3 tips to explain fees

Explain to clients how you’re paid and why you’re worth it.

By Stuart Foxman | June 24, 2013 | Last updated on June 24, 2013
1 min read

  • Be transparent.

    Whether fees are embedded into product commissions or charged directly, review how they work. The various fees and costs clients incur affect returns. Help them run the numbers using a mutual fund fee calculator and explain whether fees have risen or fallen over the last few years. Then, help clients assess whether the service is worth the cost.

  • Clarify your value.

    Clients might equate fees merely with transaction execution. Be clear about what you’re offering and the time and effort it takes. This includes reading and following specific analysts and news sites daily, going to workshops, taking courses and regularly assessing their plan and investments.

  • Show, don’t just tell.

    Face-to-face reviews and education events are a chance for clients to see your insights come alive. For instance, Rhonda Sherwood, a wealth advisor at Scotia-McLeod writes a weekly blog based on client questions.

Read more: How to frame fees >

Stuart Foxman

Explain to clients how you’re paid and why you’re worth it.

  • Be transparent.

    Whether fees are embedded into product commissions or charged directly, review how they work. The various fees and costs clients incur affect returns. Help them run the numbers using a mutual fund fee calculator and explain whether fees have risen or fallen over the last few years. Then, help clients assess whether the service is worth the cost.

  • Clarify your value.

    Clients might equate fees merely with transaction execution. Be clear about what you’re offering and the time and effort it takes. This includes reading and following specific analysts and news sites daily, going to workshops, taking courses and regularly assessing their plan and investments.

  • Show, don’t just tell.

    Face-to-face reviews and education events are a chance for clients to see your insights come alive. For instance, Rhonda Sherwood, a wealth advisor at Scotia-McLeod writes a weekly blog based on client questions.

Read more: How to frame fees >

Explain to clients how you’re paid and why you’re worth it.

  • Be transparent.

    Whether fees are embedded into product commissions or charged directly, review how they work. The various fees and costs clients incur affect returns. Help them run the numbers using a mutual fund fee calculator and explain whether fees have risen or fallen over the last few years. Then, help clients assess whether the service is worth the cost.

  • Clarify your value.

    Clients might equate fees merely with transaction execution. Be clear about what you’re offering and the time and effort it takes. This includes reading and following specific analysts and news sites daily, going to workshops, taking courses and regularly assessing their plan and investments.

  • Show, don’t just tell.

    Face-to-face reviews and education events are a chance for clients to see your insights come alive. For instance, Rhonda Sherwood, a wealth advisor at Scotia-McLeod writes a weekly blog based on client questions.

Read more: How to frame fees >