4 New Year's resolutions wealth managers are making for 2025
Quote:
FinancialPlanning article written by Nathan Place - 1/01/2025
“My resolution is to hold my ground when pricing planning services to clients. More specifically, I would like to stay disciplined in communicating the results of a predetermined fee calculator and not offer discounts for various reasons. The challenges I see with this are the variability of emotions when holding a sales call and pricing clients. For example, if I have not met with a prospect for a few weeks and am behind on revenue goals then I may be inclined to discount the price in order to catch up. This does not help in the long run as you can end up with more clients to reach the same revenue target - you then have less bandwidth for each client, which leads to a lower quality of service delivered. It's important for us to be patient as business owners and realize our true worth. In the end, this will prove fruitful not only for ourselves, but for clients alike in that they will continue to receive the highest quality service possible.”