Centrepoint Alliance has released a new flexible fee structure to support financial advisers who want to work part-time as demand for part-time work increases in Australia.
According to Roy Morgan's research, part-time work is now a growing trend in Australia – with over 4.3 million Australians currently employed on a part-time basis.
Centrepoint Alliance's new flexible fee model is available to financial advice firms with more than one authorised representative. For part-time advisers, variable costs, including governance and research queries and technical and compliance support, may be pro-rated according to the number of days worked.
Centrepoint Alliance group executive advice Paul Cullen said financial advice has traditionally not been viewed as a part-time profession. However, he has seen increased demand for part-time opportunities among the advice community in recent years, particularly among working parents and those with carer responsibilities.
“There has been a reluctance to offer reductions in fees for advisers whose personal circumstances suit reduced working hours,” Cullen said. “However, financial advice is no different to any other occupation, and advisers should be entitled to be supported by their licensee if they require flexible working arrangements to balance work and family commitments.”
Centrepoint Alliance also stated that advisers taking maternity or paternity leave can suspend fees in full for up to 12 months or pay a reduced fee if they want to retain access to masterclasses and webinars and complete PCD.
“We believe that offering flexibility around fees will not only enable greater diversity in the advice industry but will also provide more options for those firms which may require advice support on a part-time basis,” Cullen said.
