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Finding the holy grail of understanding and calculating the true cost of your advice – is it achievable?

Finding the holy grail of understanding and calculating the true cost of your advice – is it achievable?

Rob Jones
Peloton Partners
Rob Jones
Peloton Partners

Finding the holy grail of understanding and calculating the true cost of your advice – is it achievable?

Thank you Rob Jones for a sensational web event yesterday! The chat box was on fire with questions and commentary coming from a bunch of XY’ers who tuned in live. If you weren’t able to jump on live, highly recommend catching up on the replay – some insane nuggets of pricing gold came out of this session.

Here are the resources Rob offered to share with the XY+ community (what a legend!):

iFOCUS Presentation Example 2 – $1.0mil Rev, 1 Adviser.pdf

Conviction around pricing advice and positioning the value of advice (2).docx

And here’s just a sprinkle of some of the great take-aways I noted down, and those that came from some XY+ legends who tuned in live:

– The industry has come from a history of pricing the ‘wealth’ of people instead what it should be – pricing the ‘service’ of people

– Discovering the right fee for the business first, client second. You’ve got to put yourself first, your business first to service your clients appropriately

– Take your P&L, pay yourself first, pull out your upfront fees and just look at the profitability that sits under there. Is it close to 30%? If it’s not get your business to a position to retain a 30% profit margin. You deserve it!

– The question isn’t whether a fixed fee is more ethical than a percentage based fee, and it doesn’t matter if the previous pricing structure has percentage based fees. However, the only way to establish your true cost to serve for your clients for the year ahead and the year after that and so on is by using a fixed fee.

Peter Tribolet – The importance of understanding, step by step, what I do or will do for each client. Also, that pricing changes can start with new clients then transition existing when you have examples of the value you’ve added – and not to be too stressed if some drop off.

Pete Pennicott – The importance of knowing all of your clients and what time you’re spending with them what value you’re adding with them. Just seems like it makes the whole pricing discussion and conversation and what fees look like and what you’re getting for it a hell of a lot easier to articulate.

Neil Macdonald – Being really clear about your costs, what you really provided to your clients and the profit margin required.

Luke Palmer – To think through what we actually deliver throughout the whole year. Picking up on the big ticket items as well as all the little things. Also, Rob’s discussion on pricing in the risk at 10-15% from a cost perspective from the client.

7 months ago

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Thank you Rob Jones for a sensational web event yesterday! The chat box was on fire with questions and commentary coming from a bunch of XY’ers who tuned in live. If you weren’t able to jump on live, highly recommend catching up on the replay – some insane nuggets of pricing gold came out of this session.

Here are the resources Rob offered to share with the XY+ community (what a legend!):

iFOCUS Presentation Example 2 – $1.0mil Rev, 1 Adviser.pdf

Conviction around pricing advice and positioning the value of advice (2).docx

And here’s just a sprinkle of some of the great take-aways I noted down, and those that came from some XY+ legends who tuned in live:

– The industry has come from a history of pricing the ‘wealth’ of people instead what it should be – pricing the ‘service’ of people

– Discovering the right fee for the business first, client second. You’ve got to put yourself first, your business first to service your clients appropriately

– Take your P&L, pay yourself first, pull out your upfront fees and just look at the profitability that sits under there. Is it close to 30%? If it’s not get your business to a position to retain a 30% profit margin. You deserve it!

– The question isn’t whether a fixed fee is more ethical than a percentage based fee, and it doesn’t matter if the previous pricing structure has percentage based fees. However, the only way to establish your true cost to serve for your clients for the year ahead and the year after that and so on is by using a fixed fee.

Peter Tribolet – The importance of understanding, step by step, what I do or will do for each client. Also, that pricing changes can start with new clients then transition existing when you have examples of the value you’ve added – and not to be too stressed if some drop off.

Pete Pennicott – The importance of knowing all of your clients and what time you’re spending with them what value you’re adding with them. Just seems like it makes the whole pricing discussion and conversation and what fees look like and what you’re getting for it a hell of a lot easier to articulate.

Neil Macdonald – Being really clear about your costs, what you really provided to your clients and the profit margin required.

Luke Palmer – To think through what we actually deliver throughout the whole year. Picking up on the big ticket items as well as all the little things. Also, Rob’s discussion on pricing in the risk at 10-15% from a cost perspective from the client.