Initial Meeting - Fee for Service Structure
There is no fee for our initial meeting, including our preparation for that meeting.
We will give you our Financial Services Guide (FSG) and Client Questionnaire (CQ) for your completion prior to our initial meeting. Completing the Client Questionnaire prior to your initial meeting gives both of us a better idea of the main issues to discuss at the meeting.
The initial meeting also gives you the opportunity to ask questions about our experience, qualifications, testimonials etc. as well it allows us to ask you pertinent and relevant questions about where you are and where you want to be. We must both believe we can add value to your situation to proceed past the initial meeting.
If at the initial meeting we both agree there is a sound basis to proceed we will outline the scope of our advice and our fees. A Fee Engagement will be provided to you for your agreement before any advice is provided. No fee will be charged without your prior approval in writing.
All CSA's Statements of Advice (SOA) are vetted and approved by our back office solicitors before being presented to you. All SOAs include a clear description of our advice, our advice fee including implementation fee & our ongoing review program and its fee if applicable.
Our advice fees can range from $900 + GST to $2,500 + GST depending on the complexity of the advice (average advice fee is $1,500 + GST).
Implementation of Advice
We make an estimation of the time it will take to implement our recommendations. Our hourly rate is calculated @ $150 + GST for senior office staff (minimum 5 years experience) and $300 + GST for senior financial planning staff. Our implementation fee is to offset business costs only.
Ongoing Review Program
Financial plans are best reviewed regularly to ensure they continue to meet your objectives in the face of your changing circumstances and changes in the external market environment. Reviews are scheduled either 6 monthly, annually or 18 monthly with additional meetings on request or as required. You can choose which is right for you.
The review service and frequency of reviews we recommend and offer is predicated by the complexity of your financial structures.
For Managed or Self-Managed Super Funds with account balances in excess of $300,000 to $350,000 we believe 6 monthly reviews are most appropriate to ensure asset allocations & investments remain true to plan;
For superannuation accounts with less than $300,000 to $350,000 possibly annual reviews are sufficient.
For Life Insurance reviews, including Death & Total and Total & Permanent Disability, Income Protection & Trauma insurance 2 yearly reviews may be appropriate unless a significant change occurs such as major premium increases, marriage, divorce, addition to family, death in family, change to mortgage, change of job, promotion etc.
Superannuation reviews include the following basic components:
Reviews on smaller portfolio can be conducted via post, email or phone discussions. They do not have to be face to face. We also offer Skype meetings where appropriate or more convenient.
Face to face portfolio reviews are available to those clients who are paying either an agreed fixed fee or agreed percentage of funds fee.
The benefits of a fixed fee include:
Clients have the option to choose a higher ongoing review service level for a negotiated fee.
Insurance Advice Service & Fee
A well-constructed life insurance portfolio should cover Death, Total and Permanent Disability, Income Protection & Trauma. Cover is essential for everyone with financial responsibilities. Adequate insurance is the foundation of every well-constructed financial plan and no insurance or underinsurance does result in catastrophic financial outcomes.
Life Insurance Advice Fee, Implementation & Reviews
Depending on the complexity of the insurance advice required our Statement of Advice Fee can range from $900 + GST to $2,500 + GST.
Initial and Renewal commissions are fully disclosed in $ & % terms in your Statement of Advice.
We do not charge an implementation fee as commissions are paid by respective Life Offices and incorporated into the premium (i.e. Commissions are not an additional charge to you and reimburse us for the significant time involved in providing & implementing our recommendations for you).
Renewal commission paid by the Life Offices is incorporated into the premium and covers our review fee.
As your adviser we choose a commission structure from the following two options (the premium remains the same irrespective of either commission structure):
The higher the commission as a percentage in the 1st year the lower the commission as a percentage is in the following years. The higher the Commission is in subsequent years the greater the value you have as a client of the firm and the greater level of service you will receive. Renewal commissions paid in subsequent years allows us to review your insurance portfolio without you paying us a fee to do so.
It is appropriate that all insurance is reviewed at least every 2 years, or earlier as circumstances dictate. Life Insurance is a very competitive market and offerings by different Life Office's deserve consideration:
In additional the review service we offer includes the following: