Many financial advisers are already getting a head start on transitioning to a fee-for-service business model nearly two years out from a prospective ban on some commission-based payments, according to general manager of business development at MLC Peter Greenaway.
Greenaway based his conclusion on high demand for the company’s fee-for-advice workshops, from businesses at all stages.
He said the 2012 deadline for making the transition to fees may seem like a long way away, but the sooner advisers begin making the transition the better for their business and clients.
“It is not simple as just changing your [Financial Services Guide] and [Statement of Account]. It is all about understanding the value of advice and being able to articulate that value to the client,” Greenaway added.
He highlighted that MLC had been moving toward the fee-for-service business model since 2006.
