5 things to consider before upping fees
With asset-based revenue flat or lower and the costs of insurance, tech and personnel rising, many advisers would like to raise prices. But in today's market, the thought of that “puts a knot in advisers' stomachs,” said Ginny Hudgens, president of Back Office Adviser LLC, a consulting firm based in Baton Rouge, La. Advisers who have made the move, and many of the consultants who have helped them do it successfully, say that preparation is essential.
Here are the five steps they suggest that advisers keep in mind when raising prices.