I was coaching a very disappointed financial advisor.
She said, “I’ve been speaking with a physician prospect for months. He kept telling me how unhappy he was with his current financial advisor. He was genuinely interested in what I had to say. Then, suddenly, he stopped taking my calls or responding to my texts. He’s not going to do business with me.”
I had lots of questions for her.
First, what made her say that this doctor would not do business with her?
She said, “He ghosted me.”
I reminded her that if a physician is sued, or they’re navigating a family crisis, they can “ghost” people and projects.
I said, “Let’s say you’re right. This physician decided you were not the right fit for him. What story are you telling yourself about why?”
She immediately said, “My fees. I think I he compared my fees to the current advisors’ fees, and he thought I charged too much.”
I asked her, “What evidence do you have that this is true?”
She said, “It’s just a feeling I have. I know the other advisor offered discount fees.”
I asked, “Was this physician unhappy because he was getting discounted services?”
You and your clients and your prospects do not make their choices exclusively on the basis of fees.
You can shop for a white shirt at Target or Macy’s or Neiman Marcus. You know you will have a different experience shopping at these three stores. You know the quality of the shirts will be different. You know the price tags will be different.
So, how do people decide?
They make value-based choices. They know what’s important to them. They’re willing to pay a higher price for a higher quality and an elevated experience.
People don’t say to the sales person at Armani, “Why should I pay this price for a shirt when I could buy the same shirt at s fraction of the price at a discount store?”
There’s a reason this physician prospect was unhappy with their current financial advisor. That value gap is this financial advisor’s opportunity.
If you find yourself having a conversation about your fees, I suggest you shift the conversation to the value you deliver.
There will always be people who shop at discount clothing stores. There will always be people who shop at luxury stores.
With whom do you want to work?
The last question I asked my coaching client was this. “Do you believe that your fees align with the value you deliver?”
For others to see the value you deliver, you must first see it yourself! Lay out the value you deliver. Ask, “What’s the value of avoiding losses in dumb doctor deals? What’s the value in not feeling alone as you build wealth? What’s the value in advice developed over years of helping physicians just like you build wealth?”
You have an opportunity to educate your prospects and clients to ask the right questions and focus on the truly important things. it all begins with a conversation about your value.