The heart of an advisory business is the ongoing service it provides to existing clients. Getting this right not only keeps clients for life, but ensures that you do it at a premium price. This has flow-on effects for your workload, family time and the final sale value of your …
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 …
Welcome to the last in the series covering The Review Meeting. We’ve discussed the importance of keeping your clients in lifetime relationships, high value versus low value businesses, the cake (and the icing), the importance of delivering lifestyle outcomes and saying your fee loud and proud. However, there is one last challenge to address. How to supercharge …
This week we’re looking at the fun part of the ongoing review service, The Icing On The Cake (also known as, telling the client what you have done for them lately). If you are managing £500,000 for a client and charging them 1% pa, that is a fee of £5,000. …
Last week (in The Icing On The Cake) I wrote about showing the client that everything is going to be alright. This is vital. However, by using a cashflow model you can not only show them everything is going to be alright, you can focus on delivering a lifestyle outcome; …