Last week we got into the specifics of charging and had a more detailed look at charging an initial planning or strategy fee. This week I want to look more closely at the implementation fees, and next week we’ll tackle the ongoing review fees. Implementation fee How much should you charge for the implementation fee (or putting it all into action)? The implementation fee can be a much higher amount than the initial planning fee, because at this point in your process the client should have … [Read more...] about Implementation Fee
Last week I promised I would cover "How much should I charge?" in detail. In this week's blog I keep that promise. Here we go! In last week's newsletter I showed you how to keep things simple by charging in three places. Let's take a look at the first place you will charge: planning. The Planning Fee How much should you charge for the up-front work: fact-finding, initial analysis and recommendations? There’s a lot of work you and your team need to do up-front, and the temptation is to cost … [Read more...] about How Much Should I Charge?
Moving on from last week's tricky issue of pricing your services, this week I look at the value for clients and share a simple formula for charging. Last week I looked at how clients think about you, your services and your value. I also covered the importance of diagnosing their pain with some great questions. Once that has been done you can prescribe some of your excellent remedies to soothe their pain. So, what are the parts of what you do that add value to clients? The value for … [Read more...] about The Value For Clients
Welcome back from the Christmas and New Year break. I hope you are feeling refreshed and ready to go! Our first series for 2014 is on the tricky issue of pricing your services. Almost every business I know struggles with this to some extent. It seems the more intangible the service (and financial planning is very intangible), the more difficult pricing can become. Despite what other advisers might tell you, pricing is an activity that needs to be thought through for your business. Yes, your … [Read more...] about Pricing Your Service
More Tales From The IFP Following on from last week's blog. What Has Been The Biggest Business Breakthrough In Your Career? Part 2 5. “Joining the IFP” Rebecca Taylor of Dunham Financial Services Ltd, and the current IFP President, said that joining the IFP helped her learn the skills necessary to engage more deeply with clients and to structure the whole process of client engagement so it was repeatable and tangible. This is one of the biggest breakthroughs for most advisers at some point in … [Read more...] about Tales From The IFP 2: Business Breakthroughs Part 2