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While financial advisors may believe they are well-covered when it comes to discussing fees with their clients, research suggests that there is a disconnect between this perception and reality.

According to a report by State Street Global Advisors and Knowledge@Wharton,1 most advisors (95%) say they discuss fees, yet fewer than two-thirds of clients (61%) say their advisors initiated fee discussions with them.

The study goes on to note that fewer than half of clients (43%) say they understand advisory fees “completely” or even “fairly well.” This is important when you consider that nearly one-third of clients (31%) consider “reasonable cost” to be one of the most important factors in their choice of a financial advisor.2

It’s essential to get comfortable discussing fees with clients in a way that reassures them of the value your firm provides in helping them achieve their financial goals. This may be...

Should you develop a new marketing niche?

When job hunting, sending resumes in a scattershot fashion is considered an ineffective strategy because it lacks focus. “Spray and pray” isn’t any more desirable for financial advisors. Taking a targeted, niche approach can be much more useful for landing high-value clients....

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Should You Include a Digital Investment Solution in Your Practice?

With the rise of so-called robo-advisors such as Betterment, Wealthfront and Ellevest in recent years, independent financial advisors now have a new form of competition that didn’t exist all that long ago. The advent of robos have made it more important than ever for you to take advantage...

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Texting with clients: How to remain in regulatory compliance

Thanks to technology, the way people communicate with each other has changed drastically over the past decade. Of particular note has been the rise in the use of text messaging as a communication medium.

Most people now have text capabilities on their mobile phones and data plans with...

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How to Make Your Small Accounts More Profitable

It’s a dilemma faced by virtually all independent financial advisors today: squeezing profitability out of small accounts. Advisors often have to spend just as much time and energy working with small clients as they do large ones.

However, given the lower volume of assets under...

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