The Perfect RIA Pricing Your Worth and a Guide to Year-End Planning
Dec 13, 2024
Explore the intricacies of billing and fee collection in the financial advisory world. Advisors often undervalue their services, which leads to significant revenue loss. Discover the strategic '3 Ps' method for evaluating clients: personability, productivity, and profitability. Get insights on important financial metrics like pipeline analysis and EBITDA. Learn how proactive planning can enhance client relationships and improve overall business profitability as year-end approaches.
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Accurate Fee Collection
- Track billing closely to avoid leaving money on the table due to inconsistencies.
- Implement clear rules and be disciplined to ensure accurate fee collection.
Intentional Fee Setting
- Be intentional about your fee structure and don't be afraid to raise fees.
- Remember that your current fees are arbitrary, so adjust them based on your value.
Billing Mistakes
- Matt shared a story about an advisor who went to jail due to a billing mistake.
- This highlights the need for careful billing practices, especially avoiding Excel for billing.