The Perfect RIA Mastering Fees in Financial Advisory [Episode328]
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Sep 29, 2025 Explore the critical role of fees in financial advisory as hosts discuss sensitivity around pricing and the importance of clear communication. They use the analogy of a jujitsu gym owner to highlight how passion can impair business decisions. The conversation delves into the impact of discounting on client perceptions and the necessity of developing a cohesive fee strategy. Practical advice includes role-playing fee discussions to enhance team confidence and demonstrating clear value to clients, ultimately transforming client experiences.
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Passion Can Break Processes
- Micah describes a jujitsu gym owner who avoids charging or completing intake to remove barriers for new customers.
- That passion without process created a business risk that his daughter had to correct.
Purchase Regret Triggered By Comparison
- Micah bought a Starlink Mini and was upset when a cashier said she bought it cheaper the week before.
- The after-purchase comment ruined his satisfaction even though the price was known and fair.
Free Work Creates False Expectations
- Advisors often work free early in relationships hoping for future assets and then feel entitled when clients don't transfer.
- Micah and Matthew warn that failing to set expectations creates resentment and broken trust.