Deen Sanders

The Financial Planning Association (FPA) is set to release a set of guidelines and tools to help members through the transition to a fee-based model.

FPA deputy chief executive Deen Sanders said the association will not be releasing a list of approved service providers. However, it is developing a list of criteria that will enable members to assess any service provider they are looking to work with.

“At this stage the FPA has not developed or negotiated a list of service providers, and we do not currently have a plan to have any commercial offering in this space,” he said.

“The priority for the FPA’s transition committee has been to learn from the experience of members who have gone through a transition to a fee-based business and build a range of support options based on this experience,” Sanders added.

He said the FPA will offer members guidance and education based on a change management process, using case studies and the experiences of members to show how to make the transition.

Sanders said this will include rolling out tools such as checklists, analytical tools, templates of letters, agreements and client surveys that will allow members to prepare for change.

“Going through a business analysis process will help members identify where the costs in their business are, and also clarify the real value they bring to their clients,” he said.