Panel discussions at conferences are usually a bore because no one takes full responsibility for making the session a success or everyone wants to plug their idea. But a funny thing happened at Friday’s webinar about fee compression. It helped a bunch of people and was well-received.
All user reviews were positive. Not a single negative comment!
Attendance was low because, for the first time ever, paid A4A membership was required of attendees.
Some user comments:
The session marks the first in a new series of in A4A Practitioner Forums where practitioners can speak about specific challenges and their solutions. These forums will provide the most inventive ideas directly from practitioners in the Advisors4Advisors community.
One thing I need to get off my chest. At Friday’s webinar, Alex Marguia, who I’m sure was not aiming at me, intimated that webinars and headlines about “fee compression” is a sensational way of inciting fear or pandering to the advisors.
For the record, I believe advisors really are facing the beginning of a shakeout. Further, those who do not proactively alert clients when they need advice -- about life insurance, mortgages, college planning, leasing versus buying a car, property and casualty insurance, and retirement planning as well as investment management — are going to lose clients to advisors who do provide this broad range of advice, or to online brokers and personal finance apps like Mint, Wealthfront, Learnvest, and Personal Capital.
In a recent survey of A4A members, I posed the statement, “CFPs need help in addressing the issue of how to earn fees on writing financial plans,” and 79% of 140 respondents agreed.
Fee compression is a real threat and A4A will continue to provide data and analysis about dealing constructively with it.