It’s painful for me to see so many of you headed for trouble by denying the obvious trend in fee compression. You should be losing sleep over it.
Once you decide to appeal to the feelings of your prospect, you need to be aware of other barriers to persuasion.
Once you understand the power of hidden biases, you can appreciate why the traditional approach of many advisors to meeting with prospects is unsuccessful.
When attempting to convert a prospect into a client, you need to understand the power of status quo bias.
Competition for new business has never been greater. Advisors will continue to be under fee pressure. Many of the services offered by traditional advisors are now available at a lower price from others.
While well-intentioned, giving clients advice in areas in which you have no qualifications has obvious perils. Here’s one you may not have considered: Doing so, makes you less likable.