Evelyn Jacks: Managing Risk—Consumers Need To Look For Value Propositions

Spending money can be hard work; after all, there are a lot of demands for it and its supply is usually short. Therefore, careful consumers have to manage risks to their disposable income and choose the absolute right supplier for their needs and wants.

If you are in business today, or thinking about going into business soon, you need to think about the risks your clients may encounter before they spend their money with you.  

Your price and the value you provide must be well matched. It’s always tempting to buy the cheapest possible option in the marketplace, but when you take the time to show your client how many risks you can remove when they spend their hard earned dollars with you, you’ll have a better chance of having a client for life. 

That’s because, in the end most people spend their money on a professional wealth advisors for one reason: peace of mind. . .about their taxes, their investments, their retirement planning, their estate planning.

This requires the provision of a consistent and “total” experience over time. A selection of options that are well explained, high quality service in planning and compliance, great service that is prompt and predictable in terms of outcomes, and an easy follow-up opportunity to ensure enduring quality expectations are met are all part of today’s professional practice.

It’s okay for you to have expectations that are reciprocal: challenge your clients to tell you what their expectations are with a deep and effective initial interview process. Taking your time to get to know your “potential” client well will help that person articulate what it is they want and expect. They are more likely to end up with great solutions from you and you will be able to plan, bundle, and price the service offerings you can supply more intelligently to meet your client’s needs and budget.

It’s Your Money. Your Life. One way to provide excellent service that clients expect is to ensure technical skills within your entire service team lead to sound and responsible decision-making about a family’s financial resources. Another is to ensure that every member of your service team is in sync with the customer’s experience route. By managing risk in that way, your client will spend each dollar with you with the bonus of peace of mind, and that will build customer loyalty and referrals.

Evelyn Jacks is President of Knowledge Bureau and author of 50 books on tax and personal wealth management. She is also the founder and director of the Distinguished Advisor Conference (DAC). The theme of this year’s three day think tank in Ojai, CA Nov 10-13 will be “Back to the Future – Collaborative Wealth Management.”  Follow Evelyn on Twitter at @EvelynJacks.