The Difference between Cost and Value, Savile Row Style
Posted by siteadmin on Friday 24th April 2015.
I was asked the other day by a client if they could get financial planning from someone else for less than I charge.
As questions go, this one had a Paxman like directness but I was more than happy to answer it and to share my thoughts on this with you all.
The truthful answer is yes. There are financial planners out there who charge lower fees but I always ask people to make the comparison between cost and value.
Here’s a quick example. You buy a Savile Row handmade shirt for £100. You feel great in it. It’s tailored for you and you only. The tailor has listened to your preferences and worked to exactly what you want. Not only does it look great but you feel fantastic wearing it. It lasts you ten years.
Compare that to a £20 shirt bought from a chain store which specialises in mass produced, high quantity sales but low quality goods. It far from fits perfectly, the material isn't the best but hey it was only twenty quid right? Let’s say that shirt lasts you a year.
Of the two shirts which represents real value? I’ll leave you to decide but for me it’s pretty clear.
I’ve never been busier than we are at the moment. There is literally not enough hours in the day. I’m certainly not complaining though and I put this down to two things.
Firstly, we genuinely listen to what people want to achieve with their money and then work hard to make that possible.
Secondly, our marketing efforts are really paying off. Amongst a full programme of various promotions and along with these blogs, I have a regular column in the MyNews magazines. We are also working on our latest printed newsletter which will be posted out to our client database shortly. It is also viewable on our website.
As a result, our marketing activity has led to media interest and a feature in the financial magazine New Model Adviser, which will be published in the near future.
So remember, we’re here to help and provide a tailor made, bespoke service.