How charging fees attracts clients

Clay Gillespie, CFM, CIM

I started charging fees for financial advice about 15 years ago, which I found attracts clients.

Fees set me apart from other financial advisors, putting me in league with lawyers, accountants and other professionals who charge fees. When clients pay fees upfront, they tell you everything because you’re not selling them anything — and people don’t like to feel like your only interest is to sell to them. Furthermore, psychologically, when you pay for something, you feel like it must be good. So clients will do more of what you recommended because they paid for your advice.

For me, fees aren’t about generating revenue, so the amount I charge is based on the fee being just enough to make them think about it. If prospective clients don’t want to pay the fee, then they’re probably not good long-term clients for me.

While not all advisors charge fees, this could change as new regulations start going on the books in Canada, the United States and other countries. Consider charging fees as a way to not only meet compliance but draw in more clients.  

Written by 15-year MDRT member Clay Gillespie, CFP, CIM, of Vancouver, British Columbia, Canada. He has 12 Top of the Table qualifications.

For more information

• For advice about setting fees, download the Regulatory change checklist. (pdf)
• More from Clay Gillespie in the video “Double your income … and work less: Inside high-performing offices.”