Professional Investment Services (PIS) has launched a new fee payment service designed to cater to present and future adviser remuneration structures.
Launched at last week’s FPA 2009 National Conference, ‘AccountPay’ is an internet-based system which will allow clients to pay fees by a variety of methods including credit card and direct debit over multiple time periods.
… the launch of the new payment system was timely … ahead of the anticipated changes to the remuneration structures
With one eye on the potential outcomes of the Ripoll Inquiry, PIS CEO, Robbie Bennetts, said the launch of the new payment system was timely as it aimed to position financial planning businesses ahead of the anticipated changes to the remuneration structures following the PJC Inquiry’s report into financial products and services.
PIS advises that AccountPay has no upfront fee and while there will be a small transaction fee of less than $2 , there will be no cost to advisers to use the system.
Mr Bennetts said AccountPay provided benefits to financial advisers such as:
- Limiting bad debts
- Reducing outstanding client payments by providing option of payment over an agreed time frame
- Increases in regular payments associated with using AccountPay will generate a positive cash flow and promote growth
Developed by PIS over the course of the last two years, Mr Bennetts said “We believe this complete administration system would be beneficial for the whole financial planning industry and we would welcome the opportunity to broaden its use to others within the industry who are interested in its applications and real-time reporting functionality.”
