Chalice Financial Network, which recently launched a service to provide financial advisory firms with support for both their advisory services and for their needs as a small business, has reduced its fee by more than half and now offers a guarantee.

The Chalice Advisor Exchange, based in San Diego, started in January and offers technological support for advisors for such things as human resources, health insurance for employees, and help with incorporating, as well as assistance with financial service needs such as compliance, back office support, lead generation and succession planning.

“Stronger than expected start-up performance in its first quarter has enabled Chalice to boost cost savings for its advisor members,” Chalice announced Monday. In addition to lowering the fee to $99.99 a month, Chalice now offers a guarantee that advisors will recoup membership fees within three months or their money back.

“Chalice Financial Network has significantly exceeded its initial goals in terms of brand recognition, membership and our prospective members’ pipeline,” said Keith Gregg, chairman and CEO. “This 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.

“We experienced a number of organic and acquisition-driven surges in advisor members over the past months, including through our purchase of Succession Link, a company with 38,000 members. Put simply, we deployed the economies of scale offered by our 16 percent non-annualized growth rate towards greater cost efficiencies for our advisor members. Beyond this, and for competitive reasons, we don’t publicly discuss specific numbers related to our growth,” Gregg said.

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