Kitces and Carl - Real Talk for Real Financial Advisors Advisory Fee Confidence And Building The Happy-Client Stoke File: Kitces & Carl Ep 152
Nov 28, 2024
Discover surprising insights into how advisory fees impact profitability. The conversation highlights the balance between personal well-being and business growth, drawing parallels with other professions. Learn about the shift from fee insecurity to confidence in pricing strategies. The hosts introduce the idea of a 'stoke file'—a collection of positive affirmations that help advisors recognize their value. Additionally, they tackle the challenges of imposter syndrome and stress the importance of genuine client relationships.
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Fee Confidence and Pricing
- Advisors who itemize fees tend to earn more than bundlers.
- This suggests higher fee confidence among those who separate charges.
AUM Fees and Perceived Value
- Clients perceive AUM fees as tied to asset management, often undervaluing planning services.
- Advisors struggle with fee confidence due to this perceived commodification.
The Stoke File
- Track positive client feedback in a "stoke file" to boost fee confidence.
- Reflect on the real-life impact you have on your clients' lives.
