When we talk about the problems associated with an advisor’s fees, it isn’t that they are too high, too low, or inappropriately structured. Rather it is that advisors typically fail to communicate effectively with their prospects what those fees are actually doing for the client. In other words, what is the value of the service being paid for?
Essentially, the fee discussion isn’t about one of the actual fee structures in place,
When I started in business I thought (naively) that if I am good at what I do that word will get around. I have since realized that people don’t spend their time talking about things that are “good.” People don’t find a reason to talk about the things that are supposed to be there (i.e. good marketing, sound investments, good service, good food, etc.). It’s not exciting enough to work into a conversation.
Why do we do things over and over without ever asking, “why?”
For instance, when someone sneezes, I always say, “God bless you.” And when I
make chili, I always put in 1 bay leaf and ¾ can of beer…but NEVER one full beer.
But WHY?
Do you ever do things that you can’t explain?
“Why” is one of the most powerful words that leads us to deeper
understanding.
Clearly describing your value should be something that you can do anytime. Your description should be direct, simple, and understandable to grab the attention of your prospects.
Here is a Messaging Your Value Formula for differentiation that will help you truly stand out.
If your clients are not talking about how great you are – perhaps, just perhaps, they don’t recognize all that you do. If a client has been working with you for several years, do they recognize all the above and beyond activities that are being done for them or do they consider it just regular service? Do your clients know how unique you are compared to the competition? Do they have something interesting to tell their friends and colleagues about what you do?
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