PIS rolls out new fee system
Professional Investment Services (PIS) will launch its new fee for service system — AccountPay — at this week’s Financial Planning Association (FPA) national conference in Melbourne.
PIS chief executive Robbie Bennetts said the new system, which he likens to a B-Pay for financial planners, will allow payment of fees by a range of methods from credit card through to direct debit subject to a transaction fee of under $2. AccountPay is a PIS-developed system.
He said there would be no cost to planners for use of the new system.
Bennetts said AccountPay would provide PIS-linked planners and their clients with flexibility with respect to fee-for-service arrangements, with clients having a range of options from paying, say, $100 a month for receiving advice to paying upfront, quarterly or half-yearly.
He said PIS had intended to launch the new system later in the year, but moved up the date in response to the debate that had surrounded the Investment and Financial Services Association's superannuation charter this week.
“It represents a simple and practical way of paying for advice and it is something that would be useful to the whole industry,” Bennetts said.
AUTHOR
Mike Taylor
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