“Life will always be to a large extent what we ourselves make it” – Samuel Smiles

Can’t help but quote this. I firmly believe that, we will collect fees if we ask for it. We will ask for it if we are convinced we bring value to the relationship. And, we will get paid when the client too perceives value addition. Sounds simple but it’s true all the way.

Clients pay us when they see us improving their financial lives. They are willing to shell out money for any core or related financial advice. The advice could be on the lines of the following unconventional value propositions like

  • Organizing and streamlining their financials better. Providing them better control and visibility about one’s financial situation and tying up the loose ends
  • Planning and outlining seamless transmission of wealth. This includes preparing a will with an exhaustive index of assets at that point of time
  • Suggesting belt tightening measures or life style changes, wherever needed, so as to meet one’s goals as planned

The traditional parameters could include:

  • Evaluating their currently held insurance policies and making recommendations on the future course of action
  • Assessing the investment portfolio and suggesting changes if needed
  • Ensuring that assets, liabilities , inflows and outflows all work coherently and symbiotically towards his financial well-being and aspirations

Experience suggests that these clients are more amendable to paying up for the services offered

  • Those who have suffered ill advice
  • Those who fear inadequate resources for their impending goal(s) or
  • Those who want to cross check their financial situation/ decisions.

While all of us know that “prevention is better than cure” clients are seen to turn to professional advice only when they hit a road block.

Before starting my practice, I was tempted to believe that clients are averse to sharing their financial details. However, I’ve been pleasantly surprised as nearly all my clients/ prospects are more than willing to share their complete financial information.
Two wrongs don’t make a right. No point throwing good money after bad. The annual premiums so far paid can go towards investing sensibly.

In a nutshell, it’s not tough to charge fees to a client, and if one keeps providing such pockets of value-add the clients eventually end up earning more than what they would have paid for. This completes the cycle of Karma “what goes around, comes around”

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