Imagine that your prospects didn’t hesitate, not even for one second, to pay your price. That it would be – in fact – a no-brainer.
Don’t believe that’s possible? Then stop here.
However, if you don’t want to leave money on the table and if you don’t want to miss my free gift at the end of this article, you might want to keep reading.
How do I know that most planners make this mistake?
Because they don’t know the psychology that goes with the setting of profitable prices for their services.
And no, the mistake is not that you charge too little (though that is a common mistake as well).
And no, the mistake is also not that most planners sit back and think to themselves: “Hmmm, what price should I pick?” And then they pull a number out of a hat and that’s it.
The mistake is to have only one price for your service.
Why? Because if you have only one price, you are not making it easy for your potential clients to decide to do business with you. You see, most of the time your prospects generally can’t understand or accurately explain why they want to hire a financial planner. The truth is, when you help them to decide to do business with you, it saves them time, money, and energy.
That’s why you want to set a smart price that will turn your offer into a no-brainer. Luckily, financial planners are by definition smart people. And, simply put, I believe smart planners want to set smart prices.
And before you wonder if I’m going to discuss a commission-based model, a fee-only based model or any other type of revenue model in our industry, I’d like to be straightforward with you on this one: I’m not. Because I believe “models” aren’t that important. In fact, what I do believe is that if financial planners serve their clients in an ethical, honest and sincere way, it doesn’t matter which type of revenue model you choose.