Over the last few weeks I’ve talked about how to get premium fees…and why it’s important. Those emails have caused a big stir…clearly an important topic for many.
AND, they spawned one question again and again…
“I don’t set my prices…how can I get premium fees anyway?”
I work with one group of clients that face this issue daily (and it’s real)…
They’re financial advisors, who work on commission.
They sell insurance and other financial products on behalf of banks and insurance companies…and they have NO CONTROL over price.
They’ve got two options for premium fees:
#1: Upsell to higher level products.
#2: Sell fee-based “consulting” (called “planning” in that industry).
Those that sell fee consulting—on top of their commission—find that the clients who pay the fee are usually better clients, happier clients and get a better solution.
Why? Because they are COMPLIANT, with the recommendations of the advisor…the EXPERT.
If you’re in an industry with set fees…those are your options, and you will find examples in EVERY industry where fees are set, of people finding ways to get a premium.