My office manager for the registered investment advisor practice asked me how to answer prospects who press her for “what’s it going to cost?”, before they come in for the initial meeting. This question comes up quite often when she schedules appointments and it almost always leads to cancellations. Our fee, which is now under review, has been 1% of assets we manage and a minimum of $2,500.

First of all, your office manager should not be scheduling appointments and answering questions like this. I suggest that when she gets a question about cost she defers to you. She could say something like, “It’s not my place to discuss Mr. Smith’s fees. Would you like for me to schedule a phone appointment so you can discuss this with him?”

There are probably other things that are outside the scope of what your office manager should be discussing with clients. I suggest the two of you determine what they are and script appropriate responses and procedures.

Another way to look at it is, that if your fees scare them off, then you got the gift of time.

If they ask you that question, one way to respond is, “There is no cost for having your Financial Road Map® completed which is something that will be valuable to you whether we do business or not. Should we invite you to join our client community and should you accept that invitation our fees are ___________________.