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Fixed fees: once bitten, twice shy

Make sure you realise the lifetime value of every client by offering and honouring a correct price, and admitting any omissions, says Douglas McPherson

21 July 2014

I am a massive fan of fixed fees. As the owner of a small business, cost certainty is a massive plus in every purchasing situation. In addition, as a private client of Scottish descent, the need for knowing what I'm going to pay (and that I've got the right price) is a stone-cold essential.

I'm having some minor building work done at the moment. I asked for a quote, checked there would be no hidden costs and went ahead. That's when the fun and games started; that's when we found out my definition of 'fixed' is slightly different to my builder's. I always thought it meant set, immovable, guaranteed, but I am learning that it means 'OK for starting off with but is more than likely going to go up once I come to all the bits I hadn't really thought about'.

And herein lies the opportunity for all private client advisers.

Yes, the fact my builder keeps raising the price as the added extras come to light is i...

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