Whether you "should" put pricing up on your RIA website (and to what extent) depends on your firm, your situation, and your target persona. The goal is to decide if you should include pricing, and if so, how to position it.
In this episode of Craft on Tap, Faustin and Stephen explore this polarizing question and offer a framework to help firms evaluate whether and how to strategically use pricing transparency to build trust, attract qualified leads, and grow their practice.
👇 Watch the full discussion below:
Co-Founder Stephen Beach & Strategist Faustin Weber discuss pricing on a firm's website.
Craft on Tap Ep 17 Podcast Takeaways & Summary
Key Takeaways:
- Prospects want pricing information. A survey by The Ensemble Practice of affluent investors with $1 to $5 million in investable assets showed that 44% consider pricing a top-three criterion when evaluating a new firm.
- Pricing transparency is a trust-builder. The practice of being open about costs is part of a larger content marketing mindset that builds credibility and helps prospects make informed decisions.
- The biggest hurdle is often psychological. Many advisors are taught to keep pricing under wraps, but consumer behavior has shifted. Prospects expect transparency and want to self-qualify before a sales conversation.
- Strategic transparency can qualify leads. Firms that provide pricing information often find that their pricing page is the second most popular on their site after the homepage. This means visitors are actively self-qualifying, leading to more productive discovery calls.
- AI search favors transparency. AI tools like ChatGPT and Google Overviews are more likely to pull from content that includes specific numbers and detailed pricing information, a trend that will only grow.
Podcast Summary: Pricing AKA the Big Disconnect
The Ensemble Practice surveyed affluent investors with $1 to $5 million in investable assets and asked them to name their top three criteria for evaluating a new financial advisory firm. 44% chose pricing.
Despite this clear demand, few RIA firms actually provide pricing details on their websites. This creates a significant opportunity for firms that embrace a more open approach.
According to content marketing expert Marcus Sheridan, being transparent about costs is one of the "Big Five" content topics that build trust and credibility with prospects. It's not about commoditizing your service; it's about meeting people where they are in their research process.
A 5-Level Framework for Website Pricing
Most financial advisory firms only have a "get pricing" button that leads directly to a contact form, forcing visitors to jump through hoops to get information.
To help firms think more strategically, we’ve developed our own 5-level framework for pricing transparency on a website:
- Level 0: Contact form only. No pricing information is provided.
- Level 1: Provide fee ranges and a description of your fee model (flat fee or AUM). This approach, adopted by firms like Instrumental Wealth and Brooklyn FI, provides clarity without being overly rigid.
- Level 2: Enhance Level 1 with video explanations. Root Financial uses this method, embedding videos in its FAQ section to explain its fee philosophy. This builds familiarity and trust, as prospects can hear an advisor talk through the reasoning behind their pricing.
- Level 3: Offer industry education. This level goes beyond your own fees to educate prospects on the broader landscape, such as the difference between a fiduciary and a commission-based advisor. This builds authority and helps your ideal clients understand the value you provide.
- Level 4: Implement a pricing calculator. This is the pinnacle of transparency, allowing prospects to input their situation and get a personalized fee estimate. While not yet common in the industry, this is where the market is headed. It allows prospects to self-qualify and accelerates the sales process.
The Mental Hurdles of Putting Pricing on Your Website
The primary reason many firms are stuck at Level 0 is a deep-seated belief that pricing should be a negotiation tool. Many advisors were taught to withhold this information to "hook" a prospect and qualify them first.
However, this mindset is becoming outdated. The internet has empowered consumers to find information on their own terms. When you withhold pricing, prospects simply go to a competitor who provides it.
Shameless plug for Craft on Tap
So, should you include pricing on your website? For most firms, the question isn't whether to be transparent. Instead, you should be asking, "What level of transparency makes sense for my advisory firm?"
Your approach should be rooted in a deep understanding of your target audience and a desire to build trust. If you serve multiple client types or your pricing is highly customized, you might start with a Level 1 approach. If you have a well-defined niche, you might consider a more detailed Level 2 or Level 3 strategy.
Don't let outdated beliefs about "controlling the conversation" hold your firm back. The future of financial advisory marketing centers on transparency, and the firms that embrace it will have a distinct competitive advantage.
This conversation is only a starting point. For ongoing insights and practical strategies for RIA growth, listen to the new Craft on Tap marketing podcast. Available now, wherever you find your podcasts. Ready to chat? Get in Touch
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