Not sure how their adviser or firm earned money with respect to the protection products they discussed

How to improve your score:

Confidence in your structure. Be confident explaining any explicit costs as well as how you’ll get paid up front. Obviously don’t start your conversation talking about how much you’re going to make from your client, but it’s best to have the conversation early on so that your client feels you’re being open.

Transparency. There’s a lot of work that goes into arranging a protection product so ensure your client knows what you’re doing on their behalf. The more they understand about the work you do, the more accepting they’ll be of any fees you receive.

Clarity through examples. Be clear when you get paid and what happens if the sale falls through. Give some examples up front based on your client’s circumstances.

Reiterate expected costs. When you decide on the final protection product, ensure you go through the procuration fee, or direct fee, you’ll receive as a result or arranging the mortgage for your client.
Resolve questions fully
Make a point to your client that it’s OK for your client to ask questions about any of the fees or charges at any time, including how you get paid, however...

If your client does ask a question about how you’ll get paid, schedule a meeting, or call, to specifically re-explain how you’re remunerated. You’ll get questions for one of two reasons:
- Your client doesn’t understand
- Your client isn’t comfortable with how you’re getting paid, or the amount

Either reason should be a red flag that there’s an issue which needs to be addressed. Take time to re-explain how you’re paid and by whom – it’s better to invest time here than deal with a future complaint!
Repeat back. Test your client’s understanding by getting them to tell you how you’re paid, by who and when.

Whilst it may seem counter intuitive to draw so much attention to your remuneration, by testing your clients understanding, you’ll significantly reduce the risk of future complaints around fees and increase passionate advocacy.

Being clear, upfront, and confident when talking about fees and test your client’s knowledge to ensure they understand. That way, they’ll gain comfort from their understanding, and you won’t get future questions (or complaints) about fees! If there are questions, resolve them fully and as quickly as possible.

How did we do?

Powered by HelpDocs (opens in a new tab)

Powered by HelpDocs (opens in a new tab)