To the question: Should you invest now or not.
Everyone with a + on the personal balance sheet is always invested/ in a position. You either hold cash (cash = a possible short position based on long term goals), a car, house .... stocks.
Cost and fees as a differentiator is a bad (1989 supply chain model) starting point.
I like to propose that the value/fees are only relevant if there is no value over benchmark/reaching the goal.
Yes, full transparency in asset management is needed for long term relationship success as the new competition will show the numbers.
The client's goal and path should be the basis for the discussion of fees. Oh yes, a portfolio based on his/her loss toleranz.
As a first step we should ask the question:
How do I help the client reach a goal or solve a problem better than ... and what is a fair price for both sides. Ask the client he may surprise you!