By simple definition, “value” is how useful someone perceives your service to be to them and how much difference you can, or do, make to their life. Simple, right?
However, every person’s situation and experiences are quite different, and the way in which they perceive value can be complex and often different from the next person. Their perception may also change from time to time. Consequently, the degree of value they perceive will ultimately determine whether or not they can justify paying your fees. And often either they may not be completely clear, or you may not be.
When you boil it all down, though, people are most likely to determine your value as your ability to enable them to achieve the goals that are truly important to them and, or, to solve their current and future problems.
In short, your ability to solve “imperative needs” will ultimately influence almost all your decisions. So, everything depends on how expertly and skilfully you create “imperative needs“, and bring them to life today. More on that shortly.
Tangible Vs in-tangible value
Value will generally take the form of either tangible or intangible benefits. Typically, tangible benefits such as saving tax, effective budgeting to save more, lower super or investment fees, and better investment solutions that are robustly matched to your client’s risk profile, are all easier for an adviser to demonstrate quantifiable value and for a person to understand that value.
But clients are human after all and their decisions and value evaluation are significantly influenced by in-tangible, emotional factors. So, it is the emotional value that you create that can often make all the difference. And it is the emotional value you should deliver first!
Understanding, improving, and delivering value is a core area of development throughout our GROW Adviser Capability program.
Keep an eye out for my next article:
The value equation
At this point, though, it is worth reflecting on how much time you spend developing your engagement skills and capability versus the time you spend on developing your knowledge and capability in relation to compliance and education. My experience is that most advisers invest most or all their time on the tangible.
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