Value-Based Pricing And Charging As Much As The Market Will Bear - Kitces & Carl Ep 202
Pricing and capacity are day-to-day decisions for independent firm owners, and this episode addresses the specific situation of a client volunteering to pay more than the stated fee. It offers a framing for thinking through fee setting and growth ambitions rather than a prescribed pricing model.
Summary
By the running an ria deskEpisode 202 of the Kitces & Carl podcast has Michael Kitces and client communication specialist Carl Richards discussing value-based pricing, framed around clients who are willing to pay more than an advisor's standard fee. The conversation covers the ethical questions that arise when a client offers to pay above the going rate, the goodwill and profit considerations for a firm owner, and how fee decisions affect an advisor's capacity. It closes on the difference between defining enough and continuing to chase growth.
- The hosts examine the ethical dilemma of a client who is willing to pay more than an advisor's standard fees.
- They discuss the price, or profit, of goodwill from the perspective of a business owner.
- Fee decisions are framed as something that can shift an advisor's business capacity.
- The episode contrasts defining enough with chasing business growth.
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