What You'll Learn In Today's Episode:

• Fees are only an issue in the absence of value.
• Advisors often discount their fees too quickly.
• Creating a balance between passion for service and profitability is crucial.
• Client experience can be negatively impacted by poor fee communication.
• Setting clear expectations with clients is essential for a successful advisory relationship.
• Role-playing fee conversations can help build confidence among advisors and their teams.
• Understanding the value provided to clients is key to justifying fees.
• Advisors should not get in the client’s pocketbook when discussing fees.
• Effective communication about fees can prevent misunderstandings and dissatisfaction.
• Regular training and role-playing sessions can enhance team performance in fee discussions.

In this episode, Micah and Matt discuss the critical topic of fees in the financial advisory industry. They explore the common sensitivities advisors have around fees, the importance of setting clear expectations with clients, and the need for effective communication. The conversation emphasizes the value provided to clients and how it correlates with the fees charged. They also highlight the significance of role-playing fee conversations to build confidence and ensure that all team members are aligned in their approach. The episode concludes with actionable steps for advisors to improve their fee discussions and enhance client experiences.