What You'll Learn In Today's Episode:

• Advisors often leave money on the table or make mistakes in their fee billing process.
• There are risks involved in fee billing, including overbilling, leaving money on the table, and potential client dissatisfaction.
• It is crucial to have a system in place to ensure accurate and compliant fee calculations.
• Negative consent for fee schedule changes is discouraged as it can lead to legal and reputational risks.
• It is important to consider the cost, time, and risk associated with manual billing processes.

In financial advising, leaving money on the table isn’t just a rookie mistake—it’s a potential career killer. Matthew Jarvis and Lacey Shrum from Smart KX dive deep into the treacherous waters of advisor fee billing, exposing the hidden pitfalls that can sink even the most well-intentioned financial professionals.

Imagine this: an advisor ends up behind bars, not for financial fraud, but for a simple Excel billing error. It sounds like a cautionary tale, but it’s a real-world warning about the dangers of manual fee calculations. The episode reveals how seemingly innocuous billing practices can lead to significant risks, from unintentional overbilling to accidentally shortening your bottom line.

The discussion goes beyond mere number-crunching, addressing the psychological hurdles advisors face when implementing fee changes. It’s not just about the math—it’s about understanding the true value of your work and communicating that value to clients.

Resources In Today's Episode: