take two advisers who charge one % of a million dollars, how else being equal are they? Never mind the fact that the ten thousand dollar adviser is probably, on average, 11 thousand next year thanks to a lift in the market. But if you try to go out for that renewal moment
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