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How about contextual pricing?
We've got rid of timesheets then 'value pricing' and we are not going back to price lists or fixed prices.
Why charge all clients the same, we have moved kicking and screaming into 2010's with contextual pricing. We try and charge individual clients individual prices.
If we had the time....
Agree with both comments here, in an ideal world we would be offering our clients individual pricing and we are still continuing to do this. But as the ‘crunch’ is fast approaching then offering a range of services at fixed prices seems to work for everyone.
We are hearing that our clients and the clients of the accountants/bookkeepers we are engaging with, are simply relieved that we are able to assist them with their AE requirements in a compliant and timely fashion. Doesn’t mean we should take advantage of the situation we are in right now, but those firms that get their AE ‘model’ in good shape with the right support network behind it will benefit in many ways. Client retention and new client opportunities are the obvious plusses and an income stream for a good few years being another.
If anyone wants to look at how we’re supporting businesses, please shout.
The whole thing is a nightmare. Seems that most of the clients we deal with, under 20 employees won't be able to get a scheme and will be stuck with Nest which seems to be useless anyway. Another half arsed idea from a government that is supposed to help small businesses but has done no such thing. Evidence SSP.
Providers
There are still providers out there who will entertain schemes with less than 20 lives, but granted they are getting a little thin on the ground.
Still important for the adviser and the employer to prove why they’ve ended up with a certain provider, tread carefully would be our guidance.
Worth looking at other supertrust providers of course. We have some capacity from the market if anyone would like to discuss.
Fluster buster - time for the Master Trust
There are only 2 scale pension scheme providers who to date have demonstrated they work with ALL employers, irrespective of size, salaries, turnover etc.
Neither levy any explicit employer charges, both are not for profit models - however, they are very different solutions!
Nest has been well thought out and strategized, but does have a variety of restrictions placed on it, by both government, and as a result of lobbying by traditional insurers via ABI to protect their "cherry picked" profitable business, and a necessity to keep share holders happy.
NOW: Pensions are of significant scale, and backed by ATP of Denmark, who have more experience of SME's and low cost contribution models than any UK pension provider.
Already working with a significant number of accountancy practices and payroll bureaux, and acknowledge Steve Pipes model as well thought out and positioned.
There are several ways to slice the cake. We have designed and worked with a variety.
We have also evidenced accountancy practices who haven't engaged in supporting their clients with AE, lose all elements of the client services -
Will your practice be a winner or loser?
Additionally NOW: have invested significantly to deliver a dedicated solution for bureaux to make processing slicker,..
To discuss processes and considerations contact me on 07825 587858 or Jason Li : 0203 053 1878
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I like the blatant advert Niall!!!!!!!!
Will your practice be a winner or loser?
Additionally NOW: have invested significantly to deliver a dedicated solution for bureaux to make processing slicker....
To discuss models and considerations further contact me on 07825 587858 or Jason Li : 0203 053 1878 - quote Accounting Web
Subtlety has been discarded
In no way would I wish to be perceived as crossing the fine line between providing insight to how accountants may consider their approach in supporting clients Vs a blatant commercial plug.
Given your comment Nigel, I appear to have done so on this occasion, but solely with an impassioned belief that we can help those practices who are deliberating with the perceived conflicts the legislation delivers.
Corporate pensions are not regulated when being discussed in a B2B environment, and many practices and trade bodies are not aligned to this.
Simplicity for all stakeholders (Stakeholder Pensions may soon be a redundant term due to charge cap 0.75%) is key, and this simplicity can be hugely aided by a guided solution being defined by their preferred business advisers.
FSB scheme
The Federation of Small Businesses runs a scheme which is open to ALL sizes of business, for a small 1-4 payroll their 1 off cost is £399+VAT. You can also join the FSB via their auto-enrolment scheme too.
A pension geek comments!
Steve,
Sound stuff, almost all the problem cases with the Regulator result from "leaving it too late" , "burying your head in the sand" or "leaving it to the advisers". We hear this stuff all the time.
Auto-enrolment is no fun for companies but with only 9% opt-outs and the prospect of something better than an annuity from next year, it's not just the Regulator who will be unimpressed by breaches! It doesn't look too good with staff either.
It's not all plain sailing for accountants -it's a PI claim in the making if you don't know what you're doing but as Stephen Elms points out , there are number of "compliance in a box" solutions on the market today and practitioners should invest time in working out which works best for them.
Pension Geeks know very well that there is no way auto-enrolment is going to work beyond 2015 without the support of people on this site - so we're dependent on your goodwill!
Thanks for spreading the word!
Auto offering
I certainly like the idea of one single process to contact clients and in answer to anyone out there who, like me, has doubts about being able to find an IFA who can actually find a pension company to take on smaller clients...I have a solution. Provided by Blackrock, so one of the best investment houses in the uk and happy to share if any one is interested - just email me.