Recently, Gary Told His Client That He Was Embarrassed Charging A Fee of 0.5% Per Annum… For What Amounted To Little More Than A Review of The Client’s Investments!
Where’s Gary Going With This Discussion?!
Let’s listen in…
“And what makes me even more embarrassed James is this:
After 6 years, I realise that I know little or nothing about what is truly important to you in your life.”
(By now, James is doubly confused, and asks…)
“How do you mean, Gary?”
(With that opening question, Gary uses simple, powerful coaching processes to reach what lies in the heart and mind of James. He does it quickly and non-intrusively.
He also uses Stephen R Covey’s “Big Rocks” discussion (you have to watch this!) … which helps James express what’s most important and valued in his life.
This is probably the first time that James has ever spoken like this to another man!)
Then Gary Continues…
“Now that I understand how badly you wish to exit from your business, before age 60… I wonder. Do you have a plan to achieve that?”
“Not really, Gary.”
“Because it seems to me, James, that my responsibility is to help you PLAN.
And then to help you take action – in the light of those things in your life which you value most. Those things that are truly important to you!
Wouldn’t you agree, our discussion is not really about MONEY at all, is it?
Surely, our relationship should start with you achieving what’s most meaningful to you in your LIFE!”
And the conversation progresses.
(But what about Gary’s scary comment about the fees?!)
Gary concludes by saying:
“James, whilst I’m embarrassed about receiving 0.5% of your investments, simply to provide an investment review process…
I feel that 1% per annum – to help you achieve your life’s greatest aspiration…
Now THAT’S great value!”
And James?
He looks at Gary, and says: “You’re right! Let’s get on with it!”
Conclusion?
There are those who warn against increasig fees, because it means increasing your workload.
Perhaps.
But, when your client receives the KIND (not quantity) of service which they perceive carries a higher value to them…
… then they’ll pay for that value!
Your thoughts?
