How much does advice cost?

Most advisers offer a first consultation free of charge

This is an important opportunity to get to know the adviser, share why you have come to see them and decide whether they are the right person to help you.

The adviser will explain the services they offer, and the fees they charge for these services. Advisers must explain their fees and get your written approval before proceeding.

You won’t receive any advice during this first consultation and there is no obligation to proceed with a second meeting.

If you do proceed with further meetings and agree to receiving advice, the fee will vary depending on the type of service you receive. For example, whether it is simple or complex advice, and whether it is one-off or ongoing.

All of this will be discussed with you in advance, so you can make sure you are comfortable with the services you are receiving, and the fees are you paying.

Here are some of the main fees for receiving financial advice

Your adviser will guide you through any fees you can expect to pay, and answer any questions you may have, before you agreed to proceed. 

Statement of Advice (SoA) fee

If you agree to proceed with advice, your adviser will prepare a financial plan and provide you with a Statement of Advice, which is a document that outlines their recommendations.

This is a one-off fee which will be agreed with you in advance. It will be based on the complexity of your financial situation and needs. 

Implementation fee

Once you’ve accepted your adviser’s recommendations, there may be a one-off fee for the additional work required to put the financial plan in place.

Some advisers include this fee in the Statement of Advice fee, and others charge it separately. 

Ongoing advice fees and services packages

If your financial needs are complex, you may benefit from ongoing reviews and maintenance to keep your financial plan on track. Most advisers offer a number of ongoing service packages to choose from, to suit different needs.

These are usually optional, so if ongoing advice is not right for you, you can decline the offer and opt for ad-hoc advice if you need it. The fees for these service packages are ongoing, usually monthly or annually, and you can opt out at any time.

These packages often include services such as additional meetings throughout the year, reviewing and updating your financial plan, maintaining your portfolio and access to client seminars and newsletters.

The fee for the ongoing service package you choose will vary depending on the services it includes. 

Ad-hoc advice fees

While ongoing reviews and maintenance might not be right for you, you may still need help from your adviser from time to time.

Even if you don’t sign up to an ongoing service package you can contact your adviser for assistance, and they can provide you with reviews of your financial plan or any additional advice you might need, at any time for a one-off fee.

The amount of time you spend with your financial adviser depends on you

For example, you might choose to go to an adviser for help with a one-off issue, such as boosting your super, getting insurance cover, or investing a sum of money.

On the other hand, you could opt for a holistic, ad hoc or ongoing advice service that considers your entire financial situation and helps you set and achieve your financial goals over time.

When you make an arrangement with your financial adviser, you’ll agree on how often you will see them – based on your needs, your budget and your availability.

Generally, once your financial plan is in place, you’ll have a yearly review and receive additional advice only as needed. You might also decide to have meetings on the phone instead of in person, if that is more convenient for you.