Transitioning to fee for service

Transitioning to fee for service

Why transition?



As the implementation date of the proposed Future of Financial Advice (FoFA) reforms draws closer, now is the perfect time to re-examine your business model.

While change can be daunting, there are significant opportunities for growth by adopting a 'fee for service' model, including:

  • Understanding which areas of your business are more profitable than others will help you focus on future growth, assisting you to build a more efficient business.
  • Having an established sustainable revenue stream not only gives you certainty and control for the short term, but makes your practice more attractive when you look at succession planning.
  • Finally, a true fee for service business offers greater transparency, which will strengthen your relationship with your clients and build long-term trust.


How we can help



OnePath has a relationship with a wide range of financial planning businesses. They have seen a number of businesses successfully transition to 'fee for service'. OnePath has developed a tool kit to share their experiences with Wealthtrac financial advisers to help them manage a successful transition.

These step-by-step tools aim to help advisers build and articulate their client value proposition, calculate their cost to service and develop successful segmentation and fee strategies. Use the five step process end-to-end to transition or just use the chapter and tools most relevant to you.


Five steps to transition your business to fee for service



Step 1 - Building your client value proposition
Step 2 - Segmentation
Step 3 - Developing your service models
Step 4 - How to charge
Step 5 - Implementing your new model


Your fee for service tool kit



If you are a Wealthtrac adviser, you can log onto Adviser Hub to access the tool kit documents, which include:

  • client value proposition questionnaire
  • a segmentation calculator
  • examples of service models
  • Encore's cost to serve tool
  • project plan and checklist
  • back office processes.


Click on the link to access Adviser Hub, login and then click on the 'Future Ready' category.

If you have forgotten your logon details, please contact Client Services on 1300 552 477 or email contactus@wealthtrac.com.au