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Aug 1, 2011 12:00 PM
The Elephant in the Room
Overcoming fear of the fee conversation
Family Office Exchange (FOX) has long maintained that an informed and educated client is a better client. This is especially true when it comes to wealth management fees. Yet, so often clients don't know their wealth management costs or what factors and circumstances drive those costs. As the baby boom generation begins to retire in record numbers and families undergo transitions in leadership, cost transparency and an understanding of fee structures are more important than ever to ensure the advisor-client relationship survives the transition.
No advisor looks forward to discussing fees with his clients. Conversations about costs and management fees are always a sensitive topic, typically fraught with emotion. Yet, advisors who embrace these discussions and ensure that all generations of the family understand the fees and the factors that drive them, set the stage for a long-lasting client-advisor relationship that transcends major family transitions. The key is to determine the best methods for communicating with the family and then continuously adapting those methods as the family grows and communication styles and needs change.
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| GSTs | Family Offices |
| Private Foundations | Life Insurance |
| 2010 Tax Act News | Industry Trends Surveys |
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