If you’ve ever wondered if you are worth your fees or know enough about a destination when asked “have you been there?” by a client, this episode is for you. If you’ve ever been scrolling on Instagram and been envious of another advisor because they are boasting tons of luxury bookings and showcasing their 5-star FAM trips, this post is for you.
We’re talking about the taboo topic of imposter syndrome. We’re not only going to share how you are cheating yourself out of income from clients, but also how comparing yourself to other advisors in the industry is quite literally taking money out of your bank account.
This is going to feel a little bit like a hype session, mixed with therapy and a splash of financial coaching…and frankly, we’re doing this for ourselves just as much as we are doing it for you- because we think imposter syndrome can creep up anytime and with anyone.
As advisors, we follow other advisors on social media. It’s a natural and normal thing- but it can cause that creeping feeling of comparison. We’re just going to put this right here for you: just because someone is on a FAM that you weren’t invited on doesn’t mean that they are any more successful than you. There are a multitude of things that go into inviting advisors on FAMs- tenure, sales volume, affiliation, culture fit, and so much more. In fact, some suppliers ask for less tenured advisors to join to balance the dynamic and because they see promise in their portfolio. That doesn’t mean that your clients are less important or that you are less attractive to work with. It simply means that this FAM wasn’t your time…and that’s ok!
Planning Outside Of Your Niche
When you choose to accept trip inquiries outside of your niche, you can spend a lot of time familiarizing yourself with a new destination or product. If this isn’t something that you want to specialize in or market, you could be spending time researching in the wrong direction. Defining your target audience and planning within the scope that you have outlined as your area of interest is the best way to utilize your time efficiently and effectively.
You’re Basing Your Model On “The Norm”
Before COVID many advisors weren’t even charging fees! Just because something has been done before, doesn’t mean it is the right way. We live in a time of technological opportunity and there are so many ways to do business. Some advisors work on a retainer model, some incorporate passive income into their workflow, and others offer to consult (freeing them from the liability of managing the actual trip). Just because a model isn’t traditional doesn’t mean that it may not work. Consider what services work for you and utilize those to create the income that you desire.
You’re Not Exhibiting Confidence
If you can’t sell yourself on why someone should work with you, there is no reason for a potential client to believe that you are the best option to plan their dream trip. You must become fluent in your elevator pitch and differentiators. You’ll also want to confidently be able to provide answers to the most common questions that clients (i.e. why should they work with an advisor, how does an advisor get paid, what does the fee cover, etc.). Being able to articulate your value and stand up to objectives confidently is one of the best value-adds that you can provide to your business.
You’re Not Charging Enough
If you are finding that you have too many inquiries coming in and are working overtime to provide proposals, you are going to want to go ahead and increase your fee. It’s a simple matter of supply vs. demand, and if your demand is too high for you to manage, you need to directly impact the supply by increasing the planning fee. Not only will this help you attract more of the clients that you want to work with (the ones that value your time and insight), but you will also make more per trip than you did previously. We’re team “quality over quantity” every day of the week!