Welcome back to The Intentional Advisor vlog! Today we're discussing cognitive dissonance - ever heard of it? Well, whether you have or not, it might be sabotaging your success! Let's talk about one example of where cognitive dissonance might be tripping you up.
Imagine that you are in a Discovery Meeting with a potential client. You are going through your process, doing your thing…and it's going well. You feel a sense of rapport building, maybe even trust. You get to the end of your meeting and it is time to ask them to hire you…
And then this happens.
Your brain starts working overtime.
You are going to ask them to pay you a $3k fee, because you read that that is what "other" advisors you know are charging. You are pretty sure you are worth it, but to be honest, you don't really have a process. Your current clients like you, they seem happy, but you aren't sure how much value you are bringing to the process. You know that the prospect "thinks" that you will be able to get them higher returns. You didn't exactly stop and clarify that assumption. When the client asked what you would do as part of the process, you kinda said you would build a plan and implement it, but you couldn't really articulate what that meant. You know you do a decent job upfront, but you also know that after the initial planning process, you don't really have a game plan on what you will deliver. You tend to go with the, “let's get together and see how I can help business model."
The bottom line is that you just aren't sure that you can clearly articulate and deliver on the promise you are making when you accept that $3k fee.
So, you wrap up your meeting and you name your price…and the client hems and haws and says, "Let me think about it" and you know, there is a really high likelihood that you aren't going to hear from them again.
What just happened????
You just got kicked in the pants by cognitive dissonance!
According to Wikipedia, "The occurrence of cognitive dissonance is a consequence of a person's performing an action that contradicts personal beliefs, ideals, and values."
So, what you said does not match what you feel.
How did it affect you?
It is very simple. You were trying to sell the client on something that you don't actually believe in. You didn't believe with certainty that the prospect would be better off as your client. You didn't have a process to deliver comprehensive financial planning. You weren't sure that you could actually meet the expectations that the prospect had.
And so, the prospect felt that cognitive dissonance, even if they don't know why. And the result was that they didn't feel certain they should work with you.
Imagine for a second that you had a very well defined client service model. You could explain your process, exactly how many meetings with specific agendas would be required. You were confident that you have a process to keep their financial life in order, year after year. You also have a fair and easy to understand fee structure. And when you let them know that it would be $3k, that you believed completely, that they would get at least $3k worth of value. Most likely multiples of that.
How would the end of the meeting feel for that prospect?
If they needed what you described, they would likely feel your confidence, your alignment and be ready to move forward.
Here is the problem.
Good-hearted, honest people don't like to lie…and if you are selling something that you don't believe in…you are lying a little bit.
It's time for you to build a high-value, client-centric practice that you truly believe in. When you do that...you won't suffer from cognitive dissonance! Prospects will feel the difference and be ready to hire you sooner and with more conviction.
Have any questions or feedback? i'd love to hear from you at connect@TheIntentionalAdvisor.com. Also find The Intentional Advisor Mastermind Group on Facebook for tips, support, and motivation! Click here!