Combatting Low Fees

Combatting Low Fees

If you ever need to combat lower fees, begin by understanding what your competition is actually doing. Then form your strategy accordingly.

Listen to this audio episode or read the transcript below to learn how to de-commoditize yourself and why you need to win the value-argument instead of the fee-argument.

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Best Practices for Letting Go of a Client

Saying goodbye to clients often seems counter-intuitive to new advisors, whose primary concern is to grow a customer base. But failing to ‘weed out’ unprofitable clients is a bad idea for any advisor’s business. To succeed in this industry, you need to spend your time servicing your most profitable relationships and this necessitates dropping unprofitable accounts from time to time.

There can be many reasons why certain clients are no longer a good fit for you. Perhaps you’ve identified a need to downsize your business because it’s become impossible to serve a multitude. Or maybe you’re working with clients who ignore your advice, are too needy or blame you for poor market performance.

Whatever the reasons your focus should be on providing great service to your most valuable clients – which means you need to let the others go.

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