View never pays undisclosed referral fees as, long before the 2018 Royal Commission, we believed this model to be broken.
The first alternative approach View recommends is a ‘flipping’ of the model on referral fees, via View’s guaranteed ‘wholesale’ pricing available to each adviser on each matter to ensure the adviser can deliver a valuable fee for service solution to their customer.
By flipping the traditional model, View ensures advisers have complete discretion as to how they price – without being forced to cap their fees by View’s pricing.
Where preferred by advisers and their customer, View also offers a fully disclosed referral fee model for estate planning. To get access to this model please email firstname.lastname@example.org.
In return for identifying the need for a referrer’s customer to have View advise in relation to their estate planning, the adviser is paid a referral fee, if View agrees to work with the customer in this manner, payable within 30 days of the customer paying the price to us. The referring adviser need not do anything else to receive the referral fee, other than make the referral, however some advisers choose to do one or more of the following:
- attend meetings between their customer and View;
- receive copies of all documents;
- offer feedback or advice in relation to issues they identify;
- ensure the signed documentation is reviewed regularly.
If a separate scope (regardless of the Price paid to View) is provided, the maximum referral fee payable to a referring adviser is 10% of the Concierge service level for the ‘multiple testamentary trusts (couple) package’. In these more complex situations, we recommend the adviser consider separately charging a facilitation or project management fee to ensure their revenue is not capped by View’s pricing model.
View is recognised for its work in improving the pricing models for professional service firms, with director Matthew Burgess one of only a few Australian based Fellows of international pricing thinktank VeraSage (see https://www.verasage.com/).
View can assist advisers looking to develop their pricing skills through a range of education tools, see for example: https://viewlegal.com.au/matthewburgessspeaking/ and https://viewlegal.com.au/business-model-iteration-with-matthew-burgess/