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Unlocking Financial Success: Charging Fees for Expert Advisory Services

Learn the importance of charging fees for financial advisory services, gaining respect, control over earnings, and guiding clients to financial success. Discover strategies to make clients understand and value the expertise provided.

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Unlocking Financial Success: Charging Fees for Expert Advisory Services

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Presentation Transcript

  1. How do I charge a fee? by Suresh Sadagopan Founder Ladder7 Financial Advisories

  2. If you don’t know where you are going, any road will take you there

  3. Why Advisory & fees? • Opportunity -People are looking for advice… Arvindhas no one to advice him • Keeps us on our toes & at the cutting edge. Earn respect.

  4. Why Advisory & fees? • Full control over earnings, unlike commission business where regulator controls it. • The future is moving there

  5. How to make people pay fees? Value they derive through the advisor Bhawanilearns a “Valuable” lesson • Clarity & peace of mind – not returns • Better structured portfolio, better tax efficiency, right choice of products, better goal alignment

  6. How to make people pay fees? Sanity of thought • Stopping them from making mistakes • Unbiased, third party sounding board to clients • Giving them perspectives that they would find difficult to get

  7. How to make people pay fees? Help them understand the importance of money • They work for 35 years to earn money… • But don’t spend time before investing People spend a lot more time planning picnics/ parties !

  8. How to make people pay fees? Pay fees from the savings Roshannow knows who pays for the plan!

  9. How to make people pay fees? Give them a benchmark to measure Bala’s dilemma • Software companies pricing • Teachers pricing their services per hour

  10. How to make people pay fees? Alter the frame of reference Prakash got his answer • Driver / maid - how much they will be paid over the life time. … • Transactional vs Transformational

  11. Message to client • Choose the right Advisor & then implicitly follow their advice • We don’t argue with those who charge less, for … they already know what their services are worth!

  12. Thought for us • We just have to show them why they can’t do without us… Fee is never a problem

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