Summary: A financial adviser should never get caught off guard — or show surprise or resentment — when a client raises a question about fees. After all, surveys have shown that financial advisory fees are widely misunderstood. A 2011 study by Cerulli Associates Inc. found that 33% of investors did not know how they paid for investment advice, and 31% said they thought the advice they got was free.
 Above all, don't take it personally. No one likes their value in the marketplace to be questioned, especially if you feel you are working to the best of your ability on your clients' behalf. But clients are consumers, and they have a right to determine if they are getting the biggest bang for their buck." |
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