Holy Smokes My Fees Are Going Up! What Am I Gonna Do? [Episode 226]
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What You'll Learn In Today's Episode:
Compete on Value, Not Price: It’s important to compete based on the value provided to clients rather than engaging in a price-based competition. The value of services justifies premium fees and attracts clients seeking high-quality service and expertise.
Avoid Comparing with Competitors: Comparing one’s business to competitors can lead to unnecessary anxiety and “head trash.” Instead, the focus should be on building a unique service model and delivering value without replicating others’ approaches.
Communicate Fee Increases Strategically: A well-planned communication strategy during client meetings helps clients understand the value they receive and justifies the fee adjustments.
Overcome Fear and Take Action: Overcoming the fear of being the most expensive advisor and taking action to adjust fees is vital for professional growth. Procrastination only makes it harder, and it’s essential to recognize that the change is beneficial for both the advisor and the client.
Recognize the Value You Provide: Advisors need to recognize and appreciate the value they bring to their clients. Charging fees that reflect this value is not only justifiable but also an important step in adding more value to clients and growing the business in a sustainable manner.
It’s coaching time! In today’s special episode, Matt and Micah are joined by INVICTUS member John McKinley as he bravely steps into the coaching ring after going through his extreme accountability. They’re dissecting the industry’s fee fixation, tackling head trash head-on, and sharing how focusing on your competition is never the solution. Listen in as they discuss the key to helping you get to the next step in your growth and how value and communication reign supreme.