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November 09, 2020 at 01:53 PM
We think consumers always shop for the lowest price. They know where to find the cheapest gas (often Costco.) They know where to get the best grocery prices (often Aldi and Lidl).
You assume when they talk about financial services that they are prepared to beat you down on price because they comparison shop for everything else online.
Related: How Much Value Does a Financial Advisor Deliver?
In many situations, trust carries a higher value than saving money. People will pay more if they feel the other person has their best interests in mind. Often a lot more. They will pay willingly.
1. Hair styling. People have their favorite barber or stylist. They will follow them from one salon to another. They take their advice on changing their look and how their hair should be cut.
2. Veterinarians. Many Americans have pets. We treat them as family members. We bring them in for annual checkups. We make an appointment if they are lethargic.
When the vet recommends a course of treatment, we often say “Do it” and hand over our charge cards. People usually don’t shop around for veterinary care.
3. Accountants. Taxes are complex. CPAs know more than we do. It’s almost impossible for a business to file their taxes without the help of an accounting professional.
When your accountant says: “Here’s what you owe,” we pay up. If they say: “I have an idea how you can save money on taxes,” we say “Fine.”
