European financial advice network OpesFidelio has introduced a lower fee level for those looking to join.
The ‘Proficio’ level will see members pay £300 ($395, €360) a month, excluding any regulatory or direct banking costs.
To qualify for the lower fee membership model, advisers need to have less than £2m in assets under management or less than seven EU-resident clients.
The model aims be attractive to members whose operations in the bloc are not primary or core to their business and/or to qualified and regulated advisers who don’t have their own agencies in Europe.
The network said the ‘Proficio’ level would be particularly suitable to:
- Advisers entering the EU market for the first time – including multiple advisers working together; and,
- US- or UK-based advisers who have had problems dealing with their EU-resident clients, and who want to keep a relationship with clients who decide to relocate to the bloc.
Shane Wood, business development manager at OpesFidelio, said: “Where the standard Assurgo level of membership within OpesFidelio is appropriate for higher-level producers, we recognise that not everybody requires all of our services.
“We reviewed the options, but wanted to retain the core of our offering, including things like Trove, our multi-currency digital onboarding CRM system. We have also recently developed and set up The Hive, an information hub and communication tool for network members.
“We elected to offer a lower-cost solution to facilitate the ability for advisers with perhaps a scattering of EU-resident clients, or new advisers entering the EU.”
