Elixir Consulting has launched its new book, Pricing Advice, designed to assist advice practices transition to a fee for service remuneration model.
The book is one of three elements that comprise Elixir’s Pricing Advice proposition, but has been designed to also work as a stand-alone resource to aid advisers on their journey to fee for service.
The book’s author, Elixir MD Sue Viskovic, stresses there is no single ‘one size fits all’ solution for advice practices as they seek to create their fee for service model. Rather, Ms Viskovic has developed a system based on a qualitative two-year study of 120 advice practices around Australia and first-hand experience having assisted many businesses to make the transition, which she says will provide a process that will create the right fee model outcome for any advice business.
According to Ms Viskovic, the ‘right’ fee model outcome for an advice practice will depend largely on three key factors:
- The advisers in the business
- The typical client of the firm
- The service offering of the business
… the aim of the book is to assist planners determine the value of their advice
Taking these factors into account and following Elixir’s Pricing Advice processes, the aim of the book is to assist planners determine the value of their advice, the level of fees their practice should be charging, and how those fees should be structured.
The other two elements in Elixir’s Pricing Advice process include a ‘DIY’ online program comprising calculators and other tools designed for practices that have already begun to shape their fee advice proposition, and a more direct private consulting service for those advisers and practices looking for a starting point in developing their fee for service solution. These services are set to be launched next month.
Given the proposed Future of Financial Advice and Cooper Review reforms Ms Viskovic encourages advisers not to wait until it is too late:
“While there are some finer details of the proposed legislation that need to be refined, that needn’t stop advisers from getting on the front foot and at least starting to put some serious thought around the issue,” said Ms Viskovic, adding:
“When doing so, many will likely need all the help they can get in order to get their head around the issues, and to make this a positive change for their business and clients.”
Advisers and others can click here to access more information and order the newly-launched Pricing Advice publication.
