Journal :: A Better Mousetrap

Published: July 19, 2004
Author: Paul Cadde
Category: Marketing
Permalink: A Better Mousetrap

In the course of my coaching I meet with very many IFAs who tell radically different tales about whether or not their clients are prepared to pay reasonable fees for their services.

Some tell me that their clients are not prepared to pay a penny in fees, while others have no difficulty in asking for several thousands of pounds for what may amount to only two or three hours work.

What is the difference between the two? Is it where they are located? The type of client they work with?

Well, naturally you cannot squeeze blood from a stone. I am assuming you are working with clients who can afford the level of fees you need to charge, otherwise there is no point even asking.

As to area, I work with IFAs from Cornwall to Kent, from Powys to Aberdeenshire, and I can assure you it makes little difference where you are located. Those who are successfully charging fees seem to be able to do so no matter where they are based. And those who are determined to fail will manage to do so no matter where they move.

There are a number of factors which determine whether or not you will be successful in getting your clients to pay you the fees and retainers you need in order to meet your objectives. Not least is your own attitude. But perhaps a key element is working out your own Unique Selling Points and then making sure your clients and prospects see those ?USPs? very clearly.

Most of us know the Ralph Waldo Emerson quote about better mousetraps, but it bears repeating here, especially as it is not often quoted correctly in full:

?If a man write a better book, preach a better sermon, or make a better mouse-trap than his neighbour, tho? he build his house in the woods, the world will make a beaten path to his door.?

Ralph Waldo Emerson (1803-1882)

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