Clients and professionals look at conversations about fees differently
Clearly explained fees, not fee amounts, are most important to clients, according to a research report from State Street Global Advisors and @ Wharton, which is affiliated with the Wharton Business School at the University of Pennsylvania. Advisors who are uncomfortable talking about fees will often get very detailed in fee discussions with clients, listing exceptions, potential modifications and ranges of fees charged to different kinds of clients. This is a mistake, according to the report’s analysis.
For more analysis on this important research, look out for part two of our three part series on Building Successful Client Relationships coming this Thursday.