Financial Planning Fees

There are several different methods that financial planning firms use to structure their client’s fees.

Methods can involve charging an hourly rate, a standard fee across the board no matter what service is provided or fees charged based on a percentage of the assets invested.

At My Wealth Solutions, we are a fee for service financial planning firm and receive no commissions for recommending particular superannuation funds or investments.

This means that the cost for our financial planning services 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.

After doing this, your financial advisor will develop a customised solution for you that incorporates all elements of your financial world and bridges the gaps between where you are today to where you want to be. This is done in your cost and obligation free discovery appointment.

It is after this 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 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 cost depends on what service you require.

The Implementation/Upfront Fees

In order to take action and turn your financial plan into reality, we’ll need to implement the plan. Depending on your plan, this may involve setting up accounts, investing in shares, changing or establishing superannuation funds or purchasing an investment property.

As part of our service we will do as much as we can as your financial advisors (which is why you pay us) and if on the rare occurrence, there are elements we can’t, 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 are debited each month.

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 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 circumstance
  • Meeting with you regularly to ensure you’re stacking on track to achieving your financial goals
  • Adjusting your strategy as you reach financial milestones throughout your journey

The My Wealth Solutions Promise

We will never take on a client who we believe we cannot help. In this extremely rare occurrence, we will do our utmost to refer you to someone more suited to your circumstances that will be able to help.

Talk to a financial advisor today to book your obligation free initial appointment to find out how much sound financial advice will cost you

OUR TEAM

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Our team take the time to understand your needs, wants and fears to create a custom plan that will work for you.

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OUR FINANCIAL PLANNING PROCESS

See how our financial planning process works

Our team take the time to understand your needs, wants and fears to create a custom plan that will work for you.

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Let’s create the future you’re hoping for

We believe in getting to know our clients first, so we can help make their financial ambitions a reality