People do not buy hours
We believe costing should be based on value to client. Time costing is a method so beloved of solicitors, accountants and many consultants but in reality they create a barrier between client and company as the fear of picking up the phone will result in an invoice.
The proposition that “time is money” is over 250 years old and attributed to Benjamin Franklin, however, clocks do not write cheques and you don’t attract and retain clients by selling hours. Instead Pryor Portfolio Management propose to sell solutions, service and value.
Here is why we believe in menu pricing
Pricing a job at outset gets any objections on the table before you start, far better than arguing over the bill at the end.
Clients feel special as they are receiving a bespoke service for a fixed fee.
Sharing the risk, by paying towards a fixed structure projects experience and confidence in the advisers ability to deliver for those fees. Clients will feel that you must know what you are doing otherwise we would not have committed to it.
Clients will appreciate that they are not about to be ripped off. Can you imagine how you would feel if an airline charged by the mile for your ticket? Maybe the pilot would deliberately take the long route to rack up costs!
Value pricing forces internal efficiency. Fixing revenue ensures you will delegate and review work flows so you can offer service whilst ensuring you meet your own profitability aspirations.
Annual price increases are absorbed naturally. No firm likes sending out notices of hourly rate hikes, and no client likes to receive them.
We do not want an environment where a client is scared to pick up the phone to ask a question. We regard any communication with a client as healthy because if they were not speaking to me then they would be speaking to someone else!
It is Pryor Financial Planning’s belief that value pricing encourages trust and nurtures long term relationships with satisfied clients leading to mutual profitability and success.
How Pryor Financial Planning are paid
The initial meeting to confirm your requirements, review our Client Agreement, undertake a comprehensive information gathering exercise and discuss the scope of our services is at our expense.
We deliver our observations of your current position again at our expense. Only at the stage of discussing a way forward will we create a charging plan for achieving what you want from an Independent financial adviser.
Some services will be menu charged and some services will be percentage charged dependent on the figures involved.
We charge an ongoing adviser fee of 0.5% of the total assets under management.
Full details will be shared at our initial meeting when we provide you with our terms of business letter.