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What to Say When a Prospect Questions Your Fee · Root Ready

• 0:00
  SPEAKER_01: Welcome back to another episode of the Root Ready Podcast.
• 0:02
  SPEAKER_01: Today, Eden, we're going to talk about those times when maybe a prospective client reaches out to us or reaches out to an advisor.
• 0:10
  SPEAKER_01: And their question is essentially this.
• 0:13
  SPEAKER_01: They'll say, Hey, I've I've been running projections.
• 0:15
  SPEAKER_01: Maybe it was with an online calculator, maybe with you know whatever it is.
• 0:18
  SPEAKER_01: I've been running projections.
• 0:20
  SPEAKER_01: And I run a projection and then I run that same projection, but I add in an advisory fee.
• 0:26
  SPEAKER_01: Call it 1%, whatever it might be.
• 0:29
  SPEAKER_01: It makes an enormous difference.
• 0:31
  SPEAKER_01: So why would I hire an advisor when I see this massive difference that an advisory fee makes in my plan?
• 0:39
  SPEAKER_01: And they're not wrong.
• 0:43
  SPEAKER_01: Those numbers are accurate.
• 0:45
  SPEAKER_01: Those numbers are the math, you know, then the I'm not going to argue the math here, but I think they might be fallen into a trap in terms of the way they're thinking about it.
• 0:53
  SPEAKER_01: And I also think that advisors often fall into a trap in the way they respond to that.
• 1:00
  SPEAKER_01: So what I think would be fun for us to do today is talk about one, how to address situations like that, more given a framework for how do I respond when a prospect comes to me with that question or a client comes to me with that question?
• 1:13
  SPEAKER_01: And then that's just one example of how this question shows up, which is really uh a price-to-value conversation.
• 1:21
  SPEAKER_01: And what are those other ways that might show up?
• 1:23
  SPEAKER_01: Uh, and how do we think about those?
• 1:25
  SPEAKER_01: How do we talk through those with a prospect or with a client?
• 1:28
  SPEAKER_01: So sound good?
• 1:30
  SPEAKER_00: Yeah, absolutely.
• 1:32
  SPEAKER_00: I would just say when you you say it's easy for advisors to fall into a little bit of a trap.
• 1:37
  SPEAKER_00: I think sometimes you can feel it when the fee conversation is coming up with a prospect, a little bit of anxiety inside sometimes that I don't really know how this part of the conversation is gonna go.
• 1:46
  SPEAKER_00: So I think this is pretty on point.
• 1:48
  SPEAKER_01: Yes, that feeling is very real.
• 1:51
  SPEAKER_01: And we're gonna talk about what to do when you get that feeling.
• 1:53
  SPEAKER_01: Because I think to me, there's there's a trap both parties fall into.
• 1:58
  SPEAKER_01: Okay, the prospect, let's start there.
• 1:59
  SPEAKER_01: Client, let's start there.
• 2:00
  SPEAKER_01: They ran the same plan twice and they changed one single variable.
• 2:04
  SPEAKER_01: And it's almost like, oh my gosh, look at this big difference.
• 2:07
  SPEAKER_01: And again, it is a huge difference.
• 2:08
  SPEAKER_01: But the underlying assumption is you're gonna get the same exact thing, whether you're working with an advisor or you're doing it by yourself.
• 2:14
  SPEAKER_01: And that may or may not be the case, of course, depending on the advisor.
• 2:17
  SPEAKER_01: So more to come on that in a second.
• 2:20
  SPEAKER_01: The other trap, I think the trap that we can control is the advisor trap.
• 2:26
  SPEAKER_01: And it's that uh instinct, so it's that anxiety that you just share, oh my gosh, what do I say?
• 2:33
  SPEAKER_01: What do I do?
• 2:33
  SPEAKER_01: It's the reflex is to start reciting the value menu.
• 2:38
  SPEAKER_01: Well, we're gonna do this, we're gonna do this, we're gonna do this, Vanguard Guard study that, uh, Dalbar study that.
• 2:44
  SPEAKER_01: And you know, we just start reciting stuff, and it's we feel like that's providing value, but all it's doing is driving a wedge and making it feel very defensive between us and the prospective client.
• 2:54
  SPEAKER_01: So I think that um we should start by focusing on what we should as advisors do.
• 3:01
  SPEAKER_01: So tell me more about that feeling.
• 3:03
  SPEAKER_01: You mentioned, okay, this comes and a client or prospect asks that.
• 3:08
  SPEAKER_01: How are you feeling in your seat as an advisor, Eden, when that question comes up?
• 3:14
  SPEAKER_00: I think it's depending on the prospect and how much interaction you've had beforehand, there's a little bit of uncertainty inside because you just don't know where the client is coming from yet necessarily on a fee perspective.
• 3:28
  SPEAKER_00: It depends on are they a DIYer?
• 3:30
  SPEAKER_00: Have they ever experienced a fee before?
• 3:32
  SPEAKER_00: Have they worked at a big broker dealer where maybe the fees are a lot lower?
• 3:37
  SPEAKER_00: Where are they coming from?
• 3:39
  SPEAKER_00: And it's just the uncertainty of what their response might be.
• 3:43
  SPEAKER_00: You've seen, you know, you can see it many different ways.
• 3:45
  SPEAKER_00: Sometimes it's nothing.
• 3:46
  SPEAKER_00: It's like, okay, cool, moving on.
• 3:48
  SPEAKER_00: And sometimes it's a big discussion.
• 3:50
  SPEAKER_00: It might be the biggest discussion in this early interaction with the client.
• 3:54
  SPEAKER_00: So I think the driver of the anxiety when you feel that conversation coming up or the client has just point blank asked about it, it's just the uncertainty of where they're coming from and what the what the response is gonna be when you do share what that fee actually is.
• 4:10
  SPEAKER_00: Because we're gonna be transparent.
• 4:12
  SPEAKER_00: We're gonna tell you what it is.
• 4:13
  SPEAKER_00: And it's that kind of moment of how is this gonna go?
• 4:16
  SPEAKER_00: How are they gonna respond?
• 4:17
  SPEAKER_00: How is this gonna land?
• 4:19
  SPEAKER_00: And where do we go from there, depending on how it lands?
• 4:22
  SPEAKER_01: Yeah.
• 4:23
  SPEAKER_01: I think that what you said is exactly right.
• 4:25
  SPEAKER_01: The we don't know where they're coming from.
• 4:28
  SPEAKER_01: They asked this question, and that's the surface level question, but what's beneath that?
• 4:33
  SPEAKER_01: What's two, three, four layers beneath that?
• 4:36
  SPEAKER_01: And the trap going into okay, we're just gonna recite the value menu, as I mentioned, is because I hey, I don't know where eating's actually coming from.
• 4:44
  SPEAKER_01: So let me list the hundred possible ways we could add value.
• 4:48
  SPEAKER_01: And that's the trap.
• 4:49
  SPEAKER_01: That all that does is come across as defensive.
• 4:51
  SPEAKER_01: All that does is it kind of positions us as um, hey, you gotta grovel, you gotta defend, you gotta.
• 4:58
  SPEAKER_01: All you really need to do is reframe this, help to organize the way they're thinking about this, because this is very much a price-to-value conversation.
• 5:06
  SPEAKER_01: Is the price I'm paying worth the value I'm going to get?
• 5:09
  SPEAKER_01: And when I model something, you know, I'm modeling the fee, I'm not, it's that's it's hard.
• 5:14
  SPEAKER_01: So here's what I would do is a couple things.
• 5:17
  SPEAKER_01: I wouldn't say to them right away, all the things we can do.
• 5:21
  SPEAKER_01: And this is just basic, I mean, this can show forever.
• 5:23
  SPEAKER_01: It's um, I would head on address it.
• 5:27
  SPEAKER_01: Even your exact, like what you're going to pay us is is a material amount of money.
• 5:31
  SPEAKER_01: It's it's a significant amount of money.
• 5:33
  SPEAKER_01: So let's start with that.
• 5:34
  SPEAKER_01: Let's align with that.
• 5:35
  SPEAKER_01: That's that that's that is the reality.
• 5:37
  SPEAKER_01: Um our advisory fee is not cheap.
• 5:41
  SPEAKER_01: And to be totally frank, sometimes it doesn't make sense for everybody.
• 5:45
  SPEAKER_01: So before we move on, would it be okay if I asked you a few questions so we can address this head on to even see if this makes sense in the start in the you know in the first place?
• 5:55
  SPEAKER_01: And what you're immediately doing is you're starting to diffuse the sense of, okay, I'm gonna come out.
• 6:00
  SPEAKER_01: If I'm the prospect, I gotta, I gotta attack harder than they're gonna defend because this is gonna be a battle.
• 6:06
  SPEAKER_01: And instead, what's happening is like, oh, okay, Eden's gonna sit here with me and see, is this even worth it with me?
• 6:11
  SPEAKER_01: Like one, she's not gonna beat around the bush about what the fee is and not not acknowledge that it's a lot of money.
• 6:16
  SPEAKER_01: Um, now we frankly think that the value we're gonna provide is of course far greater than the fee that we're charging.
• 6:24
  SPEAKER_01: And if it weren't, we wouldn't be in this business, we wouldn't be able to grow, we wouldn't have clients that continue to keep working with us.
• 6:28
  SPEAKER_01: Like that's what we're thinking.
• 6:30
  SPEAKER_01: But instead of going there, it's I'm not going to hold on to the mic and tell you my fee.
• 6:36
  SPEAKER_01: I'm gonna hand you the mic.
• 6:37
  SPEAKER_01: I'm gonna say, okay, Eden, you've run the numbers, you've looked at this, you've seen the impact this could potentially have.
• 6:43
  SPEAKER_01: Do you mind if I ask you like, what was it that actually prompted you to reach out?
• 6:49
  SPEAKER_01: And now what's gonna happen is you're gonna tell me where you're coming from, what the value might be.
• 6:59
  SPEAKER_01: So when I start asking questions, like, hey, what have you already tried?
• 7:02
  SPEAKER_01: Um you know, okay, cool.
• 7:04
  SPEAKER_01: So that I can think about this properly and help kind of frame this properly, assume you don't ever move forward with an advisor.
• 7:12
  SPEAKER_01: What's the downside?
• 7:13
  SPEAKER_01: What's at stake and let you talk through that?
• 7:17
  SPEAKER_01: Um, okay, great.
• 7:18
  SPEAKER_01: What else?
• 7:19
  SPEAKER_01: What else?
• 7:20
  SPEAKER_01: What else?
• 7:20
  SPEAKER_01: And and what we start to do is instead of us saying, okay, we've got to recite the hundred things we think we could do to add value to your situation, I'm gonna let you, Eden, as a prospective client, tell me directly where is the value that you're hoping to get out of this?
• 7:37
  SPEAKER_01: And when you are telling me this, when you're building the list, then I think it's very fair to say, even going back to the initial example of, hey, Eden, you ran two plans where both are the same, except for the advisory fee.
• 7:50
  SPEAKER_01: Is it perhaps fair to say that the plan you'd run with our help isn't the same exact plan that you just modeled?
• 7:57
  SPEAKER_01: And if I call back to you, you need help with it, where do you pull money from?
• 8:01
  SPEAKER_01: How do you not get killed in taxes?
• 8:03
  SPEAKER_01: How do you make sure that your spouse is okay if you pass before them?
• 8:06
  SPEAKER_01: How do you make sure that your whatever that is, I'm now simply tying back what you just said to the work that we're going to do.
• 8:16
  SPEAKER_01: It's not justification, it's not getting defensive, it's purely, and even taking a big step back here.
• 8:23
  SPEAKER_01: My job as an advisor, a way I view it, my job is never, ever, ever to convince a prospect.
• 8:28
  SPEAKER_01: If you, if we, if you feel like this isn't a good fit for you, I'm gonna trust your judgment.
• 8:33
  SPEAKER_01: Um, if you say I'm not moving forward, I'm not gonna try to convince you to move forward.
• 8:38
  SPEAKER_01: My job isn't to control the outcome of what you do.
• 8:42
  SPEAKER_01: My job is to make sure you're properly, you're seeing it properly, you're framing it properly, because that's the hardest thing to do.
• 8:50
  SPEAKER_01: When we can go to an online calculator and run a simulation and see the impact an advisory has, all else being equal, it's like, well, gosh, why would I do this?
• 9:00
  SPEAKER_01: And so I'm not seeing it properly when that's the lens I'm viewing it through.
• 9:03
  SPEAKER_01: It is my job as an advisor to help frame that.
• 9:07
  SPEAKER_01: Make sense so far?
• 9:08
  SPEAKER_01: Anything on there that isn't quite clear?
• 9:12
  SPEAKER_00: I would just say this is a pretty prime case study of an episode we did a couple weeks ago on the ACE framework.
• 9:18
  SPEAKER_00: That's exactly what we're talking about here.
• 9:20
  SPEAKER_00: It's the same type of reframe and it's so applicable to so many different conversations.
• 9:25
  SPEAKER_00: And this is a prime example of it.
• 9:26
  SPEAKER_00: What you just walked through is really that similar.
• 9:29
  SPEAKER_00: I'm acknowledging that this is a ton of money.
• 9:32
  SPEAKER_00: And instead of just going straight to the E of explain, I'm gonna spend some time in the C and clarify where your concerns are coming from so that I can better do the E instead of just jumping right there, groveling, begging, trying to show that this fee is super worth it.
• 9:49
  SPEAKER_00: You can really give a much better answer as to why that fee is worth it if we understand the clarification piece and knowing where they're coming from.
• 9:58
  SPEAKER_00: So this is just a prime example of that ace framework coming into play again.
• 10:03
  SPEAKER_01: I think every uh every conversation is just ace framework at this point, which I guess it shows up everywhere, which is awesome.
• 10:09
  SPEAKER_01: And I I fully agree, by the way, I think that that's exactly what this is.
• 10:13
  SPEAKER_01: Um and then here's the the next piece too is Eden, if you're the if you if you're my prospective client and you in your words have, yes, you told me, like, hey, this is a lot, I've modeled out what the impact is.
• 10:26
  SPEAKER_01: I then turn it over to you.
• 10:27
  SPEAKER_01: Well, why'd you reach out?
• 10:28
  SPEAKER_01: Okay, cool, you've listed this.
• 10:29
  SPEAKER_01: Now I can start to actually directly say, Yeah, Eden, you're right.
• 10:32
  SPEAKER_01: Like here, here's my honest assessment of where this value is gonna come from.
• 10:36
  SPEAKER_01: Maybe it's tax strategy, maybe it's withdrawal sequencing, maybe it's behavioral guardrails, maybe it's whatever.
• 10:43
  SPEAKER_01: But I'm gonna speak directly to what you just said using the words you just gave me.
• 10:48
  SPEAKER_01: Then again, if this is all about reframing, when you ran that model, let's assume that you ran a projection and it cost you a million dollars over the course of your lifetime when you toggle on and off that advisory fee.
• 10:58
  SPEAKER_01: Because if that again, going back to flawed assumption because you're assuming that's two equal paths and all it's changed is the advisory fee.
• 11:06
  SPEAKER_01: But let's assume there's a million dollars.
• 11:08
  SPEAKER_01: So I'm gonna say, eating, you know, here's the things I think that we can evaluate.
• 11:11
  SPEAKER_01: And by the way, when you modeled that out, you um you assumed you committed some to something that you had to stick with for 30 years.
• 11:23
  SPEAKER_01: You are making this assumption that like you make a decision and you're locked in.
• 11:29
  SPEAKER_01: Here's the reality here's the areas I think we can help.
• 11:33
  SPEAKER_01: The way that our fee is structured, like you don't keep paying us if you don't feel like you're getting well served.
• 11:40
  SPEAKER_01: Now I know right now it's hard to tell because we haven't entered into that actual advisor, like that advisor relationship yet.
• 11:45
  SPEAKER_01: So you haven't actually experienced it.
• 11:47
  SPEAKER_01: So here you on the front end looking at the next 30 years saying, wow, this is a million-dollar decision, um, as if there's no way to pivot in between.
• 11:58
  SPEAKER_01: And the reality is if we do this work for one month, for two months, for three months, and you all of a sudden think this is not worth it, you haven't spent a million dollars doing this.
• 12:10
  SPEAKER_01: This is something that at any point uh you can back out.
• 12:14
  SPEAKER_01: So your mental model coming into this kind of quietly assume that you're committed to a hundred, you know, one percent fee, whatever it is for the next 30 years, but that fee is only earned as we go.
• 12:24
  SPEAKER_01: And if you're not happy with that fee, you always have the ability to back out, which limits your downside.
• 12:30
  SPEAKER_01: And now that you know the downside is limited, let me remind you of the potential upside.
• 12:35
  SPEAKER_01: And again, in your words, Eden, the tax planning, the withdrawal sequencing, the peace of mind, the whatever it might be.
• 12:43
  SPEAKER_01: And by the way, sometimes the answer still might be no.
• 12:45
  SPEAKER_01: Like the answer might be this just isn't worth it for your situation.
• 12:49
  SPEAKER_01: And I've talked to plenty of people where that was the case.
• 12:52
  SPEAKER_01: But what this has done is it's removed the burden of we must prove our value in all cases without having any idea where our prospects are coming from, to okay, let's hear in your words what would be valuable.
• 13:04
  SPEAKER_01: And now we can tailor this to you and help you properly frame what this decision means, um, the downside risk of it and the upside potential of it.
• 13:15
  SPEAKER_01: So that's how I would think about that.
• 13:17
  SPEAKER_01: But anything that you would add to any of that, Eden?
• 13:21
  SPEAKER_00: I think that from the advisor perspective, it's uh we can definitely acknowledge that this is difficult, especially early on when you just haven't built that foundational trust yet with a client to have this discussion and do it well enough where you're framing it like this, like we're talking about.
• 13:39
  SPEAKER_00: Just want to acknowledge that that is difficult.
• 13:41
  SPEAKER_00: It is hard to do, especially when it is this early on.
• 13:44
  SPEAKER_00: This might be first, second meeting with this person.
• 13:47
  SPEAKER_00: And it is hard to, I think, just gain the trust and demonstrate the value that quickly.
• 13:55
  SPEAKER_00: So just want to acknowledge that piece that it is uncomfortable and it is difficult, but this is a really important part of what we do.
• 14:01
  SPEAKER_00: And it's a piece that we need to be able to converse about comfortably, be transparent about, and be able to get to the root of what the real question is with the clients.
• 14:11
  SPEAKER_01: Yeah.
• 14:12
  SPEAKER_01: Where where else do you see this show up?
• 14:14
  SPEAKER_01: So again, this is just a price versus value objection.
• 14:17
  SPEAKER_01: And I used a maybe the most extreme example of it on the very front end when a prospect's even like, why would I even talk to an advisor when I model out a 30-year projection and show the impact of an advisory fee?
• 14:28
  SPEAKER_01: It does show up there sometimes.
• 14:31
  SPEAKER_01: Are there other places where you commonly see this show up or others that you talk to commonly show see the show up, or is it is it typically on the front end?
• 14:40
  SPEAKER_00: I do feel that it's most often on the front end.
• 14:44
  SPEAKER_00: And I would say that's true in our experience.
• 14:47
  SPEAKER_00: It's very early on that that comes up.
• 14:49
  SPEAKER_00: And I would say, just in my experience working here and working with Naomi, she has had some clients who were a little bit nervous or hesitant about the fee.
• 14:57
  SPEAKER_00: And now, you know, we're a year into the relationship and we never even talk about it anymore.
• 15:01
  SPEAKER_00: So that's just an example of kind of how things settle in and the value starts to become really clear.
• 15:06
  SPEAKER_00: But again, when we're talking about this in the second or third meeting with a client, it's hard to just show that.
• 15:11
  SPEAKER_00: Um, but I also think when I do see it come up more often kind of throughout meetings, it's more of a concern of more investment performance related.
• 15:19
  SPEAKER_00: And am I beating the fee is kind of the frame that I've seen that come up later on in the relationship as well, which is certainly not the only place that we're adding value.
• 15:29
  SPEAKER_00: And of course, that's important.
• 15:30
  SPEAKER_00: But I think that's another kind of trap that clients can fall into is just viewing the fee as it relates to investment performance and returns.
• 15:37
  SPEAKER_00: And how do how do I justify this fee eating into my returns?
• 15:41
  SPEAKER_01: Yeah.
• 15:42
  SPEAKER_01: Yeah.
• 15:43
  SPEAKER_01: And I think that this conversation, even if the prospective client doesn't bring it up, you know, a fee conversation can be uncomfortable for anyone, not just advice, like anyone.
• 15:57
  SPEAKER_01: It's it's essentially, hey, prove yourself.
• 15:59
  SPEAKER_01: Why is this valuable?
• 16:00
  SPEAKER_01: And that's not necessarily a fun conversation, but it's a critical conversation.
• 16:07
  SPEAKER_01: And even if the prospect isn't bringing it up, this is absolutely something an advisor should start with.
• 16:14
  SPEAKER_01: Like, and and how much goodwill do you build when you bring up the elephant in the room and they don't have to?
• 16:22
  SPEAKER_01: They're thinking about it.
• 16:23
  SPEAKER_01: Just because someone never thinks, you know, says what's your fee, or how do you prove or how do you justify it out loud does not mean they're not thinking about it.
• 16:30
  SPEAKER_01: We all think that with every single thing that we do.
• 16:34
  SPEAKER_01: And so for advisors listening, like if you can be the one that on the front end is the one that brings this up.
• 16:41
  SPEAKER_01: Hey, let me address something.
• 16:43
  SPEAKER_01: This is not like that here, here's exactly what the fee is gonna be, both as a percentage and as a dollar amount.
• 16:48
  SPEAKER_01: It's not an insignificant amount of money.
• 16:50
  SPEAKER_01: Now, I think that this is gonna be very worthwhile for you.
• 16:55
  SPEAKER_01: And here's the reasons why, you know, again, in your words, here's what you're looking for, and that's exactly what we're built to do.
• 17:01
  SPEAKER_01: But when you can do that, what you're doing is you are framing the fee, you're framing the cost, you're framing the investment, whatever you want to call it, properly on the front end.
• 17:11
  SPEAKER_01: Because if you don't, yeah, it's like, hey, it's coming from my investment account.
• 17:14
  SPEAKER_01: Why wouldn't I think that the fee needs to be totally based upon investment performance?
• 17:19
  SPEAKER_01: Now, investment allocation, that it absolutely is part of what people are getting here.
• 17:23
  SPEAKER_01: But it's one of those things where if we're not proactively setting expectations on the front end uh with someone or for someone, of course they're going to drift into what seems to be most sense makes most sense, which is my fees charged my investment account.
• 17:39
  SPEAKER_01: So why wouldn't I view that as the barometer for my success or that price to value conversation I'm having, even just in my head on the front end?
• 17:48
  SPEAKER_01: So the specifics might look different, but I think that this is the same framework that can help um with wherever it comes up.
• 17:58
  SPEAKER_01: Any other thoughts on this?
• 17:59
  SPEAKER_01: You mean you you know you mentioned something, a good point about just hey, if this it wasn't valuable, we wouldn't have clients.
• 18:06
  SPEAKER_01: I think that's that like that's real.
• 18:11
  SPEAKER_01: It's very scary to jump into something.
• 18:13
  SPEAKER_01: It's very scary to say, ah, is this really worth it?
• 18:17
  SPEAKER_01: There is some peace and reassurance, like, hey, look, like just as a practical thing, we serve a lot of clients here, um, but none of them are bound by law or by contract to continue to work with us.
• 18:30
  SPEAKER_01: The reason that they do is they know the fee, they see what it is, and they continue to work with us because in their mind, the value they're receiving is worth the fee that they're paying.
• 18:45
  SPEAKER_01: So sometimes simple little reframes can make a very, very scary decision, which is a very scary decision.
• 18:51
  SPEAKER_01: When you look at is this a million-dollar decision I'm about to make by hiring this advisor?
• 18:54
  SPEAKER_01: Okay, let's reframe it.
• 18:56
  SPEAKER_01: No, like the the downside is protected when you think about they're not committed on an ongoing basis.
• 19:01
  SPEAKER_01: But the upside is there's a lot of people who are very happy with the work that they're getting uh in exchange for that.
• 19:09
  SPEAKER_00: Yeah, I couldn't agree more.
• 19:10
  SPEAKER_00: And I think transparency is a huge part of this, which also circles back to another one of our episodes we did a while ago, just about the performance and returns questions of just answer the question when someone asks what performance looks like across your portfolios.
• 19:24
  SPEAKER_00: I think this is the same thing.
• 19:26
  SPEAKER_00: Transparency is so important, especially building that trust early on, like we're talking about.
• 19:31
  SPEAKER_00: I think clients really appreciate that we're just going to show them based on what we would be managing for you.
• 19:37
  SPEAKER_00: Here's the percent, here's the dollar amount, here's how it works.
• 19:42
  unknown: Yeah.
• 19:42
  SPEAKER_00: That is so helpful.
• 19:44
  SPEAKER_00: I think there's no secrets.
• 19:45
  SPEAKER_00: We're not trying to hide anything or secretly squirrel away little tiny fees.
• 19:50
  SPEAKER_00: It's all right there.
• 19:51
  SPEAKER_00: And that's comprehensive.
• 19:53
  SPEAKER_00: That's everything.
• 19:53
  SPEAKER_00: That's what we're charging you, period.
• 19:56
  SPEAKER_00: I think that's super helpful for building the trust and easing some fears and concerns that clients may have about entering an advisory relationship and paying that fee.
• 20:06
  SPEAKER_00: Yeah.
• 20:08
  SPEAKER_01: Fully agree.
• 20:09
  SPEAKER_01: Well, good stuff.
• 20:11
  SPEAKER_01: Um, I think this is something that is going to come up.
• 20:14
  SPEAKER_01: And to your point, the more we can fully embrace it, the more we can be the ones that bring it up and don't leave our prospects, our clients with the hard can I bring this up?
• 20:25
  SPEAKER_01: I like Eden.
• 20:26
  SPEAKER_01: I don't want this to feel like it.
• 20:27
  SPEAKER_01: No, bring it up for them.
• 20:29
  SPEAKER_01: Bring this up head on, frame it properly, make sure people see it right, and then also detach yourself from the outcome to some extent.
• 20:35
  SPEAKER_01: There are going to be cases where our fee is not worth the value that someone's going to get.
• 20:41
  SPEAKER_01: That is perfectly fine.
• 20:42
  SPEAKER_01: It's better for us, better for the client to acknowledge that up front and part ways as friends.
• 20:47
  SPEAKER_01: There's a lot more people that think this could be really valuable to them.
• 20:51
  SPEAKER_01: And the biggest barrier or hurdle is just properly viewing this in the way it should be viewed so they can make the right decision for themselves.
• 21:00
  SPEAKER_01: So that is it for today's episode.
• 21:03
  SPEAKER_01: If you are listening and have not already done so, uh, check us out on YouTube, Root Ready Podcast.
• 21:08
  SPEAKER_01: You can subscribe.
• 21:09
  SPEAKER_01: You can subscribe on Spotify on Apple Podcasts.
• 21:12
  SPEAKER_01: If you're enjoying it, leave a review.
• 21:14
  SPEAKER_01: It helps more people find the show and share this with someone who might uh benefit from it as well.
• 21:18
  SPEAKER_01: But that is it for today, and we will see you all next time.