The Association of Independent Financial Advisers and the Institute of Financial Planning are to hold a series of courses on how to change business models.
Run in conjunction with FP Advance UK, the two organisations plan to run a series of one day courses: 'Charging fees profitably in today's market', to answer the growing demand for help by IFAs in moving from a commission to a fee based model.
With the first conference scheduled for the 14 September in London, Aifa and the IFP say experience has shown there is often a lack of understanding about where advisers add value to clients, pointing out this is not about fees and commissions but about how valuable the services advisers offer are and how best to get paid for delivering them.
As a result the organisers say the interactive event will provide the ‘missing pieces of the puzzle’ to advisers on how to understand and value the benefits they provide to their clients, with the course aiming to:
- Provide an overview of the real value added proposition provided by advisers
- Help advisers understand why client segmentation is the foundation stone of a good quality advice business
- Deliver a powerful new way to present business from the first client meeting
- Demonstrate how a review service can be run simply and profitably
Chris Cummings, director general of Aifa, says; “We know the transition to fees is a key consideration for our members – when we asked them what single issue they wanted to explore in more depth, almost half said fees and fee charging.”
And he suggests the joint course will be able to answer the questions members have raised about valuing their own business and how to communicate the benefits of their service.
Nick Cann, chief executive of IFP, says since IFP was launched it has been focused on helping and supporting financial planning firms make the transition to a fee-based model, and the advent of wraps and a changing financial arena makes the timing and content of the conference even more exciting.
Meanwhile, Brett Davidson, managing director of FP Transitions UK says the content in the one day session provides advisers with the quick wins they are looking for when building their fee based proposition.
He adds: “The seminar is designed to help advisers see immediate increases in the ease with which fees can be asked for and received from their clients.“
More details for those wishing to attend the event can be downloaded from the Aifa website here.
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Nyree Stewart on 020 7968 4558 or email [email protected]IFAonline
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