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Reason #27 To Get Client Feedback -- Your Clients Don't Like "Fee-Based"
Advisors who don't seek client feedback don't know what their clients want, they know what the advisor thinks they should want.
We all know that fiduciary is better than broker, and so naturally our clients would prefer us to be fee-based than commission-based, right? Of course. And that's why it's a great idea to attract clients by talking about how we charge fees.
Well, that makes a lot of sense to most of us because we tend to talk about our marketing with other people in the industry and not with our clients and prospective clients. As it turns out, clients don't like fees and they don't like to be reminded of those fees. So, when Sullivan and North Star surveyed investors on their reactions to different words we use in our marketing, for the 2012 update in their "Rebuilding Investor Trust" series, they found that 64% of respondents had a negative reaction to the phrase "fee-based."
Since fiduciary is clearly better for clients, you might also be surprised to learn that in a survey done last year by Cerulli Associates, about 47% of 7800 households surveyed preferred paying commissions compared with 27% that would rather pay a fee based on assets.
Of course, if you had asked your client advisory board to evaluate your marketing you probably would have heard about this already. Who better than your best clients to help you understand the most important messages to communicate in your marketing? This is the group with the clearest idea of what is most valuable about what you do, and their language for describing it probably differs from yours. It is possible that your clients consider the fact that you are "fee-based" to be one of the more important things that distinguish you from other advisors, but I suspect they will talk more about what you do for them rather than how they pay you.
One of the biggest mistakes we make in marketing our practices is to dream up what we will promote and what we will emphasize without input of the people we are hoping to attract. Engage your clients in an ongoing conversation about your value, and you will find you have a much clearer idea of what to say to attract more clients like them.
Questions?
How and why does the Advisor Products system work?
In today’s times, when consumers have become more demanding and tech-savvy, financial advisors must use content marketing to attract, inspire, engage, and convert their prospective customers.
A good content strategy is focused on developing and distributing consistent, valuable content to engage and retain prospective customers and target audience, via your website. Our content library provides financial advisors with fresh, high-quality financial content that is updated regularly, improving SEO along the way. And our automated e-newsletter and social media tools allow advisors to reach out to clients and prospects in an easy-to-use manner, providing frequent touch points for optimal brand building.
- Differentiate you from competitors
- Expose clients and prospects to your brand message more frequently
- Build an ongoing relationship with customers
- Increase your follows and fans on social media
- Drive more prospects to your website
- Help convert prospects into leads
- Increase number of pages indexed in Google
What products and services do you offer?
Can I buy services if my website is not hosted with you?
What can I expect during the onboarding process?
What if I have questions after my website is built?
Seeing is Believing.
See how easy it is to get started with our all-in-one digital marketing platform that drives leads, encourages referrals and increases client engagement.
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Advisor Products delivers high-quality, FINRA approved financial news articles and branded weekly financial videos published automatically to your financial advisor website. We also offer marketing tools like our easy-to-use financial blog, automated financial enewsletters, social media marketing tools to help financial advisors disseminate content quickly and easily.
Advisor Products delivers high-quality, FINRA approved financial news articles and branded weekly financial videos published automatically to your financial advisor website. We also offer marketing tools like our easy-to-use financial blog, automated financial enewsletters, social media marketing tools to help financial advisors disseminate content quickly and easily.
