Financial Advisor Success Ep 111: Why The Right Advisory Fee To Charge Is The One That Not All Clients Say "Yes" To with Jim Stackpool
Feb 12, 2019
Jim Stackpool, founder of Certainty Advice Group, dives into the nuances of pricing and value in financial advising. He emphasizes that authentic value often differs from the products advisors offer, advocating for a client-centered approach. Jim shares strategies for setting fees that clients may decline, signaling true value alignment. He discusses the importance of understanding clients' deeper goals, the complexities of behavioral pricing, and the need to shift from traditional asset-based metrics to more meaningful engagement in advising.
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Value Is More Than Technical Expertise
- The expert technical work (the “scalpel”) is a means, not the primary value clients pay for.
- Advisors must emphasize enduring and profound value beyond product implementation.
Use Annual Strategy Meetings Before Pricing
- Run annual structured meetings that map a client's financial life and priorities without product recommendations.
- Present a dollar retainer after showing the strategy and let prospects sleep on the decision.
Goals Need Complexity Diagnosis
- Goals-based planning alone is often insufficient because blockers prevent progress.
- Add a complexity-based conversation to identify behavioral and relational barriers to goals.