86% of advice/planning firms could be missing out on one of the easiest ways to build trust and generate leads.

Our research shows consumers are actively looking for cost information before they ever get in touch and, if they can’t find it, many will look elsewhere.

However, before we go any further, online fee disclosure is a tricky topic to write about and, when I do, I’m often criticised. So, to save any keyboard warriors reading this some time, let’s get three things out of the way:

1. I acknowledge the pros and cons of disclosing fees online – there are marketing hills I’ll happily die on, but this isn’t one of them; only you can decide what’s right for your business.
2. Some people say advisers and planners can’t disclose fees online. To these people, I point out that 14% of firms are already doing it and, even if your charging structure means you can’t quote a specific fee, you could still provide a ballpark or examples.
3. Our research shows most advisers and planners who’ve chosen to disclose fees online don’t regret their decision and wouldn’t change it.

Now that’s out of the way, let’s explain how disclosing your fees online could help create new leads.

Our research reveals a potential disconnect between when consumers want to be informed about fees and charges and when advisers/planners are doing so.

In this blog, we’ll explain more and reveal a new AI-driven solution that will solve the problem while also generating leads for your business.

What consumers want

There’s plenty of research to show that many consumers prefer online free disclosure:

• Way back in July 2013, an FCA Thematic Review stated: “Consumer research suggests that consumers want to receive information on cost and services before meeting with an adviser. A transparent document that outlines the services available and the related costs helps to build trust in a new advice relationship. Consumers said they would feel more confident and informed if they received the documents in advance”.
• Further FCA research from 2022 shows that when consumers shopped around for an adviser or planner, 55% were comparing fees and charges.
• Research from The World Economic Forum concludes that Gen Z and millennials favour transparent pricing models and that “communicating the clear value of financial advice to individuals through a fair and transparent pricing structure is foundational to building trust in advisory relationships”.

We also have the work of Marcus Sheridan, author of They Ask, You Answer, to consider.

On a Yardstick webinar last year, Marcus strongly emphasised that cost or pricing information is one of the “Big Five” areas consumers research before contacting an adviser or planner.

He argued that publishing fee ranges or pricing structures builds trust, lowers friction, and removes doubt. In contrast, firms that hide fee information create frustration and suspicion. He framed it as a simple user experience issue: when people search for cost information and can’t find it, they assume you’re hiding something and may abandon the enquiry entirely.

What consumers are actually getting

Our annual survey looks at 500 adviser/planner websites. Only 14% of advice and planning firms disclose both initial and ongoing fees on their site.

That’s up from 11.6% in 2023. However, it still means that 86% of websites aren’t providing consumers with something they want to see, which is also proven to demonstrate transparency and build trust.

We’d also argue that firms that don’t disclose fees online are missing an opportunity to generate leads and new enquiries.

And that brings us to a new way of disclosing your fees online.

Giving consumers what they want and creating leads for your business

Too many fee pages aren’t effective.

Some disclose fees with no supporting information, others reveal only some of the fees a client pays, while a handful provide a dry Terms of Business, leaving potential clients to work the fees out themselves.

Instead, we recommend that your fee page include these five things:

1. Your fees: Ideally, showing the costs and charges for each stage of working with you.
2. The features of your service: Showing the different elements of your service and displayed on the same page as the fees, not elsewhere on your site.
3. The benefits of working with you: Client videos are great for this. So are your Google/VouchedFor reviews and client survey results.
4. Worked examples: To show how your fees work in practice for different client types.
5. Comparisons: If your fees are below the average or there’s something that differentiates how you charge, adding a comparison makes sense.

However, AI means we can now do more than build static fee pages: the future is AI-driven fee transparency that builds trust and captures leads.

That’s why we’ve partnered with PriceGuide, a new business founded by Marcus Sheridan (whom we mentioned earlier) and Steve Auchettl, to develop AI-driven fee pages for businesses like yours.

And there’s a twist we think you’ll love.

Until now, fee pages had one job: to provide consumers with the information they need.

The AI-driven option we’re launching will do that, but also generate leads for your business: to discover your fees, the consumer needs to provide their contact details.

That’s a win-win: consumers get the information they want, and you get new enquiries.

Join the waitlist for our “Explain & Gain” AI fee tool

We’ll launch our new Explain & Gain AI fee tool, powered by PriceGuide’s technology, at a webinar with Marcus Sheridan in September.

We expect demand to be high after that session.

So to get ahead, you can be one of the first firms to launch AI-powered fee transparency and turn your fee page into a lead engine.

Join the priority wait list now by clicking here, and we’ll add your name.