Service based pricing Unlike businesses that manufacture physical products, service based businesses have no ability to build up stock, and this can have an impact on their pricing strategies. For example, a company that manufactures cups can produce them and then store them if there’s not a ready market to …
Displaying 49 Posts categorized under Financial Advice
Pricing For Technical Jobs and Success Fees
This week we look at two other exceptions that come up from time to time in your work; the technical advice job (which is quite common), and the success fee (which you may never come across in your entire career, but if you do at least you’ll know what to do!). Technical advice jobs …
Pricing For Young Wealth Accumulators
Who are young accumulation clients? The accumulators are in the phase before pre-retirement, typically aged in their 30s and 40s and with all the commitments that go with that: Mortgage Children Education costs Etc. I am going to narrow the field further, and suggest that the accumulators most firms are …
Pricing For High Net Worth Clients
In the last few weeks we’ve looked at the basics of getting your pricing right by charging in three places for the planning, implementation and ongoing advice/service. Whilst this covers most of the clients you work with, there are some variations and exceptions that seem to cause advisers all sorts of mental anguish. Over …
The Ongoing Advice Fee
How much should you charge for the ongoing advice fee? For conducting reviews, providing information and updating your advice whenever required. Good advisers can justify charging 1% pa of assets under management. Not 0.5% pa which seems to be the norm. Please note, I said good advisers. That means advisers that add …