If you’re a retail financial advisor or a financial adviser who wants to be compensated for your advice, you can now do it.
A federal law enacted in 2009 allows firms like Ageas to provide “expert services” to financial advisers for free, according to the Federal Trade Commission.
“We think this is a good step toward bringing transparency to the process of advising people,” Ageas CEO Jeff Shreebrook told CNBC in an email.
“This is a great way to help reduce fees and costs for consumers.”
The new rule is effective on March 17, 2020.
Shreebroke said Ageas’ financial advisors can work with anyone and can’t charge a fee for their advice.
The fee will be $10 for a one-on-one session or $20 for a group session.
Shrebroke says Ageas will pay the cost of the session with an average fee of about $100.
Ageas is one of the few firms that charges a fee, along with some other financial services firms, for their services.
“If you’re in the finance industry, you should be able to access a variety of services without being required to pay a fee,” Shrebrook said.
Ageias will also pay the fee of $15 for a 15-minute one-to-one conversation with clients.
Ageras is currently in the process to apply for a permit to do business as an intermediary in the U.S. and Europe.
Shriebrook says the fee for the session will not impact his clients’ ability to make a loan.
Shreedbrook says Ageias’ goal is to make financial advice as easy and affordable as possible for consumers.
“For years, the financial advisor industry has had an uphill battle to get the fee rate to be competitive,” Shreebury said.
“But we’re very excited about the opportunity to create a truly transparent, low-cost service to our customers.
We believe this will help us to grow and be a leader in the financial industry.”
Ageas already offers financial services for consumers, but ShreeBrook says it is the first firm to offer financial advice to intermediaries.
“The fee for a session is not included in the fees charged by our clients,” he said.
Shreesbrook added that Ageas plans to partner with other financial advisors and start offering financial services to the general public in 2019.