Why Fee Reviews Are Dead & Why Accountants Need To Change Their Approach

Fee reviews are dead. We can no longer just carry out fee reviews like we have done for many years, where once a year, we sit with our clients and we explain to them that your fees have now gone up. Because what they think is, “Right, so you want to charge me more for the same services.”
 

Your clients are more powerful and more knowledgeable than they ever have been before.

They’ve now got technology in place. They can see an instant snapshot of their finances on their phone. They can go on google and they can find anything they want. Google completely wiped out the value of knowledge. So, no longer is your knowledge of any value at all because your clients can find anything out themselves.

There’s books explaining this, courses explaining i t and mentoring programmes explaining it. Your client is so powerful, so knowledgeable, they’re not going to just stand for you saying, your fees have gone up and accept it.

What we need to do is be far more encompassing.

We need to look at a far wider range of factors when we carry out these “fee reviews”. Yes, your fees will come into it, but that is not the focus.

If you’re carrying out fee reviews, that’s all about you and your client doesn’t care about you, your client cares about themselves and their lives and how you can benefit them.

If you’re only carrying out fee reviews then you’re only thinking about yourselves and we need to switch that focus over to the client.

We need to be thinking about THEIR goals – their LIFE goals and their BUSINESS goals.

We need to be looking at the OBSTACLES that they’re currently facing, both personally and in their business as a whole.

We need to be looking at their CURRENT CIRCUMSTANCES that they have….. so what is their annual revenue, what number of staff do they now have, how many transactions that they have?

We need to look at the level of service they need from us and what speed they want to move forward at, because all of these different factors are going to affect the level of service they need and therefore, the price that they’re going to pay.

Yes your fees will have gone up, but that can’t be the focus.

This process isn’t a fee review, it’s a client review, it’s a gold review, it’s a success review, it’s a growth review, it’s an anything review, other than a fee review because nobody cares about the fees, they only care about themselves and how you can help them achieve greater success faster.

 

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