by Tony Vidler
If advice is valuable then it should be paid for. Getting paid fees for advice alone seems to be an issue as Financial Advisers often do not get paid what they should for the difference their advice makes…and more often than not it is the advisers’ fault.
I have been as guilty as any other adviser in this respect, and it took me many many years as a practitioner before I actually began to value providing financial advice appropriately.
Getting valued appropriately as an adviser comes down to explaining clearly what you do and how you get paid at each step – and then giving the clients clear choices about how to engage, and when they can disengage. Rather than go down the typical adviser path of promising a commitment bigger than most marriages can manage by saying something like “I’ll be there for you all the way through life!” just keep it real and explain the various engagements the client can choose…or walk away from.
Therein lies the key to getting paid every step of the way: understanding that when we take on a client there is not one engagement, but a potential series of engagements. And each of those engagements is a separate piece of work for which the adviser should be compensated for the time, resources, expertise and skill which is delivered for the client’s benefit.
In this weeks quick tips we run through my favourite way to explain the work we can do, and how we charge for different engagements, and what the client choices are…….
Watch the video to learn more…