Unfortunately, most financial planning firms fail to disclose this crucial piece of information on their websites. Here is the solution.
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So today I want to talk with you about whether or not you should be putting how much it costs to work with you right on your website.
You know whether or not you should have a page dedicated to pricing and fees and be incredibly clear and transparent about what you charge what the person gets for that price and how it all works.
It’s a bit probably no surprise that I’m going to advocate and say you absolutely need to be 100% clear and transparent about your pricing and fees.
I am pretty shocked though that I even need to record a video on this topic because it’s still really pervasive in this industry and financial services that people will go to a financial advisors website and not be able to tell in 2019 what they charge.
Maybe they have a little bit of information maybe they say they’re “fee-only” but they still don’t really explicitly explain how they charge for their services.
And it’s been great to see a lot of voices in the industry be a lot more vocal about encouraging other advisors to be more transparent.
Here’s my take on it:
When we eat, shop for anything online one of the first things we want to know is what’s it gonna cost us and that’s just human nature.
And then the second thing we do is we end up comparing that price to other things that we’re aware of and I think that second piece is what’s really prevented many advisors in the past of
wanting to put their price structure up on their website.
Because they felt like they wanted to have the conversation in person with clients to justify the cost.
But how do you know you’ll even get the opportunity to talk with someone in person if you don’t put the cost on the website?
By not including that pricing information right there on your website the impression you end up giving is that it is really expensive.
When we don’t see prices at all we usually assume that they’re higher, not lower and so somebody who may be a good fit to work with you might never even get the chance to talk to them on the phone
So by including pricing very explicitly website you’re gonna do a few things:
1. Number one you’re gonna help capture the attention of those who actually are a good fit to work with you
2. And for those who couldn’t afford it they’re not going to take the time to call you up it’s not gonna waste your time and it’s not gonna waste their time either
3. For those people that are interested and you want to learn more don’t just feel like you have to list your fees they’re in a vacuum. You can compare it to other prices that they may be able to reference right? So maybe the cost of a gym membership or getting a cup of coffee every day for a year. However you want to do that comparison for them to show that value you don’t need to wait until they’re having a conversation with you in person you can do that right on your website and I’ve seen this executed really well
At the end of the day the more transparent you can be the better feeling someone is gonna have after they visited your website they’re gonna walk away feeling like you’re a business is a much more trustworthy authentic transparent business which is of course how we all want to be perceived.
So if you have not done a good job outlining your fees the value of what you provide and how it all comes together and what somebody can expect it’s gonna cost to work with you take a look at your website and make those changes today because this is a very very important piece to the customer experience when they’re having this first impression and first interaction with your website.
If you think differently or if you have a link to a website that does a great job outlining fees drop it below I’d love to take a look at it!