When most people hear a prospect wants a fee quote, they think the prospect is shopping and wants a low-ball provider. There’s some truth to that, but here’s what you should be hearing when they mention fees. “Great, this means they are probably having service issues or a relationship break or change has occurred and they are now in the process of seeing what someone else can offer.”
Don’t think negatively when fees are brought up. This is the single greatest buying sign in the world. 99 out of 100 prospects do not want a fee quote. They want to make a change. The fee quote is just to see how crazy in or out of line you will be based on what they have been paying. If you think it’s a $20,000 opportunity and the prospect is paying $10,000 now, then either you mispriced the opportunity, the prospect is getting something at a great deal, or the prospect and you are not on the same page as to exactly what needs to be purchased. I’d rather know immediately that there is a pricing issue and move onto the next prospect.
Keep in mind that most clients do not want to switch providers. They switch because of a service issue, relationship change or fee problem. And, it normally takes several incidents to occur before they decide to switch, so if a prospect talks price, pay attention because it might close fast.