Financial advisors are losing an average of $20,000 in fees for not pricing their fee-based businesses competitively enough, according to a new survey from Toronto-based software firm PriceMetrix Inc.
The survey found that assets in fee-based accounts comprise almost 25% of total assets under administration and 37% of total revenue. The area is also growing, with the average advisor’s assets in fee-based accounts having increased 24% from 2007 to 2010.
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