The Importance of Raising Fees

In this podcast episode, the hosts discuss the importance of raising fees for financial advisors. They highlight the trade-off between spending time and resources on implementing technology solutions to improve efficiency versus simply increasing fees. The hosts emphasize that raising fees can have an immediate impact on profitability, unlike the time-consuming process of implementing tech solutions. They share examples of advisory firms that have successfully increased their planning fees, resulting in significant increases in revenue. However, they also acknowledge the challenges and fears associated with raising fees, encouraging advisors to examine the stories and beliefs that may hinder them from charging their worth.