How do you explain to your existing clients that you are headed to the land of fee-only? Just remember your 'why' and that will get you through!
The biggest question I get when folks are transitioning to the fee-only world from a commission model, is “How do I explain this to my clients?” This gets us back to advice you’ve heard from me before and I’m sure you will hear again. Remember your why. Why are you making this transition? It’s a big deal. You’re losing sleep, you’re losing work-time, it’s a hassle. So why are you going through this transition?
This is the basis that you’re going to use to create the explanation for your clients. I assume it isn’t “Well I was screwing you over before, so I decided not to anymore.” It’s probably more along the lines of “I want my fee structure to reflect the value I'm truly providing for you in my planning services.” Word to the wise, if it is because you were screwing them over, you want to keep that to yourself.
It actually is as simple as that. If it’s important enough to you to go through all of the hassle, go through that trouble to transition out of a commission world into a fee-only world, then it’s important for them. And when you share that story, it’s going to show them how much you care, and where the value is. It’s going to be easier than you think.
I advise you to start practicing, articulating this reason. It’s a great thing to practice with your coach or your mastermind group, or even just a friend or colleague. But, practice it so that you sound like this isn’t the very first time you’ve thought about why the heck you're doing this. Just remember, why do you believe in this change? Honestly, you’re worrying about this more than your clients are. So, if you believe in the change you’re making, they will to. It’s as simple as that.