Quoting for your business services: how much should you charge?

As a freelance professional or small business owner, quoting for your services is one of the trickiest things to master.

Go in too low and you’ll deprive yourself of well-deserved income, yet price yourself too high and you could scare away customers.

Thankfully, there are ways to work out reasonable quotes for your services that balance profit and affordability. 

Financial advisers (IFAs) spend their time helping customers manage and maximise their money. Without their expert advice and reliable services, many individuals and small businesses would be at risk of getting complex matters like tax, invoicing, investments and pensions completely wrong.  

We’ve put together a comprehensive guide to quoting for your services as a financial adviser.

From pricing competitively to working out whether to charge flat fees or percentage-based costs, here’s everything you need to know. 

Why pricing matters for your business

Knowing how to price your services is key to your business strategy. Your fees tell clients about your value, your expertise, and what kind of experience they can expect. Getting this wrong could cost you clients or leave money on the table.

Finding the right balance is crucial. Your pricing needs to reflect your expertise without putting you out of reach for potential clients.

Key factors to consider when pricing your services

How to price your services starts with understanding who your ideal clients are. If your pricing is too low, they might question your expertise. Too high, and you risk losing their interest. The sweet spot lies in aligning your fees with their needs and budgets.

Competitor research is a great way to position yourself and understand what other advisers charge. If you’ve got years of experience, specialist training, or niche expertise, use that to justify charging more than the average rate.

Don’t forget to consider the complexity of your services. A tailored retirement plan or an intricate financial strategy likely warrants a premium fee, whereas simpler tasks like portfolio reviews might fall at the lower end. Your pricing should reflect the value and effort involved.

How to cost up your services

Having a clear strategy can make all the difference when it comes to how to charge for your services.

Here are five steps to guide you:

1. Analyse your competitors and industry benchmarks

Looking at what others charge is a smart place to start.

Are financial advisers in your area charging per hour, by flat fees, or as a percentage of assets under management?

For example, if advisers in your market charge between £150 and £250 per hour, where do you fit in that range?

Benchmarking helps you stay competitive without undervaluing yourself.

2. Understand the rules and regulations

In financial services, transparency is required.

For example, FCA regulations in the UK ensure that clients understand exactly what they’re paying for.

Aligning your pricing with these standards ensures you remain compliant and build trust with your clients.

3. Work out whether you’re charging per hour or per service

Decide what makes sense for the way you work.

Hourly fees can be the ideal option for projects with variable timelines, while flat fees bring predictability for both you and your clients.

For instance, if a task typically takes four hours, you might charge £800 as a flat fee based on a £200 hourly rate.

4. Decide between percentages and flat fees

Some advisers prefer charging a percentage of assets under management (AUM), while others opt for flat fees.

AUM-based fees align your interests with the client’s portfolio performance but might not work for smaller accounts.

Flat fees, on the other hand, ensure consistency. Choose the model that suits your client base best.

5. Understand when to negotiate fees

There’s an art to knowing when to tweak your fees.

For instance, offering a discount for a long-term contract can secure consistent income.

But be cautious; if you lower your fees too much, you risk undervaluing your work.

How to charge more for your services without losing clients

If you’re considering raising your fees, you need to show clients the value you bring.

Start by highlighting what sets you apart. Share testimonials, showcase success stories, or point to certifications that prove your expertise.

Offering tiered pricing options is another great approach. For example, you could have a basic package for clients who want essentials and a premium option for those needing detailed financial planning.

This way, you’re giving clients a choice while creating room to upsell.

Customer service is another area where you can shine.

When clients feel supported and valued, they’re more likely to see your fees as a worthwhile investment.

Consider adding premium services, like estate planning or advanced tax strategies, to justify charging more. 

Practical tips for communicating your pricing to clients

Clear, confident communication about how you price your services is non-negotiable. Clients want to know exactly what they’re paying for and why.

Be upfront and outline your fees, whether for consultations, ongoing support, or tailored reports. This transparency avoids misunderstandings and helps clients see the value in your services.

A formal quoting process can make this even easier. Break down your services and their costs in a professional, easy-to-read format.

For example, if you charge £1,500 annually, show that it includes quarterly reviews, portfolio rebalancing, and unlimited email support.

When clients see everything laid out, it’s easier for them to understand—and appreciate—the value you bring.

Work with Unbiased

Pricing your product or service is about showcasing the value you bring.

With the right strategy and clear communication, you can set fees that work for both your business and your clients, reflecting your professionalism and the results you deliver.

Unbiased Pro will help you grow your firm by delivering quality leads straight to your inbox.