Find Your Why and Price Accordingly with Sean Nisil - 020

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

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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.

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.

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.