Relationships and the Fee Question
The relationship you hold with each client, especially your biggest clients, is central to your business. They know you’re on their side, they are comfortable sharing information, and they have trust in you.
But what if a comparison of your fee for service raises its head again — how would you support your claim that you are doing all you can? How far would that abstract understanding and trust take you when there is a pointed, quantified question on the table?
As a wealth expert, it’s not enough to believe the social dimension of the relationship will support you. When the client wants to justify the value of the service that has been provided in their head, it’s vitally important you have the working documents in place to help them define that value.
Starting now, build a program that actively supports what you do for each account, and a process for addressing the fee question. That way you will never be caught off guard.
Key Strategies from the 53rd:
- We all know the list of actions and responsibilities for each client is far and deep - so write it out. Make it clear enough that clients understand the impact each item has had on their finances and financial plan.
- Present written summaries to clients which bridges the fee conversation, including both the strengths of your work and the benefits of your approach over the typical advisory practice. Consider listing all the services you offer, not just the ones that particular client uses.
- Take the time over the next few months to brief your clients on upcoming changes associated with the full implementation of CRM2.
