This Week on Quantum Growth for Financial Advisors, Jon Kuttin and Jon Randall continue the discussion around properly pricing your services to the end client.
Today’s discussion focuses on the challenges faced by financial advisors, particularly the issue of managing an overwhelming client base. Jon Randall highlights the significance of narrowing down clients to enhance service quality and revenue, identifying key revenue sources such as asset management, financial planning, and insurance sales. He noted that many advisors could improve profitability by adjusting their pricing strategies to align with industry standards, despite the psychological barriers that prevent them from raising fees for existing clients.
Jon Kuttin and Jon Randall delve into formal research that indicates that fee increases typically result in only a 3% client attrition rate, suggesting that advisors can boost revenue without significant client loss, especially when coupled with enhanced services.
Jon Randall and Jon Kuttin share a story where a financial advisor effectively communicated fee increases and planning agreements to clients, resulting in a high response rate. The conversation also emphasized the growing willingness of clients to pay for financial planning services, with 79% now open to this, indicating a missed opportunity for many advisors who still offer these services for free.
On This Episode, Jon Randall and Jon Kuttin discuss:

* Strategies for Increasing Revenue per Client
* The Psychological Barriers Advisors Face When Changing Pricing for Existing Clients
* A Discussion Around the Growing Demand for Financial Planning Advice Services and the Willingness of Clients to Pay for them
* A Dive into the Revenue Sources for Financial Advisors, Including Asset Management, Financial Planning, and Insurance

Connect with Jon Randall:

* eXtraordinary Financial Advisors Website
* Jon Randall LinkedIn
* Jon Randall Email

Connect with Kuttin Consulting Group:

* (855) 722-9393
* kuttinconsultinggroup.com
* LinkedIn: Jonathan Kuttin
* CPA Alliance Coaching
* Request A Consultation
* Submit yourself as a guest for the podcast

About our Guest:
Jon Randall is a Certified Master Coach® and Premier Franchise Consultant who hit #1 in GDC Growth on the FC Scorecard for the advisors he works with all over the country. With more than 15 years of experience as a practicing advisor, Jon works with some of the top financial professionals in the industry – the average GDC for the advisors he coaches being more than $1.2 MM. He is also a national presenter at financial service industry conventions and workshops around the country. Jon’s specialties in consulting include marketing, investments, financial planning, and practice management.