Commission-Free Asset Management Model Reaches Profitability in 5 Years: Aoyama Zaisan Networks Subsidiary Validates New Approach

Achieving Profitability in 5 Years Aoyama Zaisan Networks, a provider of wealth consulting for individuals and business owners, has announced the results achieved by its subsidiary, Aoyama Financial Services (AFS). As a consulting firm specializing in financial asset management, AFS has adopted a completely fee-based (AUM-linked) advisory model since its inception, moving away from commission-based sales. Under this model, AFS achieved profitability in just five years, while expanding its client base by approximately 12 times and assets under management by 18 times. At a time when 'customer-oriented business operations' promoted by the Financial Services Agency are a key challenge for the industry, this case demonstrates that a business model that transforms the underlying revenue structure is viable.

Foregoing Revenue for Trust Regarding its flagship fund, which holds approximately 15.4 billion yen in assets (as of the end of December 2025), AFS has consciously forgone approximately 460 million yen in potential sales commissions (calculated at 3.3%) to maintain a structure that prioritizes client interests. This difference is viewed as a long-term investment in building client trust.

Client Evolution and the Partnership Model Many clients, who previously had assets scattered across multiple financial institutions, have shifted their awareness toward consolidated disclosure and goal-based planning aligned with their life plans. Clients have moved away from decision-making based on short-term market fluctuations, reporting a significant reduction in the psychological burden associated with investment decisions.

Barriers and Sustainability of the Fee Model The fee-only model faces three structural barriers: the long time required for monetization, the need to steadily build client numbers and assets, and the necessity of capital to support upfront investments. With the long-term support and shared vision of the Aoyama Zaisan Networks Group, AFS overcame these barriers and established a sustainable, client-oriented business model. While not necessarily suitable for clients focused solely on short-term gains or market timing, this result provides a powerful answer to the structural challenges of the existing financial industry.