If you’ve clicked over to this letter then you’re obviously interested in taking your career to the next level. Let me tell you how I can help.
Every Tuesday, you will get an actionable piece of advice from Don Connelly, related blog posts on the topic, and what's new on the blog PLUS Don's "10 Great Analogies" in pdf format right away.
As the media and no-load firms continue to focus clients and prospects on lowering investment fees, it’s more important than ever to create a business brand and style that clearly communicate your value.
I like to see exceptional Advisors get paid what they are worth. What I don’t like to see is Advisors who are above-average receiving below-average compensation. Why are some Advisors reluctant to ask for what they’re worth? The answer is a combination of confidence and comparison. Advisors who don’t know their value compare themselves to other Advisors when determining their fees. When an Advisor feels the competition has more to offer, the Advisor will try to lower his or her fees to a level at which the client can’t say no.
When you charge your client a fee for creating the proper portfolio, is your client paying for the time it took you to create that portfolio, or is he or she paying for the hours and months and years of training, study and dedication that went into knowing which portfolio to create?
It’s very important that you know why you are paid what you are paid. Not all Advisors do.
Despite the important role a Financial Advisor plays in his or her clients’ lives, Advisors collectively are losing hundreds of millions of dollars per year in discounted fees, the majority of which clients don’t ask for in the first place.
Clients need to know your entire contribution to the effort. The more a client knows of what you do, the more important you become in his or her eyes.
Over years of conducting client events, I have learned a lot about how clients define and determine value. We’ll discuss just that in our Webinar.