It is not about price, it comes down to trust
Tuesday, September 20th, 2011 | Filed Under: Practice Management“The demand in finances doesn’t respond to price,” Trott says. “Having a lower price doesn’t guarantee you more business. It’s not really about the price. It’s about the quality of service.”
There’s a great article in RIAbiz.com about pricing advisory services. It’s based upon a study conducted by PriceMetrix showing that advisors who didn’t lower their fees in the aftermath of 2008 market are much better off today than those who decided to reduce their fees.
This is more evidence that clients are seeking good advice from trustworthy advisors more than a deal on the management of their financial affairs. Take a look at the article
Clients Are Increasingly Using Multiple Financial Advisors
Wednesday, August 17th, 2011 | Filed Under: Practice Management, UncategorizedThis recent article (see link below) really caught my attention. It is a very enlighting that the statistics discussed indicate many investor clients have determined that they can fend off challenging markets and volatility by engaging more than one financial advisor to handle their financial affairs. Moreover, the more wealthy the client is, the more likely they are to utilize many advisors. Perhaps diversification is part of the driver, but this trend sure appears to be an opportunity for seasoned advisors who have the platform capabilities to efficiently organize the clients’ data, reports and recommendations. Few firms provide advisors with the right wealth manager tools to position themselves for this type of role, and it’s it fairly challenging for individual advisors to scale their operations to offer these kinds of capabilities. Advisors who position selves with a firm that supports a wealth manager role will have much greater success serving these types of the clients.
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