Adviser directory service Unbiased - which connects consumers with advisers - will move to subscription-based pricing on 2 January after an upgrade to its platform.
The lead generator said the subscription should mean lower costs per client lead for a minimum monthly fee.
The upgrade will enhance the quality of leads and the potential for conversion, according to Unbiased.
Unbiased’s directory allows consumers to search for financial advice professionals and provides introductory leads to advisers.
To date, the site claims that more than 10m individuals have used it to find financial advisers.
Unbiased is charging £302 per month for a Standard Financial Adviser Plan (covering a minimum of 5 search locations), £1,292 for the Premium Plan (20 locations) and £3,272 for the Enhanced Plan (50 locations). All rates are ex VAT.
The new pricing system means adviser firms will be required to purchase a minimum value of credits to gain access to leads each month. This will be tailored to advisers' actual purchase behaviour, based on their average spend over a three-month period. Regardless of their purchase level, advisers will get a reduced cost per lead in the form of a 5% monthly credit boost, Unbiased says.
The company told Financial Planning Today that the updates to the Unbiased platform do not include a price rise but customers will now be able to pay for enquiries via subscription credits, as well as any previous payment methods.
From 2 January, customers will be billed a fixed amount of subscription credits on a monthly basis, to redeem against enquiries they choose to accept. The monthly credit amount has been calculated to be below their average spend over a quarter. If a customer wishes to purchase additional credits, they can either increase their subscription credit amount, or top up on a pay-as-you-go basis.
Unbiased said the British public was seeking first-time financial advice in record numbers, in response to increasingly complex and challenging economic conditions.
The platform said its referrals brought in more than £15bn worth of AUM into the industry during 2023, 75% from investors who had never used a financial adviser before.
The updates to the Unbiased Pro adviser platform include enhanced mobile features, new products for growing advisers as well as the new subscription-based model.
Karen Barrett, founder and chief executive, Unbiased, said: “Since we began, we’ve been determined to play our part in closing the advice gap. In the last year we’ve seen the industry grow by 8%, and, at Unbiased 75% of our enquiries have come from people who have never had advice before.”
She said the platform's new features, “will ensure greater consumer intent, improved enquiry quality and, ultimately, a greater number of connections between consumers and advisers.”
The latest updates build on earlier improvements, including streamlining customer onboarding to help advisers connect with potential clients immediately and enhanced reporting.
