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Firstly, we really are fee for service
We charge a fee for our services based on the time taken and the complexity of the advice. We don’t accept commissions or contribution fees from investment managers. However, we will accept insurance commissions if you’d prefer to pay us this way rather than directly out of your own pocket.
We offer this service because some clients prefer it. It’s your choice.
Once you decide that you’d like to engage us, we’ll schedule an initial fact finding consultation of around 90mins, for which our fee is $330.
The fee for building the strategy and making the recommendations that are presented to you as a Statement of Advice (SoA) ranges from $1,640 to over $18,000 depending on the complexity of the work.
We’ll always present you with a fixed price scope of works and written terms of engagement before we proceed beyond the fact finding stage. Once terms are agreed and we commence work, you’ll be billed in two or three instalments, depending on the scope. Generally you’ll pay 50% at commencement and the balance on presentation of the SoA.
Usually, the fee for preparing the SoA also includes the work we’ll do to implement your strategy. However, sometimes this just isn’t possible. However, we’ll be able to tell you before commencing whether there will be additional charges likely for implementation and these charges will be documented in your SoA.
For implementation services, one-off advice or transactional assistance that doesn’t require a SoA we charge an hourly rate. This ranges from $105 an hour for predominantly administrative services to $465 an hour for higher level, complex technical work.
Our ongoing fees are for ongoing service
We prefer our clients to retain us as their financial advisors to ensure they stick with their plan. For this service we charge a monthly fee.
Often we can structure this fee so that it doesn’t come directly out of your pocket. You’ll still be paying it, you just won’t notice it quite as much. Sometimes, it’s even tax deductible.
By the way, we have had several attempts at developing generic ongoing service offerings and marketing them as our Bronze, Silver, Gold, Platinum packages, or some equally naff name. However, whilst this might work for some of the larger, traditional financial planning firms, it just didn’t work for us.
Our clients have varied requirements and a tiered, one-size-fits-all approach isn’t the answer. We’d end up feeling guilty because some clients are paying too much for too little service and feeling resentful of others because they aren’t paying enough. We’d rather use a methodology that’s fair, reasonable and flexible.
The fee to retain our services is based on the complexity of your arrangements and the frequency and nature of the service you require. Typically, they range from $250 to $1,500+ per month. If you think this sounds expensive, you might be surprised to learn what fees you’re actually paying on your current investments, particulary when you consider the service (if any) you’re receiving.
We put a lot of thought into what you’ll require and what is a fair fee for the work involved. We review it yearly and, believe it or not, sometimes it even goes down.
What our fees don’t include
Our ongoing service doesn’t include sending you Xmas and birthday cards, flooding your inbox with ‘exclusive client offers’, automatically subscribing you to newsletters full of generic content or (badly) ghostwritten eBooks.
We believe our clients are just like us. If we get a couple of email ‘updates’ a week from a service provider, after a fortnight it’ll be sent straight to junk. And this is a problem, because one day it might be something you really need to know and you will have missed it.
If we believe you need to know something we’ll communicate it to you via the most appropriate channel when it happens. So if we ring you, please pick up; it’s important. And when we send you information it’s because we believe it’s relevant, interesting, entertaining or, with luck, all three.