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Same as it ever was...

Financial services clients want pricing clarity, advisors sow confusion.

Understandable and reasonable fees are top “wants” among investors surveyed in August 2020 by Hearts & Wallets, a financial data and analytics researcher.  (For respondents with $500,000 to $2 million in investable assets, getting unbiased advice that puts their best interest ahead of that of their wealth manager is slightly more important.)

Despite being a top want, pricing clarity is not there for most clients, and customer confusion is actually rising, according to Hearts & Wallets.

In 2017, customers were unclear about pricing in 68% of savings, investing and advice relationships, the firm says. Last year, such confusion permeated nearly 75% of relationships — with 44% of customers saying they don’t know how they pay, and 29% saying they believe financial solutions are free, the firm adds.