Category Archives: Financial Services

In Times of Volatility: Ways to Reinforce Your Value to Clients

Share Button

It’s time to reinforce your value to your clients. During volatile times (like this week) clients can become nervous. And when clients become nervous, they may start to question whether or not you are truly taking care of them. They may not understand the full scope of everything that you do for them on a regular basis. So now is a great opportunity to remind and reassure those clients.

One of the best strategies when the market gets unusually crazy is to pick up the phone and call your top clients to ease their fears and give your perspective on the situation.

Continue Reading

What to do When Someone Says Your Fees Are Too High

Share Button

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?

Continue Reading

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

Share Button

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.

Continue Reading

What’s Wrong with Promoting “Retirement Services?”

Share Button

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.

Continue Reading

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

Share Button

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.

Continue Reading