Where the agency fee actually goes
An agency retainer funds a stack: account management, project management, office, margin, and, underneath, delivery hours often owned by the most junior person who can pass QA. The freelance structure deletes the stack: strategy, execution and accountability collapse into one senior whose entire fee is delivery. For focused programmes, technical rescue, local dominance, a serious content engine at sane cadence, the arithmetic is decisive. For volume and parallelism it reverses, and pretending otherwise is how freelancers over-promise into failure.