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020 - Find Your Why and Price Accordingly with Sean Nisil

Find Your Why and Price Accordingly with Sean Nisil – 020

December 2, 2014 by Kirk Bowman Leave a Comment

Sean Nisil is a fee-based financial advisor, whose mission is to help people to live their ideal life now and in retirement.

http://traffic.libsyn.com/artofvalue/020-Find-Your-Why-and-Price-Accordingly.mp3

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What is the most important thing you can share about pricing?

  • Clarity: What am I, as a service professional, going to be providing and setting the expectation clearly.
  • Compensation as a financial advisor can be commission or fee-based.
  • The fee-based model allows the customer to understand the service being offered, how much it will cost and what the value is they will receive.
  • Commission-based fees can cause a conflict with your customer's best interest.
  • As the customer succeeds, so does the advisor. If the customer doesn't succeed, neither does the advisor.
  • Registered Investment Advisor (RIA) practices take the value pricing model and overlay it on the financial industry.
  • Fee-based pricing is a competitive advantage in the financial industry if you are in it for the long-haul.

How do you help customers in a value pricing conversation?

  • Ask good questions: What are your pain points when it comes to retirement?
  • Talk about goals and your ideal life. If you can't fund the ideal life, you simply aren't going to get there.
  • Number one rule: spend less than you make.
  • People like choices. It puts the customer in the driver's seat and allows you to work together as a team.
  • Part of serving is having the money conversation.
  • Remind the customer of the service you are providing and the value that you are creating.

How do you advise those who are timid about pricing?

  • When you charge what you're worth, it will increase the quality of your customers.
  • When you are timid about delivering a service, you can undercut what you're worth.
  • If you aren't being paid what you're worth and you're in cash-flow crisis, you will not be around to serve the customers you are serving right now.
  • If you don't know why you are in business or you don't know the value you are providing, it will be hard to have a value conversation with your customer.
  • If you're having doubts about implementing value pricing, Start With Your Why (Simon Sinek).
  • You need to have a mission statement – both business and personal.

About Sean Nisil

  • 8 years experience in financial planning
  • Contributor to FaithDrivenBusiness.com
  • Theology major in college
  • RetireMeASAP.com
  • LinkedIn: Sean Nisil
  • Twitter: @SeanNisil

Filed Under: Accounting, Episodes Tagged With: Positioning, Self-confidence, Value conversation

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