How do I communicate fees to a prospect?
Advisor Fee Communication Best Practices
When communicating fees to your prospect, follow these guidelines:
- Disclose advisor fees to clients on a regular basis and within your client contracts. Document when and how you communicated your fees to clients.
- Educate clients about;
- Your/your team’s overall philosophy and approach
- The factors that drive fees and pricing
- Your disclosure practice
- How you calculate your fees
- Benchmark fees to ensure they are competitive and you are being paid appropriately for the services you are delivering