The dealer group offers a new fee structure
A group of brokers are proposing a new fee structure for financial advisors who choose to work part-time.
Centrepoint Alliance has launched a new flexible fee model, available to financial consulting firms with more than one authorized representative.
For advisors working part-time, variable costs, including governance and research issues, as well as technical and compliance support can be prorated based on the number of days worked.
Consultants taking maternity or paternity leave will be able to waive their fees entirely for up to 12 months, or pay a reduced fee if they wish to retain access to masterclasses and webinars and complete CPD.
The dealer group said its move responds to the growing trend of part-time work, with data from Roy Morgan showing that around 4.3 million Australians are currently employed part-time.
However, Centrepoint Alliance group executive board Paul Cullen said the financial advisory industry has not traditionally been seen as an industry that allows part-time work.
“There has been a reluctance to offer fee reductions for counselors whose personal circumstances are suitable for reduced working hours,” Cullen said.
“However, financial counseling is no different from any other profession and counselors should have the right to be supported by their licensee if they need flexible working arrangements to balance work and family obligations.”
He added that he had observed an increased demand for part-time financial counseling opportunities, especially among working parents.
“We believe that offering this new fee system will help make the financial advisory industry more attractive and accessible to everyone,” Cullen said.
“We believe that providing fee flexibility will not only allow for greater diversity in the consulting industry, but will also provide more options for businesses that may need part-time consulting.”