Industry First: Research into Adviser Pricing Models
Adviser remuneration is one of the most controversial and widely discussed aspects of financial planning in Australia. There are a wide variety of methods in which consumers can pay for advice and currently advisers are free to set their own pricing models as to what – and how they are paid (as well they should be). This freedom of enterprise affords the ability to structure an advice offering around the client base and expertise of each advice firm.
In real terms however, the industry is still relatively young in its evolution from advisers being price-takers to gaining more control over their business and revenue streams. Many advisers are keen to change the way they are remunerated, but either don’t know where to start, or aren’t sure how to overcome obstacles as they reach them.
As specialists in Practice Development, Elixir Consulting often works with advisers to assist them in re-defining their pricing models, and the process invariably leads to questions around what is working for others in the marketplace. To date, there has been little in the way of qualitative research into what pricing models are actually being used by advisers in Australia, and how advisers are remunerated for their advice and services. It is for this reason that the concept of the Elixir Adviser Pricing Models Research was borne.
The full research report is now available for purchase as a syndicated research paper.
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