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:
As a companion to Sue’s best-selling guide for financial advisers, PRICING ADVICE, this book will help you 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
The Pricing Advice online program is the software that underpins all our pricing coaching at Elixir Consulting. If you’d like help to determine your pricing model, but you’d prefer not to engage one of our coaches, you can subscribe to the software and work through the program in your own time. Sound files and calculators will guide you through the process to arrive at your unique pricing model, calculate the right minimum fees for your firm, then customise fee schedules, and client engagement templates.
$89 per month for minimum 12 month subscription, $49 per month thereafter.
INCLUDES a copy of the Pricing Advice eBook.
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, our Pricing Strategy days will nail your pricing model, and get your whole team delivering a consistent methodology across your client base. Get it right, and gain the confidence to charge what you’re worth and position your proposition to your clients.
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.
The fourth edition of the pricing research is now available, and contains in-depth information collated from 320 advice businesses, about how they charge for their advice in the 2017 financial year. Discover what models are being used now, how much advisers are charging, the challenges they face and how they’re overcoming them.
Contact One of Our Pricing Advice Experts Now:
Elixir optimizes our business returns and helps us stay ahead of the game.
This is the most practical course I’ve come across in a long time.
The real value in this program is in the material that’s given out, the tools, the software program and the ability to see what has worked for others – it’s not just information provided that is based on purely theory.
Elixir has a clear and methodical method for determining the appropriate level of fees to charge our clients.
Breaking down the time involved in setting up and servicing each new client is imperative in order to get a grasp on the appropriate fee to charge initially and ongoing. Coupled with the client service document it ensures each client understands what they are paying and what services they expect to receive which we consider to be best practice.
I first met Sue when she was presenting on creating the right fee model to a small group of financial planners in Perth. Her presentation made so much sense to me that I also bought her book on this subject, some chapters of which I am referring to on an ongoing basis. When the opportunity arose to sign up for the (Business Evolution) Program with Sue we jumped at it and three of us from our small company attended. The program was terrific and great value for money.
We commenced implementation earlier this year (2011) with a target of signing up 100 clients by 30 June 2011 onto our new service packages (which we have met). During the early stages of implementation we met with Sue for our three coaching sessions to discuss any problems and also to complete role plays to review our discussion style with clients. We are now well and truly off and running.
I can without hesitation highly recommend Sue and the Elixir team to anyone wanting to explore their pricing options, and I am sure they will be delighted with the result. Sue has been extremely professional and worked hard to ensure that we achieved our goal of a pricing model that would become an integral part of our growth plans. Sue was terrific to work with and has a great sense of humour which we all needed at times. If you are confused and unsure of your direction given all the changes coming our way, do yourself a favour and contact Elixir Consulting.
Sue’s knowledge base extends from experience as a qualified CFP and so she understands the real world of applying fees not just the theoretical world of practice management applied by many consultants.
We were pleasantly surprised by how relevant this program was to our business and also how broad it is –
this is not just about charging fees, it’s also about looking at your entire business to ensure that you provide value for the fees you charge.
Sue Viskovic’s book on Pricing Advice is a triumph and a must read for every financial adviser. I highly recommend Sue to any financial planning firm looking to get the pricing of their value right.