A consultancy-run biennial survey is looking to collect data for research into how advisers price their services, and the impact their pricing has on their business.
The managing director of advice consultancy firm Elixir Consulting Sue Viskovic said the fourth edition of the research will come at an interesting time for the advice industry.
She said the research follows a period of intense scrutiny on pricing with the Life Insurance Framework, as well as a multitude of digital advice players creating low-cost customer solutions.
“Pricing is a critical success factor in every advice business, and one that continually evolves,” Ms Viskovic said.
“Pricing financial and risk advice is particularly complex, and it’s always a topic of discussion among advisers, who find it incredibly helpful to understand both how – and how much – their peers are charging for their services.”
Further, Ms Viskovic said that, if there’s been one overwhelming finding that stands out every time the research is conducted, there’s no single model that will work for every business.
“We are often surprised at the variety of solutions that keep evolving, and the innovative ways that advisers approach their pricing,” she said.
“We’re particularly looking forward to seeing how advisers have coped with rising costs, how they’ve evolved their service and pricing models and, especially, how they’re pricing their risk services in preparation for LIF.”
The online survey will be open for the next two weeks, with all participants going into the running for a $2,000 travel voucher. The winner will be drawn on 24 March.
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