We last investigated the number of firms disclosing fees online in 2018 so, five years later, we thought it was time to update our research.
During January and February, we looked at 500 adviser/planner websites.
Here are 10 things we discovered:
1. In 2018, 81% of firms didn’t make any mention whatsoever of fees on their website
2. Fast forward to 2023 and that number has shrunk to 65%. It’s clear that more firms are starting to discuss fees online. Let’s look at the different approaches they’re taking…
3. In 2018, 17.33% of advice/planning firms mentioned fees on their website but didn’t disclose the actual amount a client will pay
4. Five years later, that number has risen to 23.4%. There’s also a significant rise in the proportion of advisers/planners fully disclosing fees on their website, showing the exact amount someone will pay to become a client…
5. Back in 2018, only 5% of adviser/planner websites published their fees (either as a percentage or monetary amount)
6. By early 2023, however, that figure has more than doubled, to 11.6%, but there’s a problem…
7. Almost half (48.28%) of firms disclosing their fees online are simply uploading a PDF of their client/fee agreement. That’s an incredibly ineffective way of disclosing fees online because these documents do very little to explain the benefit of working with you or the value you add to clients. They can also be tricky to read on tablets and smartphones
8. All fees pages should include five things:
Your fees: Showing exactly (ranges aren’t helpful to you or the person reading) what someone will pay to work with you at each stage of the journey together.
The features of your service: Again, show these for each stage of the process and on the same page as the fees, not elsewhere on your site.
The benefits of working with you: Client videos are great for this. So are your Google/VouchedFor reviews and client survey results. There’s also plenty of third-party research into the value of advice which you could also include.
Worked examples: It’s always useful to show how your fees work in practice. So add case studies and worked examples to help people gain a better understanding.
Comparison: If your fees are below the average or there is something that differentiates how you charge, adding a comparison makes sense.
That might sound like a lot of information to include on your fees page, however…
9. Our research shows that the average length of a visit to an adviser/planner website is 88 seconds but the average time on a fees page alone is between 180 and 240 seconds. That shows visitors who hit the page are interested in learning more. So give them what they want!
10. Finally, if you include a fees page on your website, our research shows that it’ll be popular. Probably the second or third most visited page on your site, behind the homepage and alongside your team page. It’s where potential clients learn what you charge and make a judgement about the value you deliver. That means it needs to be right. You can’t just slap up your fees or lazily link to a PDF of your client agreement. You need to do more. Luckily, we have two freebies to help you do just that…
Two freebies to help you build the perfect fees page
1. An online scorecard
This quiz, exclusively developed by The Yardstick Agency, helps you understand whether your fees page is turning suspects into prospects, or driving them away.
- It’s completely free
- It only takes 3 minutes
- You’ll get personalised results, and recommendations to improve sent instantly to you
Click here to take the quiz.
2. Webinar playback
Our free webinar from earlier this week was all about online fee disclosure.
During the session we:
- Revealed the current state of play
- Explained the three choices advisers/planners have
- Discussed the pros and cons of disclosing your fees online
- Revealed the five things you must include on your fees page
- Showed the six mistakes advisers/planners make when building a fees page.
If you missed the webinar you can click here to watch it back for free.
We’re here to provide expert support
If you need help building your fees page, or now’s the time to treat yourself to a new website, we’re here to help.
You’ll be in safe hands with us. Our websites won the Best Website category at the 2020 and 2021 Professional Adviser Awards and two of our sites are on this year’s shortlist.
Email email@example.com or call 0115 8965 300.
We’d be delighted to have a chat.