5. Take the mystery out of pricing. Provide more transparent, easy to understand information about fees. So many firms bury fees, use fine print or have schedules and breakpoints that require a lot of explanation. This makes people worry about being taken advantage of. Part of the problem is trying to align fees to investment management when real costs come from planning and client service. It’s time to change the pricing approach.
It may seem ironic to suggest marketers—who have the job of selling to people—can help build trust. However, we are the ones who create the tone for our industry and we need to take that job much more seriously. To be effective, we need to come together. We can’t change this awful prevailing view with just one or two voices.
We have a big job ahead.
Gail Graham is chief marketing officer at United Capital, an innovative and fast-growing financial life management firm with a unique approach to the market. Having earned awards in retail investor and advisor marketing, Graham is driving United Capital’s brand development, marketing and lead generation across all channels. Follow her on Twitter: @GailGrahamUC