Talking about fees can be one of the most uncomfortable conversations for financial advisors. Many professionals in the industry are confident in discussing investments, estate planning, and retirement strategies, yet when it comes to clearly articulating their own value and pricing, discomfort often creeps in.
Why Is It So Hard to Talk About Fees?
Clients often feel confused or anxious about advisory fees. They might not fully understand how advisors charge or what they’re paying for. At the same time, many advisors feel uneasy bringing up the topic, fearing pushback, loss of prospects, or even resentment when they haven’t structured their pricing strategy well.
How to Overcome the Fear of Fee Conversations
- Understand Your Money Mindset – Conduct a self-assessment of your beliefs around money and value. Are you hesitant to charge what you’re worth? Do you feel guilty discussing fees? Awareness is the first step to shifting your mindset.
- Develop a Clear Pricing Strategy – Advisors should have a well-defined, written pricing policy. This consistency helps them confidently communicate their fees.
- Own Your Superpower – Advisors should outline their unique strengths and what makes them different from competitors. A great exercise is listing out all the ways they provide value to clients—because clients often don’t see the full scope of what an advisor does.
- Proactively Address Fees – Instead of waiting for clients to bring it up, advisors should be proactive in discussing fees at the right moment in their onboarding process. It should be positioned as part of the value discussion, not just a transactional detail.
By shifting your mindset and approach, you can turn fee discussions from something you dread into an opportunity to reinforce your value.
➡️ Want to hear more? I recently discussed this topic with Ellen Rogin on a LinkedIn Live. Watch the full conversation here: