It seems that everywhere we turn today, the media is emphasizing advisory and product fees.
Common questions are:
“Are you paying too much?”
“Do you know what you are paying for?”
I consider this type question to be one-dimensional and shortsighted. For example, if one wants to “stay on the numbers’ side”, then where is the question:
“Are you receiving value for your fees?”
The interesting thing that happens when we insert the word “value” is that we add the possibility for an intangible answer in addition to the one-dimensional tangible answer.
Here are two recent examples of how we have added both tangible and intangible value for our clients:
Clients recently came in for their conversation with us, which includes portfolio review. They brought a folder with them and asked: “Will you please look over these estimates for us to pre-pay our funerals?”
This led to a conference call with the clients and the director of the funeral home. At the end of the conversation in which I asked many questions, the clients said, “Thank you so much. We understand this now, and are very pleased with the decisions we have made. Mostly, we feel wonderful that we have taken this burden off of our family.”
Tangible Results: the clients ended up saving $1100 from the original quote.
Resonate Time: 90 minutes
Resonate Fee for this work: $0
Intangible Value Received by the Client: Relief; peace of mind.
Intangible Value Received by Resonate: Knowing we did the “right thing” for aging clients.
A client called recently and said: “I’m not sure if these new legal documents prepared by an attorney match our objectives discussed with you.”