Should you really put IFA fees online?

IFA Fees online

If you are looking to capitalise on one of the many independent financial advisor jobs that are available, you will need to have a strong presence online, and one of the main things you need to concern yourself with is whether to post your fees on the Internet. This will play a massive role in your ability to secure finance jobs abroad. In this post, we will take a look at the advantages and disadvantages associated with both.

Posting pros

Firstly, it is vital to stress that the vast majority of financial advisors do not post their charges online. According to research conducted by IFA Candid Financial Advice, only five of the top 50 financial advice companies disclose their fees on their website. Therefore, by posting your fees on the Internet, you will certainly be differentiating yourself from the competition. There tends to be this perception that all financial advisors charge extortionate rates, and therefore displaying yours on your website can really set you apart.

In addition to this, posting your fees is something the customer will appreciate. They have all of the information they need to determine whether your service is right for them. Customers appreciate honesty, openness, and transparency, and displaying your fees online will showcase these qualities. You can also cut down time wasting; as you know those contacting you can afford your services.

It’s not all plain sailing though

However, it is not always this simple. One of the main reasons why a lot of independent financial advisors do not post their fees on the Internet is because every client is different and has their own specific requirements, and therefore different rates may be charged every time. If something is less technical and time-consuming, the client in question may experience a reduced rate, and vice versa. Therefore, in these cases it makes it very difficult for international finance advisors to offer a set price list.

An additional issue with posting fees online is that the information can end up being misleading if it is not considered carefully. Furthermore, there is always the chance that your potential clients are going to give cost a disproportionate weighting over other pivotal aspects, such as your capability and experience.

Finally, another solution would be to do a bit of both, i.e. post some payment terms online, but state that a quote can be discussed upon meeting with the client. Offering a free no-obligation consultation can be very beneficial. People tend to be more inclined to proceed once they have held a face-to-face meeting. You will be able to discuss the charges in further detail. However, you can display any fixed costs you have on your website, and/or your hourly charge for any applicable services.

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