More than 26% of advisory firms surveyed by technology firm Advyzon now use flat dollar fees.
Chicago-based Advyzon, which provides a range of technology to registered investment advisory firms, said that among the 1,000 of its users it surveyed, flat fees are more popular with firms managing more than $100 million in assets. Those firms also are more likely to have multiple fee schedules than other firms (89% versus 81%).
Quarterly billing remains the industry standard (74% of firms surveyed), based on beginning or ending balances, which “creates potential for big revenue fluctuations in volatile markets,” the company said in a release.
Other firms are using monthly billing (21%) and a growing number (16%) are calculating their fee based on average daily balances.
Relationships are key to our business but advisors are often slow to engage in specific activities designed to foster them.
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Pro-bitcoin professionals, however, say the cryptocurrency has ushered in change.
“LPL has evolved significantly over the last decade and still wants to scale up,” says one industry executive.
Survey findings from the Nationwide Retirement Institute offers pearls of planning wisdom from 60- to 65-year-olds, as well as insights into concerns.
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