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Kitces and Carl - Real Talk for Real Financial Advisors
Where Are All The Proudly Premium-Fee Advisors?: Kitces & Carl Ep 101
Dec 15, 2022
Exploring the rationale behind charging above-average fees in financial advising, navigating fee compression challenges, maximizing value through expertise, tracking client interactions, reflecting on premium fee structures, emphasizing profit and evidence-based decision-making in financial advisory practices
32:20
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Quick takeaways
- Justify premium fees with exceptional service quality to increase revenue significantly and retain talent.
- Add value through expertise and services to combat fee compression and stay competitive in the market.
Deep dives
Charging Premium Fees for Above Average Service
The podcast discusses the importance of charging premium fees for services that exceed the average level. The hosts emphasize the idea that it's justified to charge higher fees if the service provided is of exceptional quality and value. Using a practical example about an advisor facing challenges in retaining talent due to industry competition. The suggestion is made to consider raising fees by 10% to increase revenue significantly, allowing for better compensation for exceptional advisors and improved client service.
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Listen to the best highlights from the podcasts you love and dive into the full episode