When I think about negotiation tactics, I often reminisce about my experiences buying a car. Whenever I make a purchase, I feel like I got the best deal. Yet deep down, I know that the “discount” I received was factored into the original price. Regardless, the “feel-good factor” prevails, and I must admit, my car dealer excels in conveying this feeling. 🌟
In wealth management, even though I have never personally negotiated with clients in this industry, I imagine similar tactics are at play. Clearly and effectively explaining a holistic wealth management approach without diminishing existing relationships creates a sense of being understood and valued by the client, like how I feel during my car purchases. 💰
Addressing pricing early reminds me of setting clear boundaries, like choosing a car engine. It saves time and shows professionalism. Then there’s the familiar “feel-good factor“: offering a personal discount that requires approval from a superior. This approach emphasises exclusivity, limited client capacity, and high-quality service, creating a unique sense of appreciation. ✨
Similar tactics and strategies exist in every industry. It is always about building trust, emphasising value, and forging long-term relationships. And when it is executed as skillfully as with my car dealer, it is no wonder I have felt like an all-time winner driving the same brand for the past 25 years. 🏆
Source: LinkedIn
