We all know someone who likes to take the easy way out. This would describe the narrow view of fee-only benchmarking. It is fast and easy. However, like all things with those characteristics, it adds little value and may do more harm than good.
Whereas, we all know someone who does things the right way. Their methods usually take a little longer and are a little more difficult but, like all things with those characteristics, they add a lot of value. They do not act with haste. They see the bigger picture that ensures that quality, service, value and extra credit items are appropriately accounted for. These characteristics would describe the thorough consumers of Value and Fee benchmarking.
If all of the above is true, why would anyone view fee-only benchmarking as an acceptable solution?
Two answers, our desire for instant gratification and “we don’t know what we don’t know.”
First, I think deep … Read More