Common themes last couple of weeks have come back to advisory team concerns about vanishing ongoing fees.
Adam Carey – check out his site – it’s great – was the latest to table the issue when he said that goals-based advice works well initially, but keeping clients engaged at fees valuable to both the client and advisory firm is a challenge. He’s right. The solution is a combination of position – (i.e. fewer goals positioning more progress positioning) – and complexity management. Clients won’t pay a cent for advice if they don’t perceive complexity.
Combating vanishing on-going fees for ‘traditional’ clients, to attract new clients to more ‘progressive’ engagements was a good topic for recent roundtable – lots of solutions using BNI communities, greater use of engagement by video, software like Loom, building Google Reviews, being introduced into facebook communities (via BNI groups). But it all came back to one word – being consistent.
Combating vanishing on-going fees part two is the growing interest in the opportunities advising SMEs where every day is another complexity. I’m convinced this is an area for growth that most traditional accountants just have not had the time or focus to leverage. They are perfect for Certainty Advice – here’s another recent roundtable on this. I’ll be running a special in-depth DNA webinar on advising SMEs, while similar there is one particular point of difference when identifying the basis (i.e. the value) of a possible advisory relationship.
Thank you to those who’ve given recent feedback that our Roundtable recordings are too long – 30+mins. We’re working to build a ‘quick’ summary of these as 5-6min highlights – stay posted.
I’m running an intensive Engagement Workshop next week – interested? It’s a two and half hour investment covering the principles, tools and mindsets for consistently nailing the ‘progress’ (not just the goals) discussions central to ongoing value. Free for all existing clients – it’s small and limited numbers – more info here – let me know if interest.
Take care
Jim