Pricing is a fundamental cornerstone of any good business, and is a critical function to get right.
BUSINESS EVOLUTION PROGRAM
Pricing financial advice can be complex – pricing risk advice even more so.
With FoFA fully implemented and the new Life Insurance Frameworks in play, there has never been a more important time to address how you extract value for the invaluable advice you provide your clients.
Creating the right income model for an advice business takes more than just crunching numbers and determining what it costs to deliver advice.
At Elixir Consulting, we believe that every business owner should be free to determine the right pricing model for their business and client base. As experts in Pricing Advice, we know that there is not one pricing model that will suit all advice businesses, and yet we have developed a process that has successfully assisted hundreds of advice businesses – ranging from single-adviser, to multi- office businesses, to create their own unique pricing model.
Combining our online program to calculate the numbers, group workshop activity to share experiences and client engagement techniques, and follow-up group coaching sessions to aid implementation, our Evolution program is the most cost effective way to obtain business coaching support to create or refine your pricing model.
We will take you through a process that will assist you to achieve the following outcomes:
- Articulate your Client Value Proposition;
- Define your service offering(s);
- Identify and analyse the different options for Pricing Advice and select the most appropriate option for your practice;
- Calculate your cost to serve your clients, accounting for the actual overheads and resources in your business;
- Create your defined pricing model – how much to charge and when;
- Analyse and improve your process to engage a new financial planning client;
- Create and implement standardised documents within your practice, including a Client Engagement Letter, and ongoing Client Service Agreement;
- Create an action plan to implement the new pricing model in your business, including the techniques and processes you will need to administer and ‘sell’ the model to your clients.
The program will earn you at least 27.5 structured CPD points*, and includes:
- Initial webinar to prepare you for the process.
- Twelve month subscription to the online Pricing Advice software (retail value $995).
- Workbook to collate the documents used in your pricing journey.
- One copy per adviser of the book ‘Pricing Advice’ OR the book ‘Worth Paying For’ by Sue Viskovic (retail value $49.95)
- Attendance at a two-day group workshop to work through the program with your team, providing access to expert advice and the opportunity to share thoughts and experiences with other advisers (without the need to disclose your financial details to other businesses in the room)
- Three follow-up group coaching sessions to assist with the implementation of your new pricing model.
- One copy of Elixir Consulting’s Adviser Pricing Models Research Report third edition (retail value $1,650)
* The Business Evolution Program is accredited by the FPA to earn 27.5 structured CPD points, plus you can claim additional time outside of the meetings as unstructured CPD.
The process for the course is as follows:
Your investment for this program is $1,700 per month (+ GST) for five months. Alternatively, you can elect to pay in advance and save – total program fee of $8,000 (+ GST) if paid upon booking.
Programs are run around Australia. Contact us to register your interest in an upcoming intake.
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.
As a 30 year "veteran" of financial Services, I thought there wasn't a great deal I could gain from an external consultant to my practice. I could not have been more wrong! Without a doubt this is the most professional, focused, and efficient a business that I have worked in over my three decades as a financial adviser, most of it due to the efforts of Sue and her uncanny ability to help advisers focus on the core issues and address them in an efficient and timely manner.
Any adviser, irrespective of situation or experience, would benefit from utilising the Services of Elixir.
The investment that keeps paying dividends! It has been 4 years since we did the pricing advice workshop with Elixir and we keep appreciating the experience. Taking time out from running a business and hunkering down for 2 days to focus on getting our pricing strategy right was one of the best investments we made. Not only has our income and profitability increased dramatically, the value of the business has also appreciated which has been a real bonus to our stakeholders.
Completing the Pricing Advice program gave me the tools and confidence to transform my business from a commission-driven, minimal service model to a full Fee for Service practice providing targeted, appropriate and relevant advice. Our clients understand that the fees they pay us relate to the advice we deliver, rather than the performance of their investments; they recognise the value of the outcomes we deliver to their personal financial situation; and we have certainty regarding the revenue we receive.
As a principal, I am confident about the current profitability and future revenue growth of my business. Sue and her team delivered a well crafted, insightful and relevant program that was practical, sensible, easy to understand and apply to the business.
We first went through the Pricing Advice program with Sue just over four years ago. Since then we have also used the program to review and update our pricing structures. Working through this program really helped us to clarify our ‘cost to serve’ and to implement a much more robust and transparent fee structure. It has also really helped me to be much more confident when positioning the costs of our advice with our clients and to communicate the value of the work that we do with them.
Congratulations to you and your team on the excellent book “Worth Paying For.” I read it over the long week-end and found it completely across the issues, while being clear and concise. I came away feeling energized ... setting out the different models available removed all objections and led to a logical conclusion.
It is a really good read and the Adviser Case studies were interesting. Thanks for the inspiration!