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Keith Gregg
Chairman and CEO of Chalice Wealth Partners Keith Gregg

Chalice Financial Network Cuts Monthly Fee

The self-billed "Amazon Prime for financial advisors" is cutting its monthly subscription fee, which gives FAs reduced pricing on technology, lead-generation services and health insurance.

Chalice Financial Partners, a new membership-based back office support organization for financial advisors, is cutting its monthly fee.

In January, the company launched the Chalice Financial Network, a software-as-a-service platform that charged a flat monthly fee of $250 for advisors in return for free access or favorable rates on services like health insurance, office supplies and technology vendors. On Thursday, the company announced it was cutting the monthly fee to $99, and offering a refund to RIAs that don't save more than the cost within three months. 

The firm claims the price reduction is an indicator of its success. Since the network's launch, Chalice has "significantly exceeded" its membership goals, said Keith Gregg, Chairman and CEO of the Chalice Financial Network. "This accelerated growth enables us to immediately make good on our promise to continuously deploy our growing scale and resources towards enhanced cost savings for independent financial advisors who join us as members," he said. 

To qualify for the refund, members just have to use any of the 35 products, services and vendors affiliated with Chalice's single sign-on platform.  That includes a lead-generating website through ProSites and membership to Succession Link. Other affiliates offer a steep discount, such as a 55% discount on Office Depot products, discounted group health insurance for advisory practices, and access to Orion, Redtail and SmartX at negotiated prices.

Chalice acquired Succession Link, an online matching service for independent advisor M&A deals, in February. Terms of the deal were not disclosed.

The company aims to serve independent advisors and registered investment advisors with between $50 million to $250 million in assets under management, which tend to lack the economies of scale to build the services and support that the firm hopes to offer. Its stated objective is to become “the Amazon Prime for independent financial advisors.”

TAGS: Technology
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