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The Fee Catalyst
Written by: Donald F. PooleyArticle Overview: The last issue's catalyst was to incorporate. And the one before that was to have everything you give or send out to clients or prospects refer to all your other communications.
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The Fee Catalyst
The last issue's catalyst was to incorporate. And the one before that was to have everything you give or send out to clients or prospects refer to all your other communications.
You'll remember that catalysts do nothing on their own, they just make other things work well.
Here's yet another: CHARGE FEES!
Yep, that's a real scary one. And it's not as easy as the other two. But if you can figure out how to do it, it pays.
People who charge fees are considered more professional than wage and commission earners. This never seemed logical to me because why should the doctor get paid if the patient dies, or the consultant get paid if the advice is unsuitable?
But, the assumption is that fee-chargers offer superior, unbiased advice. In all my years as an RFP and member of the CAFP I found nothing to validate this assumption. But as it exists, turn it to your advantage.
The final impetus for me was when a C.A. friend told me he couldn't refer his clients to me as the only way I could get paid was by selling them life insurance they may not need!
But after I started charging fees he sent me referrals. As did many other fee-charging professionals. I was even hired by other life underwriters.
Your image is what people perceive you to be, and what draws in referrals. Make it more professional by charging fees.
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