A consultancy-run biennial survey is looking to collect data for research into alternative advice pricing models following the passing of the Life Insurance Framework bill through Parliament.
The managing director of advice consultancy firm Elixir Consulting, Sue Viskovic, says the survey is aimed at expanding the depth of knowledge on pricing risk advice, given the upcoming challenges with the introduction of LIF.
Any risk adviser who has dabbled in or completely immersed themselves in, either subsidising or replacing commissions with fees, is encouraged to participate in the survey.
“The survey itself was a complex build, so we could ensure that all advisers, regardless of their specialisation, would receive a customised question set relevant to their business,” Ms Viskovic said.
“This is not research designed to proclaim what ‘the majority’ of advisers are doing, rather we do this to reveal alternative solutions, successful pricing techniques and an idea on the quantum of fees, so as to help the whole advice community to gain insights and confidence in pricing their services.
If there has been one overwhelming finding that stands out every time research is conducted, it is the fact that there is no single model that will work for every business, Ms Viskovic said.
“We are often surprised at the variety of solutions that keep evolving and the innovative ways that advisers approach their pricing,” she said.
“We’re particularly looking forward to seeing how advisers have coped with rising costs, how they’ve evolved their service and pricing models and, especially how they’re pricing their risk services in preparation for LIF.”
The online survey will be open for the next two weeks, with all participants going into the running for a $2,000 travel voucher. The winner will be drawn on 24 March.