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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...

Technology’s impact on the client experience

Advisor businesses are growing, in client numbers and geographical reach. Investors typically find advisors through personal referrals, but also increasingly use online searches and social media to make a connection. One study found 65% of clients research potential advisors through social...

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The robo advisor’s place in an advisor’s practice

Call it a fad, phenomenon or natural evolution, but the truth is, “robo advisors” are gathering assets fast. Around $50 billion are currently managed on digital advice platforms and, by some accounts, robo-managed assets are projected to top $2 trillion by 2020.

The low ticket...

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Fully integrated technology is key to advisor success

While technology may provide a range of benefits for financial advisors, the success of these solutions depends in part on how well these various software applications work with one another in a connected office environment. This depends on their degree of integration. Integration refers to the...

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Seven benefits of technology for your advisory practice

The right technology can make all the difference when it comes to a financial advisor’s success, especially in today’s competitive business environment. Recent innovations in financial technology have provided state-of-the-art applications to handle everything from client...

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