We’ve reached the end of 2018 and you definitely deserve a break after the hard work you’ve put into your business this year. Here at FP Advance we’ve hit on some major topics to inspire, challenge and support you in growing your business this year. These three really got people talking, so we thought we’d share them again in case you missed them first time round. Have a relaxing Christmas break and here’s to great things in 2019. Are You Outrageously Expensive or Too … [Read more...] about Setting Your Fees, The Truth about Hard Work, and How to Beat Big Business: Our 3 Most Popular 2018 Articles
The price is right There’s a lot of discussion around what is the ‘right’ way to charge for Financial Planning services. I get it. We’re at another inflection point in the development of our profession, and it’s right to question everything, including how your business charges. You need to be positioning your business for where things are headed in the next ten years, not where we’ve come from in the last ten. In light of that, I believe the charging conversation needs to be done in … [Read more...] about Are You Outrageously Expensive or Too Cheap?
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 Another exception to your normal pricing approach is what I'll call technical advice jobs, where the client has a difficult technical issue they need resolved in order to make an important decision. Pension … [Read more...] about Pricing For Technical Jobs and Success Fees
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 trying to work with, are those with significantly higher incomes than the average person or family. The X Factor Filter If you are a business that works exclusively with this group … [Read more...] about Pricing For Young Wealth Accumulators
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 next few weeks I'll cover some of these, and hopefully let you see that they're not too difficult to handle! If you are working with clients in more typical ranges … [Read more...] about Pricing For High Net Worth Clients