Fees should always be linked to value – no one minds paying a reasonable fee so long as they receive value. Great Financial Planning’s fees are relatively modest compared with the cost of following poor advice or simply allowing your financial affairs to drift aimlessly for long periods of time. As a guide, the range in fees for various service options are outlined in the Fee Menu below.
STATEMENT OF ADVICE
We will determine the appropriate fee applicable to your particular situation during our first meeting, which is provided at our cost, where we will gain an understanding of your needs and be very clear as to our fee for service. As a guide, our fee for preparing a Statement of Advice (SOA) is generally between $680 and $3,300. If there is greater complexity as a result of a number of family investment structures for example, then the initial fee will be fully discussed and disclosed upfront with you. The exact fee will reflect the complexity and scale of your individual financial situation, and the time that will be required to formulate a suitable plan to assist you to achieve your objectives. If you decide to engage our professional services, this initial fee for researching, preparing and presenting our Statement of Advice (SOA), or other form of advice document, will be recorded in the Terms of Engagement (TOE) that you sign at the end of our initial meeting.
Fees for implementing your financial plan will be calculated during the preparation of the SOA, or other form of advice document, and recorded within that legal document. You will make your decision regarding implementation and any ongoing service package after you have had ample opportunity to consider the contents of the SOA.
If you decide to have us implement the investment strategy outlined in your SOA, or other form of advice document, the implementation fee will be $380 plus 0.65% of the amount invested (excluding any borrowed funds). For life insurance policies there is no up-front implementation fee, but there is a standard commission (paid by the product provider) when your policy is accepted, and an ongoing annual commission – these are paid by the insurance provider and are not an additional cost to you.
ONGOING SERVICE PACKAGE
As changes in your personal situation, legislation, or products can significantly impact your strategy, the SOA (or other form of advice document) will outline available packages for the ongoing monitoring of your investments and annual review. You will be able to opt-in to receive ongoing advice, or elect to have no ongoing advice. The annual package fee will be made clear each year when you opt-in, and at the end of each year you will be provided with a Fee Disclosure Statement (FDS) outlining what fees were charged and what services were provided. You can have the peace of mind of keeping your financial plan on track and have access to your personal financial planner for as little as $2 per day.
We firmly believe that we offer excellent value, however should for whatever reason you believe that value is not being derived by you, then there are no contracts or locks-ins that exist for you. Any ongoing advice agreement must be renewed every year, or will be automatically terminated.
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