With the deadline for proposed fee-for-service regulation closing in, new planning products and services are being launched to help planners handle the transition.E&W Strategic Partners, a boutique business strategy and improvement consultancy, has developed an FPA-accredited handbook as a transition tool for planners moving towards fee-for-service.

The Fee-For-Service Handbook includes steps on transitioning to fee-for-service, case studies, practical tools and online forums to illustrate fee-for-service solutions.

"The problem facing planners is how to effectively transition their practice to fee-for-service and protect the income and profitability of their business," said Lap-Tin Tsun, managing director, E&W Strategic Partners.

"Fee-for-service affects not just how the practice makes money, but every other aspect of the business, including your value proposition, how to communicate with your clients, what services you offer, and how your practice will deliver to the expectations of your clients," said Tsun.

Meanwhile, investment vehicles are now being launched designed specifically for fee-for-service planners seeking low cost investment products with no commissions. Listed investment company Global Mining Investments (GMI) earned a ‘Recommended' rating by research house Lonsec after catering its LICs approach for commission-free planners.

"Fee-for-service financial planners are increasingly attracted to LICs such as GMI in order to access high quality portfolios and strong management, without the commission structures associated with unlisted products," said GMI chairman John Robinson.

"Research such as this gives these financial planners the ability to construct client portfolios with all the benefits of diversification and liquidity offered by an LIC," Robinson said.