Five financial adviser training companies have joined together to form Fees4Service, offering a turnkey solution to help advisers’ transition to a fee-for-service model.

The companies taking part are Leading Minds Academy, CVM Systems, ili, The Encore Group and REMeX.

Leading Minds founder Mike Dunn says the driver for the new business was the move away from commissions to fees, which is now inevitable.

“The urgency was there to do something,” he told insuranceNEWS.com.au. “No-one had gathered together all the component parts advisers have been searching for.

“Advisers need to take appropriate action now if they want to successfully transition their business before the Government’s 2012 deadline.”