No one wants to feel ripped off, but as it turns out, more people are beginning to question the cost of wealth management services.
A new study conducted by Spectrem’s Millionaire Corner found that one-third of affluent investors believe that they’re paying too much. In contrast, only 20 percent of the respondents disagreed with this opinion.
This inevitably leads to the question of whether wealth management firms need to reconsider how much they’re charging their clients. It’s important to note that although affluent investors thought they were spending too much, 44 percent of them believed that wealth management services were keeping them financially secure. It seems that some people can rationalize the exchange of money for peace of mind.
Highlighting the positives
Wealth management firms can maintain positive reputations by continuously highlighting the benefits of their services.
For example, wealth management services help individuals manage their portfolios and ensure that they’re making the right investments. Wealth management professionals also provide risk assessment assistance and stock trading advice.
Whether an individual is looking to allocate stocks, cash or bonds, wealth management firms can give him or her the resources necessary to handle the money wisely. In short, these enterprises will continue to be valuable to anyone interested in financial services. However, cost will also remain at the front of customers’ minds – striking a balance is key to retaining and gaining clients.