Most Advisors charge an average of 85 basis points, and I often see fees lower than 60 bps (some Firms even advertise themselves as a “low-cost provider”!). Though there is some scrutiny and debate over this with impending DOL changes, the ideal fee is 1% (100 bps) or more. Bottom line, your Practice is not valuable if you’re not charging enough for your services.
Don’t sell yourself, and the valuable advice you provide, short. Gradually raise your fees if you’re not charging enough by industry standards. Don’t drop your fees (i.e., lower your standards) just to get a new Client. Even better, diversify your revenue stream and charge for financial planning. The right Clients understand and see the value you provide and are willing to pay for it. And your business becomes more valuable in the process.