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 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.