Fee structure

Other than satisfying important regulatory requirements, RIAs and their clients can exercise a lot of choice on costs. Here's how experts view the process.

They must file the lengthy and highly specific Form ADV document with the SEC and state-level agencies. And that's just one aspect of the many strategic decisions.

A recent report by Cerulli found that more than one-third of affluent investors said they prefer fee-based planning. But advisors on the ground say clients are often confused about fee-related labels and need help understanding pricing models.

Affluent clients report much greater satisfaction with their current financial advisor if they adhere to the fiduciary standard, according to new research from Cerulli.