WealthManagement.com reports that financial advisors utilizing a fee-for-service model raised their charges in 2023 compared to the previous year.

According to AdvicePay's 2024 Trend Report, fee-for-service advisors charged an average monthly subscription fee of $265 in 2023, marking a 6 percent increase from 2022. Quarterly recurring fees saw a modest uptick of 1.6 percent, averaging $968, while single payments rose by 6.7 percent to an average of $1,578.

Alan Moore, CEO of AdvicePay, notes that advisors are becoming more confident in raising their fees for financial planning services. Additionally, the report highlights the increasing popularity of subscription-based models, with 83 percent of all invoices sent through AdvicePay being for subscriptions and 74 percent being monthly recurring fees.

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