Category Archives: Financial Services

What to do When Someone Says Your Fees Are Too High

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If someone says, “Your fees are too high” it is either because:
A) They don’t know what you are really doing for them.
B) You aren’t doing enough to clarify what you do. (I’m making the assumption that you DO provide significant value that corresponds to your fees).

The solution to either problem is simple.

You first have to ask yourself the honest question: Are your fees too high?

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Why You Need to Be Different Rather than Better than Your Competition

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Explaining the reasons why you’re “better” than your competition seems logical. However, it’s not always effective.

If someone asks why they should do business with you as opposed to the firm across the street, often you begin to give them your list of “betters.” You provide them with assurances that you have things like better communication, better services, better products, better affiliates that you work with, etc. The problem with inferring “better” is that the consumer doesn’t actually believe it.

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What’s Wrong with Promoting “Retirement Services?”

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Many financial advisors specialize in retirement planning and retirement income distribution services. But what if retirement itself is no longer the compelling reason for people to see a financial advisor?

Consider this: Individuals who have great wealth, are inheriting great wealth, and are the future of a financial advisor’s client base don’t actually want to retire. A recent survey from Merrill Edge reveals that 79% of GenXers (1965-1980) don’t think they will retire in the traditional sense and 83% of Millennials (1981-1997) feel they will NEVER retire.

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The Effective Response When Someone Says “Your Fees Are Too High”

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If someone says, “Your fees are too high” it is either because, 1) hey don’t know what you are really doing; or 2) You aren’t doing enough to clarify what you do. (I’m making the assumption that you DO provide significant value).

The solution to either problem is simple.

You first have to ask yourself the honest question: Are your fees too high? If the answer is NO, then you have a great opportunity to share your “Value Conversation.”

I believe that most advisors provide value beyond the assets under management fee structure.

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Referral Myth #2: My clients tell me they “don’t know anyone” who needs my services.

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By Maribeth Kuzmeski

Have you ever heard a client say, ‘I don’t know anyone’ when you made mention of referring? Do you think that’s true – that they actually don’t know anyone who may benefit from your services? Chances are they know lots of people – they’re just not motivated to give you names right now.

One of the most successful strategies I’ve seen for giving clients a reason to immediately refer is an event called,

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