At My Wealth Solutions, we are a fee-for-service fiduciary financial planning firm and receive no commissions for recommending particular superannuation funds or investments. (Other methods can involve charging an hourly rate, a standard advice fee across the board no matter what service is provided, or fees charged based on a percentage of the assets invested.)
This means that our financial planning fee will depend on what services your financial plan requires. In order to understand what your financial plan requires, we need to understand your financial world.
Determining The Cost of Your Advice
In order to determine the cost of our services, your financial advisor will need to get to know your current situation, inclusive of your financial wants, needs as well as your goals. This enables us to create a customised solution for you that incorporates all elements of your financial world and bridges the gap between where you are and where you want to be. This is done in a no-obligation discovery appointment.
It is after this first meeting that we’ll be able to provide you with a thorough understanding of the costs of our service.
The Different Fee Types – Implementation & Ongoing Fees
Often our financial planning fee structure is different for each client but is often broken down into two elements – implementation/upfront fees and ongoing fees. These two sections of your financial plan are equally important, and again, the advice costs depend on what service you require.
The Implementation/Upfront Fees
To turn your financial plan into reality, we will work to implement your plan. Depending on your plan, this may involve setting up accounts, investing in shares, changing or establishing superannuation funds, or purchasing an investment property. This upfront ‘setting up’ incurs an initial fee that isn’t repeated.
As part of our service, we implement as much of your plan as we are able to. If, on the rare occurrence, there are elements we can’t implement ourselves, we will refer you to one of our trusted partners, and we will be with you every step of the way. We won’t charge you for a service we aren’t providing you.
The Ongoing Advisor Service Fees
There is an ongoing cost associated with the responsibility of maintaining your financial world, and it is something we do not take lightly. The ongoing costs of our service are on a per-annum basis that is billed monthly. Our clients have the option to extend our services at the end of each twelve-month period. In some situations, the cost of our services can be taken out of your super/investments. These financial planning fees allow us to ensure that we are:
- Continually monitoring, adapting, evolving, and adjusting to any legislative or market changes, as well as any changes to your circumstances
- Meeting with you regularly to ensure you’re on track to achieving your financial goals
- Adjusting your strategy as you reach financial milestones throughout your journey
- Always available for your questions or to assist with financial decisions you need to make
- Ongoing investing, portfolio & wealth management
The My Wealth Solutions Promise
We will never take on a client who we believe we cannot help. If we cannot help, we will do our best to refer you to someone more suited to your circumstances that will be able to help.
Talk to a financial advisor to book your no-obligation consultation today.