Planners battle with emotional change to fee for service
Financial planners may get to grips with pricing advice, but it is the psychological and emotional aspects of changing a business to fee for service that many will continue to battle with, according to Elixir Consulting principal Sue Viskovic.
Elixir is preparing to launch an online ‘Pricing Advice’ program by the end of the week. Viskovic said planners had responded positively to practical tools, such as the opportunity to benchmark pricing against similar businesses. However, she said many going through the process would ultimately realise that it was not just about creating a fee model but also about coping with change and a different way of viewing their services. These planners were the ones who would most likely find it difficult to get to grips with the psychological and emotional impact of the change, she added.
“It’s good that you are able to crunch the numbers but the real difficulty for the adviser is the emotional impact as they try to get a handle of the concept of pricing advice,” she said.
Viskovic said she saw a demand for an additional ‘supported program’ for those who felt they needed counselling through the whole process.
Recommended for you
Rising advice fees has prompted Radar Results to increase its price guide to a minimum of $3,000 per client to reflect the changing shape of the adviser landscape.
Investment consultancy Ascalon Capital has appointed a new partner, who joins from 20 years at Zenith Investment Partners, as well as a new chief executive amid a “bold new chapter” for the firm.
Despite the perception that short-term market events shouldn’t affect portfolio decisions, Praemium research finds 60 per cent of advisers have made portfolio changes in response to US President Donald Trump’s decisions.
International advice group Findex has appointed a senior individual to spearhead its M&A and growth operations across Australia and New Zealand, seeking to make the brand a household name.
