The Day Corkscrew Mulligan Walked Away from Fifty Grand

0:01Hello, this is Mark Satterfield, and welcome to the Velvet Rope Playbook. Tonight's chapter, The Day Corkscrew Mulligan Walked Away from 50 Grand. Now let me ask you something. Who asks for discounts the most? The guy with the Rolls Royce and the private jet? Or the guy who nickel and dimes his way through life? If you've ever offered your services, you already know the answer. The people with the least amount of money always want a deal. The people with real money never ask. And today I'm going to tell you a story about Corkscrew Mulligan, a financial advisor who learned this lesson the hard way the day he walked away from a$50 ,000 consultation fee.

0:48And by the end of this episode, you'll know exactly why rich clients don't haggle and why you should never drop your price just to land a deal. By the way, if you're enjoying this episode and want to learn how to use storytelling as a tool for getting more affluent clients, you need to read my latest book, which you can do by going to GetWealthyClients.com for all the details. That's GetWealthyClients.com. All right, let's get into it. Corkscrew Mulligan didn't get his name from a golf swing. No, he got it the way he twisted his way out of bad financial deals, always coming out on top, until one day he almost didn't.

1:33See, Corkscrew was a financial advisor who built himself a strong reputation. He wasn't a discount guy. He wasn't the free consultation type. And his fee? $50 ,000 just to sit down and talk. Now, most people would hear that number and choke on their coffee, but Corkscrew didn't deal with most people. His clients were the real money crowd, the kind who thought in millions, not thousands. Until one day, he got a call from a guy who talked big but didn't quite play at that level. And that's where the trouble started. Perry the Pretender Lakewood wasn't exactly broke, But he wasn't really rich either.

2:16No, Perry was one of those in-between guys, the kind who flies first class but still checks his credit card balance before ordering the lobster. And Perry had one problem. He wanted to be in the big leagues, but he still had a bargain shopper mindset. So when he called Corkscrew Mulligan, he sounded serious. Corkscrew, I need a full investment strategy. I want to set up family trusts, tax strategies, and offshore accounts. What's your fee? And when Corkscrew said$50 ,000 up front, Perry didn't flinch at first. Here's where it gets interesting. Perry says,$50 ,000, huh? Love it. But tell you what, why don't we start small?

3:01Maybe I pay half now and half after I see what you can do. Now, if you've ever been in business, you know this game. It's called the discount dance, where a client starts negotiating not because they can't afford it, but because they think they can control the deal. Corkscrew had seen this before, and he knew one thing. The moment you lower your price, you lower your value. So Corkscrew didn't argue, didn't explain himself, just leaned back, smiled, and said, Perry, I don't discount, But if you want free advice, you can always read my newsletter. And just like that, the power shifted. Now here's the part that most professionals never understand.

3:44Rich people don't think in discounts. They think in decisions. When they want something, they buy it. When they don't, they walk away. The moment you lower your price, you become a commodity. You ever see a Bentley dealership run a Labor Day sale? You ever hear a Rolls Royce salesman say, hey, let's knock off 20 % to close the deal. No, because premium brands don't play that game. The best clients pay more and they do it gladly. Corkscrew knew that dropping his price would cost him 50 grand. It would cost him his reputation, which was even more valuable. So what happened next? Perry hesitated, stammered, tried to reframe the offer, and Corkscrew, he just stood up, shook Perry's hand and walked out.

4:32Now here's the kicker. Two weeks later, Corkscrew gets a call, a different client, a real money guy named Ellis Deacon III. Wants a meeting. Ellis doesn't ask about fees, doesn't ask if Corkscrew will negotiate, doesn't even ask if there's a trial version. He just says, I know what you charge. Do I wire the money before or after we meet? And just like that, Corkscrew made$50 ,000 in one phone call because he refused to devalue himself for the wrong client. So if you're constantly dealing with price shoppers, here's how you start attracting the real money crowd instead. Step 1. Set your price and never explain it.

5:15The moment you start justifying your fee, you've already lost. Step 2. Never negotiate your value. Rich clients don't want the cheapest option. They want the best option. And step three, know when to walk away. Perry the pretender would have wasted corkscrews time and nickled and dimed him to death. Ellis Deacon paid in full before they even shook hands. So stop working with people who question your value. Start positioning yourself so the right clients seek you out. Because at the end of the day, the best clients don't want a discount. They want the best. So the next time a client asks for a discount, remember Courtscrew Mulligan.

5:58And if they flinch at your price, they were never your client to begin with. This is Mark Satterfield. Thanks for listening to this chapter of the Velvet Rope Playbook. If you're enjoying these stories and want to get better at using stories to attract more affluent clients, head over to GetWealthyClients.com and get a free copy of my latest Amazon number one best-selling books. That's GetWealthyClients.com. Thanks again for listening. I'll be back at you soon with another chapter in the Velvet Rope Playbook. Bye for now.