Reshaping the value narrative for total cost reporting

The best advisors will be able to clearly, simply and confidently answer client questions about what they’re paying for. By providing examples of how they can use cost-efficient solutions to help save money and high-value solutions such as specific alternatives to achieve goals, advisors can turn a compliance obligation into a strategic differentiator.

Here are five examples advisors can use to lead client conversations, so you can move the discussion from simply explaining fees to confidently positioning fee budgeting as a unique service.

1. Lead with the concept of value. “One of the ways I help clients achieve better outcomes is by looking at fees differently, through a process called fee budgeting. Instead of focusing only on how much you’re paying, I focus on what you’re getting in return. Value isn’t defined by cost alone, it’s about the outcomes you achieve relative to cost. That’s why I allocate your fee budget the same way I allocate your capital: deliberately, so every dollar can work harder toward your goals.”
2. Move the conversation from fees to fit. “Let’s look at your portfolio as an example. In some areas, the goal is efficiency, so we aim to keep fees low by buying cost-efficient solutions such as broad market exposures. But in other areas, it’s not just about cost, it’s about fit. That’s why we have high-value investments such as alternatives. Here you’re paying for unique insights, processes and outcomes that can’t be replicated cheaply. My role is to help allocate your fee budget deliberately, so every dollar can be directed toward the right mix of efficiency and differentiated return, so your overall portfolio outcome enhances over time.”
3. Position fee budgeting as your differentiator. “A lot of advisors don’t think this way. Some overpay for simplicity; others go low-cost across the board and miss valuable opportunities. What sets me apart is knowing where to spend and why.  We treat fees like any other part of your plan: actively managed, transparent and purposeful.”
4. Build trust with transparency. “What I really value is transparency in the fee budgeting process. If you’re ever unsure about where fees are going in your portfolio, or whether your investments are earning their keep, I’ll show you. I’ll break down your current fee spend and show you how we strive to get you more value for what you pay. I’m here to help optimize fees tied to your financial goals: tax, risk, retirement and more.”
5. Close with confidence. “My philosophy is simple: portfolios should be built with intention. Every dollar you invest and every dollar you spend on fees should be working toward your goals. By budgeting fees with the same discipline as capital, you’re not just investing — you’re investing with purpose. That’s the kind of disciplined approach that sets my clients apart and it’s one of the reasons they can stay ahead. I believe this is the way I can bring greater certainty to you and your financial goals.”

Advisor value

CRM3 is not simply a regulatory update. It signals a broader global movement toward transparency and accountability in the financial industry. For forward-thinking advisors, this moment can offer the chance to turn cost awareness into a demonstration of professional discipline.

Fee budgeting can provide the framework to help achieve exactly that. By helping clients understand how their costs are allocated across the portfolio, advisors can reposition fees as an intentional tool that aims to achieve better results, rather than as an unavoidable expense.

Robert Wilson is SVP, head of innovation, portfolio strategist with PICTON Investments. The firm has published an advisor guide on fee budgeting.