Elixir Consulting (Elixir) is launching a new business tool designed to help advisers create a fee for service advice model that suits their business.
The service program, named ‘Pricing Advice’, takes into account there is no single correct pricing model for an advice practice. Elixir says advisers should assess the merits of the various models it presents and select the right option that will achieve their business goals, whilst being palatable and equitable for their clients.
Once the adviser decides which option he/she prefers, Elixir’s program takes them through a ten-step process that will allow the practice to create a pricing model that is tailored specifically to their business and clients.
… the program will … allow [advisers] to calculate the appropriate fee for their services, in any client situation
According to Elixir, the program will output a custom-built calculator for advisers to use every day in their office, that will allow them to calculate the appropriate fee for their services, in any client situation.
Advisers attending AFS Group’s recent professional development days were given a sneak preview of the soon-to-be-released service, where AFS Managing Director, Peter Daly, commented: “There has been much talk throughout the industry that advisers must transition their businesses to fee for service, but not a great deal of practical help in how to do it.”
We’re very pleased that Elixir has created a program that empowers advisers with practical tools and processes they need to actually make it work”, said Mr Daly.
Elixir Managing Director, Sue Viskovic, said having researched 120 firms for its Adviser Pricing Models Research Report, as well as assisting many businesses with their own transition to fees, “… we have perfected a process that is robust, well-tested and easy to follow that can work for any business, regardless of size or scope.”
The Pricing Advice program, as well as a book of the same name, is due to be launched in April 2010. “We are taking registrations of interest via our website, and will notify our subscribers as soon as the program is available for purchase”, said Ms Viskovic.
