What to Say When Clients Ask About Fees [Episode 368]
Fee questions come up in nearly every advisory relationship, and the episode offers a concrete approach to the conversation plus a way to frame ongoing value. It also touches on how a steady flow of prospects affects an advisor's confidence in these discussions.
Summary
By the running an ria deskMatt and Micah discuss how advisors can handle client questions about fees without getting defensive or assuming the relationship is at risk. Micah describes how he prepares for the conversation, clarifies what the client is actually asking, and folds the topic into the meeting agenda. They also cover how a menu of services and a forward-looking planning cycle can make ongoing value more visible.
- Micah walks through how he prepares for a fee question and clarifies the client's concern before responding
- The conversation is built into the meeting agenda rather than treated as an interruption
- A menu of services and a forward-looking planning cycle are presented as ways to make value more visible
- The hosts suggest practicing difficult conversations and treating fee questions as a chance to help clients make informed decisions
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