Pricing Advice
PRICING FINANCIAL ADVICE IS A CHALLENGE FOR MOST AUSTRALIAN ADVISERS.
They share this with their peers around the world. Pricing is a critical driver of not only profit, but also client engagement and sustainability of every advice firm. Since 2007, Elixir Consulting has specialised in this complex area, and we have assisted hundreds of advisers to improve their pricing model, and their bottom line.
Charging a fee for service is now a compulsory business practice for all financial advisers in Australia, and yet it continues to be an area that is challenging, and requires frequent revision.
Our pricing expertise is bottled in a variety of ways:
Pricing Research
Since releasing the world-first research into adviser pricing models in 2009, ELIXIR CONSULTING has continued to research the market every few years, to answer all the questions you ever had about how other advisers charge for advice.
Adviser Pricing Models Research Report – 5th Edition – Released 2020
After 12 years of collecting and analysing information on pricing advice, we’re still fascinated by the insights it reveals. Participants was fantastic for this edition with contribution from a range of business models from boutique to large licensees in every state of Australia. There are 714 financial advisers, 59 risk specialists and 46 mortgage brokers across 273 businesses that are represented in this research.
Pricing Your Goals Based Advice 10-Week Live Digital Program
If you find you need to revise your pricing model at the same time as writing your Business Plan and Strategy for the year, you might love our Pricing Your Goals Based Advice 10-Week Live Digital Program.
Through this combination of group workshop and private coaching, you’ll not only nail down your model, you’ll also share experiences with other advisers, and gain confidence in implementing your new strategies across your business. The Digital Workshop program is the most cost-effective way to get hands-on assistance from one of our expert Elixir facilitators.
For more info including feedback from previous attendees, check out our Pricing Your Goals Based Advice Live Digital Program.
Pricing Consulting Services
Creating the right pricing model to suit your clients and business model can be challenging. Crunching the numbers is only the beginning. Having the confidence to present your fees to new and existing clients will make all the difference in the future success of your firm.
Whether combined with an overall business improvement program, or as a standalone engagement, engaging one of our experience coaches to guide you through the process will help you nail your pricing model, and get your whole team delivering a consistent methodology across your client base. Tap into our deep knowledge to help you get it right, and gain the confidence to charge what you’re worth and position your proposition to your clients.
Worth Paying For book
As a companion to Sue’s best-selling guide for financial advisers, PRICING ADVICE, this book will help you to price your insurance advice, including how to:
- Identify what type of clients are best for you and your business
- Appreciate the true value of the services you offer
- Understand the pros and cons of different pricing options
- Work out a pricing structure that suits your business – whether that includes commissions, fees or a combination of both
- Onboard new clients in a way that sells your value
- Answer questions such as “Should I really be charging for claims management?”
- Get closer to your clients and educate them
