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Firm aims to help advisers make the transition to fees

FP Advance has set up a business consultancy practice which offers help to advisers looking to move towards a fee-based model.

The firm says it will offer specialist advice and training to advisers, networks, nationals and wrap or product providers looking to support fee-only practices.

FP Advance, formerly operating as FP Transition, says with the changing regulatory environment and increasing cost pressures on IFAs, many advisers think that moving to a fee-based model will add another layer of complexity.

But managing director Brett Davidson, an Australian financial planner who migrated his own practice remuneration from commission to fees, says the methodology that his firm employs will enable firms to increase their profitability as well as provide better service to clients, with reduced admin.

Davidson says FP Advance’s charges are based on a percentage of the client firms’ turnover but all programmes are developed on a bespoke basis.

He says: “Our methodology has enabled many firms to look at a new way of working, with increased profitability, better client servicing and reduced admin burden.”

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