Report: Fee-For-Service Advisors Charged More In 2023
Wealth Management
APRIL 4, 2024
AdvicePay's study found the reoccurring fee model remains popular, with 83% of all invoices sent through the service being for subscriptions.
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How to Evaluate and Increase Your Fees as a Fee-for-Service Advisor
XY Planning Network
DECEMBER 12, 2022
No matter how long I work with fee-for-service planners, I find they dread fee increases. So let me give you friendly permission: if you are not using a percentage of assets fee structure, you need to reassess your fees every year or so. 8 MIN READ.
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Services You Can Provide Under the Fee-for-Service Model
AdvicePay
JUNE 9, 2022
As your firm introduces fee-for-service financial planning to your clients, you may be considering a variety of services to offer that align with your areas of expertise as well as the interests of clients.
Unlocking the Power of AdvicePay: Revolutionizing Fee-for-Service Financial Planning and Driving Advisor Adoption
AdvicePay
MAY 17, 2023
Historically, financial advisory firms faced significant challenges in implementing and scaling fee-for-service financial planning due to the complexities of management and compliance associated with fee-for-service billing. However, with the advent of AdvicePay (a game-changing platform, some would say ?)
Webinar Recap: Scaling Oversight of Fee-for-Service Financial Planning
AdvicePay
JUNE 28, 2023
Financial institutions that support fee-for-service financial planning enable their financial professionals to engage high-income, low-asset households traditionally turned away under the assets-under-management billing model, establish a recurring revenue stream not tied to stock market volatility, and generate revenue from ongoing planning engagements (..)
Assessing Payouts And Platform Fees For Profitability When Choosing An Independent Advisor Platform To Affiliate With
Nerd's Eye View
APRIL 22, 2024
As a result, many advisors using the affiliate model don't really ' see ' the fees that they pay to their affiliate platform, since the only revenue they see is what's left over after the platform has taken their fee.
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What's New? Three Key Trends From AdvicePay's Latest Report On Fee-for-Service Financial Planning
AdvicePay
APRIL 12, 2023
The economic challenges of 2022 combined with the rapid increase of inflation and interest rates motivated clients to seek out more than just investment management services from financial professionals. Here are three key trends from AdvicePay's 2023 Fee-for-Service Industry Trend report you can consider for your business.
How to Charge for Fee-for-Service Financial Planning ??
AdvicePay
JULY 7, 2022
The financial services industry is constantly evolving, and one of the evolutions underway right now is the rapid growth of the fee-for-service financial planning business model. Here are several ways advisors have adopted the fee-for-service business model in their financial planning and wealth management businesses.
This Secure Act 2.0 Provision Expands Fee-for-Service Planning Opportunities for Small Business Clients and Their Employees
AdvicePay
APRIL 26, 2023
Fee-for-service financial planners can help small business clients maximize expanded tax credits by establishing a new retirement plan for employees
How Fee-For-Service Billing Keeps Clients Fully Invested For the Market Recovery
AdvicePay
AUGUST 26, 2022
However, investment portfolios from which ongoing investment advice fees are debited could be forced to sell investments during the middle of a market decline in order to raise sufficient cash to cover their fees.
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Webinar Replay: Scaling Fee-for-Service Into a Revenue Center for Your Enterprise with Michael Kitces & Alan Moore
AdvicePay
MARCH 3, 2023
I recently met with two of the leading names in fee-for-service financial planning, Alan Moore and Michael Kitces, during an open-format discussion that allowed wealth management leadership from across the U.S. to ask their most pressing questions.
Kitces & Carl Ep 126: The Best Ways To Boost Advisor Productivity: New Tech Efficiencies Vs. Old Fee Increases
Nerd's Eye View
NOVEMBER 30, 2023
Yet, a more direct and potentially immediate revenue-boosting solution is for advisors to adjust their firm's fee structure, aligning their fees with the true value of their services – which often results in significantly higher profitably!
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Weekend Reading For Financial Planners (February 17-18)
Nerd's Eye View
FEBRUARY 16, 2024
Enjoy the current installment of "Weekend Reading For Financial Planners" – this week's edition kicks off with the news that a study from Cerulli Associates indicates a lack of fee transparency represents a significant hurdle for many investors when considering working with a financial advisor.
How to Generate 5-Figure Flat Fees for Service: A Conversation with Michael Kitces & Bill Bachrach
AdvicePay
MARCH 14, 2022
Last week, we sat down with Michael Kitces and Bill Bachrach and had a conversation all about fee-for-service.
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A Short History of Stocks
The Big Picture
APRIL 11, 2024
Deregulating the brokerage industry, SEC allowed trading fees to be set by market competition for the first time in more than 180 years. And even still, fund fees and taxes remained a major cost element. S&P had a similar service. Their solution was to own the market, and let someone else pay a high management fee.
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How Listing Fees On Advisory Firm Websites Can Clearly Communicate The Cost (And Value) Of Planning
Nerd's Eye View
MARCH 20, 2023
In part, this is due to the many commission-based advisors whose compensation depends on the sale of insurance or investment products, where the price that a client pays is baked into the price of the product or is included in (often opaque) fees associated with buying, selling, and/or holding the investment. Read More.
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RIAs Likely to Shrug Off Fidelity’s New ETF Fees
Wealth Management
APRIL 15, 2024
Most ETF issuers have agreed to pay a new maintenance fee to Fidelity, leaving only a handful that investors will have to pay $100 service fees to purchase.
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XY Planning Network and Hubly Announce a Partnership to Help Advisors Scale Their Fee-for-Service Firms | Hubly
Hubly
JUNE 21, 2022
Press release announcing new partnership between XY Planning Network and Hubly to help advisors to scale their fee-for-Service firms
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Communicate (The Necessity Of) Fee Increases With A Client-Centric, Value-Based Approach
Nerd's Eye View
JUNE 19, 2023
The necessity of fee increases entails a certain amount of pain for monthly-fee advisors since each conversation around raising fees creates the possibility of pushback from clients that could put a strain on the client-advisor relationship.
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Advisors Are Becoming Better (Not “Faster”) With Advances In #AdvisorTech
Nerd's Eye View
JANUARY 29, 2024
However, another approach advisors can take is to use their technology to do more – and better – work for the same number of clients while earning higher fees for the higher-value services they provide.
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Are Financial Plans Getting Too Comprehensive: How The ‘Sledgehammer Of Value’ Isn’t Actually Paying Off
Nerd's Eye View
OCTOBER 23, 2023
Many financial advisors take pride in the comprehensive nature of the advice they provide to clients and use the variety of services offered as a point of differentiation between themselves and other types of advisors.
Kitces & Carl Ep 115: Setting The Right Minimum Fee Per Client And The Revenue Model Generator
Nerd's Eye View
JUNE 29, 2023
And while there are many factors that help owners determine whether their firm is making enough money to profitably sustain itself, one common variable that can help them adjust their net revenue is the fee they charge to clients for financial planning services.
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Adviser links: elder finances
Abnormal Returns
APRIL 8, 2024
riabiz.com) An AdvicePay study shows rising fee-for-service advice payments. (advisorperspectives.com) The biz Why everyone seemingly wants in on the wealth management business. downtownjoshbrown.com) The XY Planning Network is ten years old. investmentnews.com) How Apex Fintech Solutions is building up an RIA custody solution.
Weekend Reading For Financial Planners (December 23-24)
Nerd's Eye View
DECEMBER 22, 2023
Also in industry news this week: The SEC has been sending letters to advisory firms requesting details on their use of AI technology, raising questions about whether they may be considering revising their proposed AI rule that received significant pushback earlier this year for the wide breadth of the types of technology it covers DPL Financial has (..)
Kitces & Carl Ep 101: Where Are All The Proudly Premium-Fee Advisors
Nerd's Eye View
DECEMBER 15, 2022
For the better part of a decade, the financial services industry has anticipated the coming of fee compression, mainly due to the rise of robo-advisors offering low-cost automated wealth management services. Importantly, reflecting on the quality and types of services they offer can help advisors identify the right (i.e.,
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#FA Success Ep 346: Moving Procrastinating Clients To “Yes” Instead Of Selling As A Fee-Only Advisor, With Jim Ludwick
Nerd's Eye View
AUGUST 15, 2023
Jim is the founder of MainStreet Financial Planning, an hourly, fee-only financial planning firm, and also created Procrastination Junction, a coaching program for fee-only financial advisors looking to improve their sales skills. Read More.
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Weekend Reading For Financial Planners (Sept 10-11)
Nerd's Eye View
SEPTEMBER 9, 2022
But amid competition from large asset managers and broker-dealers, advisors can consider how they can shape their service offerings and fee structures to attract Millennials and build client relationships that could last for decades to come.
Top 5 AdvicePay Blogs of 2023 for Forward-Thinking Financial Advisors and Wealth Management Firms
AdvicePay
JANUARY 5, 2024
In the past year, we proudly unveiled our inaugural Fee-for-Service Industry Trend Report (our Bozeman office is buzzing with excitement as we prepare to release Volume 2!).
Weekend Reading For Financial Planners (April 13-14)
Nerd's Eye View
APRIL 12, 2024
Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with the news that a recent study has found that many small- and mid-sized advisory firms that use "supported independence" platforms for their technology and back-office needs, have the potential to see greater growth in the years ahead given (..)
When Does A Financial Coach Need To Register As An Investment Adviser? The “ABCS” Test To Determine Status
Nerd's Eye View
DECEMBER 6, 2023
Over the past several years, the financial services industry has undergone a tremendous evolution in how financial advisers deliver and charge for their services. While commission-based models remain in use, fee-for-service models (including AUM, hourly, retainer, and subscription) have become increasingly popular.
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Weekend Reading For Financial Planners (June 17-18)
Nerd's Eye View
JUNE 16, 2023
Also in industry news this week: A recent survey suggests that while individuals who work with financial advisors find them to be valuable, those who have not worked with an advisor before do not necessarily understand the value an advisor can provide The SEC is considering a new rule regarding advisers’ use of Artificial Intelligence tools, (..)
#FA Success Ep 356: Scaling To (Nearly) $2M Of Revenue As A Flat-Fee, Advice-Only Firm, With Sarah-Catherine Gutierrez
Nerd's Eye View
OCTOBER 24, 2023
Sarah-Catherine is the founder of Aptus Financial, a fee-only financial planning firm based in Little Rock, Arkansas, that is approaching $2M in revenue and works with over 480 client households. Welcome to the 356th episode of the Financial Advisor Success Podcast ! My guest on today's podcast is Sarah-Catherine Gutierrez.
Accelerating Growth By Marketing How Your Advisory Firm Is Different (Instead Of Better)
Nerd's Eye View
OCTOBER 16, 2023
Which led many firms to market all the ways they were 'better' than other sources of financial advice by highlighting their status as fiduciaries, fee-only advisors, or by offering (more) comprehensive financial planning services beyond investment management, as just a few examples.
Use your Optimal Client Fee Range to Better Serve Your Clients and Grow Your Business
Steve Sanduski
APRIL 22, 2024
.” Here’s how you can use your “optimal client fee range” to make sure that you have a healthy book of business, that you are the right advisor for your clients, and that your top clients aren’t subsidizing your lower-revenue clients. The first step is to look at the clients whose fees fall below your range.
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The Latest In Financial #AdvisorTech (August 2022)
Nerd's Eye View
AUGUST 1, 2022
Read the analysis about these announcements in this month's column, and a discussion of more trends in advisor technology, including: Independent Advisor Alliance partners with ‘We Handle Tech: 4 Advisors’ as advisor demand grows for Managed IT Services providers to outsource IT support.
The 10 Best Financial Advisor Conferences To Attend In 2024
Nerd's Eye View
OCTOBER 30, 2023
As someone who has been speaking at 50–70 conferences a year for 18 years myself, I've seen the good and bad of our wide range of industry events, from the industry associations to the broker-dealers and insurance companies and RIA custodians, the rise of vendor conferences and media-driven events, private company events, and more.
Kitces & Carl Ep 106: Sharing ‘Real’ Examples Of Your Work To Show The Value Of Financial Planning
Nerd's Eye View
FEBRUARY 23, 2023
For most financial advisors today, a website is a critical tool that allows them to market their services and communicate their fees to potential clients.
101 Ways Advisors Can Add Value And Attract Their Ideal Clients
Nerd's Eye View
NOVEMBER 28, 2022
From advisors who earn commissions from the sales of financial products to fee-only investment advisors who charge based on client assets under management, the value advisors provide to their clients has often been centered on investment management.
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Weekend Reading For Financial Planners (April 6-7)
Nerd's Eye View
APRIL 5, 2024
Also in industry news this week: The SEC has penalized 2 firms for false and misleading claims related to their use of Artificial Intelligence (AI), signaling the regulator's interest in advisers' "AI-washing" practices A research report suggests that fee-only RIAs with strong organic growth and enhanced service offerings for their clients are likely (..)
#FA Success Ep 334: Finding Clarity On Fees And Clients By Allowing The Business To Evolve Over Time, With Meg Bartelt
Nerd's Eye View
MAY 23, 2023
What's unique about Meg, though, is how, over the span of 7 years since launching her firm, she has evolved the business by repeatedly adapting her niche focus, iterating on different fee models, experimenting with various client meeting cadences, and both increasing and decreasing her staff headcount with various support team structures, all in the (..)
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2023 VF8 Vinfast
The Big Picture
AUGUST 5, 2022
VinFast has a unique business model in which buyers pay one price for the vehicle, but then lease the battery for a monthly fee. The fee includes maintenance of the battery and replacement when charging capacity drops below 70% of its original capacity. According to the WSJ : “Unlike other EV rivals in the U.S.,
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Choosing A Financial Advisor? – Ask These 6 Questions
The Chicago Financial Planner
FEBRUARY 2, 2024
Fee-only advisors receive no compensation from the sale of investment or insurance products. If the advisor’s primary service is focused in an area like constructing bond portfolios for their clients and you are looking for a financial planner to construct a comprehensive financial plan for you, this advisor may not be a good match.
101 Things That Advisors Actually DO To Add Value (Beyond Just Allocating A Portfolio)
Nerd's Eye View
NOVEMBER 28, 2022
From advisors who earn commissions from the sales of financial products to fee-only investment advisors who charge based on client assets under management, the value advisors provide to their clients has often been centered on investment management.
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Average Fees for Tax Advisors in 2024
Harness Wealth
MARCH 5, 2024
Tax advisors, and other tax professionals , offer services from preparing and filing annual tax returns to comprehensive tax strategies that help minimize taxes and preserve wealth over time. Working with the right tax advisor can prove to be a valuable relationship, but understanding the costs associated with tax services can be complex.
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