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Michael Kitces – The Past, Present & Future of Financial Advice - [Invest Like the Best, EP.122]
Invest Like the Best with Patrick O'Shaughnessy
Adding Value to Justify Fees in Advisory Firms
Advisory firms are maintaining their fees by providing additional value through services like financial planning, comprehensive advice, niche specialization, and talent upgrades. This approach has led to stagnant or slightly declining profit margins despite a decade-long bull market. Even with improved efficiency from technology and asset growth, profit margins haven't risen significantly, as firms struggle to defend their fees against the rise of robo advisors.
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