As each client has different needs it is difficult to quote a standard fee. However, our Financial Services Guide explains the way we charge for our financial planning services.
Unlike traditional financial planners, we are not in business to sell you financial products and charge you based on the products you buy. Instead, we quote you a professional fee for the advice we think you need from us to help you achieve your desired outcomes and solve the financial complexity you face.
Quoting your fee:
The initial Discovery meeting costs $330 (incl GST) and typically takes 90 minutes to understand your personal goals and aspirations and your existing financial circumstances.
After the initial meeting, if we think we can our financial planning service can add value by helping you to achieve your personal goals and deal with the complexity in your financial life, we develop a Terms of Engagement letter containing:
- Our understanding of the outcomes you seek;
- A summary of priorities we think you need to address over the following 12 months. However, once authorised to start our engagement we start off with developing an Advice Map and doing more detailed analysis of your financial affairs - which may uncover more issues than initially thought or may suggest less work needs to be done;
- A range of fees to address the priorities outlined, based on $330 an hour. The range is to cater for the results from the detailed analysis of your affairs.
- Proposed payment options, either proportional to the work before performed with a larger payment on commencement or, preferably, a set monthly amount for the duration of the year’s engagement.
As our financial planning is independent we do not retain any commissions paid by life insurers but refund it back to the client; investment products no longer pay commissions. This means that for clients in need of extra life insurance the refund of commission covers most, if not all, of our fee for the first year’s work.
How much after Discovery?
Since clients have a wide range of needs that varies from year to year it is very difficult to say how much you are likely to pay.
As an indication, for a 12 month's engagement period, clients might pay fees ranging:
- from $1 980 (incl GST) where they have no existing investment structures and the scope of our work is limited,
- to $13 200 (incl GST) for more complex structures and planning needs.