Dealer group Financial Services Partners (FSP) has announced it will host one-day workshops to assist aligned and non-aligned planners in the transition to fee-for-service.
FSP managing director Geoff Rimmer said many firms wanted to get a headstart on repositioning how they charged clients post the proposed ban on commission-based payments for investment and super products from 1 July 2012.
"It will take the majority of financial planning practices at least a year before they see the finishing line, so it's important that firms start planning now if they want to be best placed to take advantage of the 2012 environment," Rimmer told InvestorDaily.
The Future Directions Symposium workshops, open to all planners, principals and practice managers, will teach participants the seven steps to fee-for-service as well as how to best develop a pricing strategy and communicate the transition to clients.
"Advisers across the board want more assistance with the move to fee-for-service and we expect to see a lot of self-licenced practices in particular at theses workshops, as they have no dealer group to assist them in restructuring how they are remunerated," Rimmer said.
"We want to give advisers the confidence that the transition is doable and help them articulate that change to clients."
Rimmer said currently 35 to 40 per cent of FSP firms were fee-for-service, so they expected a number of internal firms to also take part.
FSP said workshops will start in Perth on 9 August, with further sessions to be held in Adelaide, Melbourne, Hobart, Brisbane, Sydney and Darwin.
