You’ve finally decided to get serious about your financial situation. Maybe you’ve hit a career milestone, received an inheritance, or just realised that managing everything on your own is starting to feel like a full-time job.
You book an appointment with a financial advisor – questions in hand, goals in mind, maybe even a spreadsheet or two.
Then comes the dreaded f-word: fees.
And just like that, your enthusiasm gets replaced with uncertainty.
What exactly am I paying for? Is this just a sales pitch in disguise? Will this actually help me get ahead?
If that sounds familiar, you’re not alone. Financial planner fees – particularly different structures, splits, and how they are paid – can be confusing.
In this article, we’ll unpack:
We’re talking about tailored advice, often ongoing, that involves a financial adviser working with you to set up systems and processes. This is often best for those who have more complex financial situations, goals, or big decisions that could impact you long-term.
Most people find value in financial advice, but you have to strike a positive balance between how your finances are improving, and how much you’re paying for advice. Financial advice can be expensive – mostly because of the high regulatory costs – and therefore traditional ongoing advice isn’t that affordable for many people who need it.
Advice typically adds the most value when you:
While we at My Wealth Solutions try to keep our advice as affordable as possible, there are still many situations where it isn’t in your best interest for us to provide advice, for example, because the cost to you may take too long to recoup. For those with very simple finances, or needing advice with short-term or single-issue decisions, full advice is often not needed at that time. Sometimes one-off, or general advice, is more appropriate in these circumstances.
The best way to know? Give our team a call. We are committed to always being honest with you about if we can help and what kind of advice would be best for you.
There’s a long history of people feeling unsure – even suspicious – about financial advice fees. For years, advice was often bundled with financial products, and many advisors were connected with banks or institutions and gave biased advice. Commissions, incentives and vague pricing weren’t unusual, and many providers gave advice that wasn’t independent or based on best interest – but was linked with those incentives.
There were many advisers still working with integrity for their clients, with our firm being started because our founders wanted a better way to serve clients.
Following the Financial Services Royal Commission, which ended in 2019, financial advisers in Australia are now held to higher standards. However, the legacy of biased advice and product-pushing has stuck around in public perception, even as the industry has gone through some big changes.
Financial advisers are now required by law to:
With clearer expectations and a behavioural standard to hold advisers to, you can expect a good adviser to be able to:
The focus has shifted from product sales to client strategy. But that doesn’t mean everyone feels comfortable with the idea of paying for financial advice – especially if it’s not clear what you’re actually getting for the money.
So, how much does financial advice cost in Australia – and how does it all work?
Here’s a breakdown of the most common types of fees and what they usually include.
This one-off fee, also known as a Statement of Advice (SOA) fee, covers the development of a personalised financial plan. This is usually the first cost to you, if you visited an adviser who provides a free initial consultation. This includes:
This fee typically ranges from $1,000 to $5,000 or more depending on the complexity of your situation.
The implementation fee follows your approval and agreement to the Statement of Advice, and this one-time fee covers initial setup of bank accounts, investment strategies, insurance implementation and more.
This fee is often not repeated, unless significant changes occur in your personal circumstances. Situations like divorce, for example, might require considerable changes to your accounts and structure which may incur additional new implementation fees down the line.
Your implementation fee may be required up-front, and can span from $2,000 to $7,000 depending on the complexity of your plan and financial structures.
After the initial plan is in place, ongoing fees cover:
These fees are often charged annually or monthly and range from around $2,000 to $10,000+ per year depending on the level of support and complexity.
The average ongoing advice fee in 2025 was $4,668, a sharp increase of 18% from 2024’s average. This is because many advisers are focussing on more complex client needs or high-value clients as the cost of providing advice continues to increase.
Many financial planner firms offer flat fees, which are based on the scope of work and level of complexity – not on how much money you have. This approach is often seen as more transparent and aligned with client interests.
Flat fees can be based on a package style service offering, or a tailored ‘fee for service’ structure, where you are quoted a fee based on the strategies being in place. These fees stay consistent over time, unless your plan undergoes significant changes and is requoted.
Some firms use percentage-based fees, especially when managing investments. For example, an annual fee of 0.8 per cent on $500,000 would be $4,000. If the adviser you’re considering working with uses percentage-based fees, it’s important to find out what that percentage is in actual dollar amounts, and how that compares to the value you’re receiving.
Some firms use a combination of fee for service and percentage-based fees. Usually, this would only occur when managing significant wealth and assets.
Some advisories provide one-off or project advice, which is a good option for those who need single-issue advice or who have more simple financial situations. Usually a one-off fee would apply, and in some cases, the firm might use an hourly rate. These rates generally range from $250 to $500+ depending on work completed.
Tip: All fees should be disclosed clearly and explained before you agree to proceed. If it’s not clear what you’re paying for – ask.
Financial advice fees are usually paid in two different ways. First, from cashflow through a direct deposit / direct debit or invoicing method. Second, from superannuation or investment accounts through an authorisation process. Many advisers will use a combination of these sources, depending on your financial situation, cashflow and what would suit your finances best.
If your advice involves tax advice, or producing a taxable income, that portion of your fees may be tax-deductible. Your adviser can provide you with guidelines as to how much of your fee could be tax-deductible.
‘Financial advice’ usually refers to a holistic approach to financial planning, rather than a specialisation or focus on one element of your finances. The reason holistic advice is so valuable, is that it can include many or most of the focussed elements and integrates them into a cohesive whole story that moves you in the direction you want to go.
Financial advice is therefore a lot more than just picking investments. With a ‘whole-of-life’ strategy approach, short, medium and long-term goals are taken into account, your financial structures and tax planning are put to the test, and financial decisions are sequenced to occur with the right timing and level of investment.
Some financial advisers do focus on investment management, with expertise in building and managing your investment portfolio. These firms make their focus very clear and they often work with high-net-worth individuals with a high investment potential.
Wealth managers can include a number of lifestyle considerations, particularly in regards to how your portfolio will be utilised for non-investment wealth-building, philanthropy, estate planning, or family office structures. However, investment management rarely strays from the purpose of growing and maintaining your portfolio.
It’s easy to assume financial advice is just a one-off meeting and a document but, in reality, it’s much more involved.
Good advice takes time, skill, research and planning. It’s a professional service – like legal or medical advice – and it’s tailored to your personal situation.
Here’s what financial advice fees usually cover:
Still wondering if financial advice is worth the fee? One way to think about it is by looking at what the cost of not getting advice might be.
For example:
Sarah received a $150,000 inheritance and wasn’t sure what to do with it. She considered paying down her mortgage, investing in shares, or contributing to super. Working with an advisor helped her model out each option, compare tax implications, and develop a strategy that balanced long-term growth with short-term flexibility. The result: she avoided an unexpected tax bill, gained confidence in her plan, and now expects to reach her retirement goals five years earlier than planned.
A good advisor can help you avoid:
Often, the value of advice isn’t in flashy results – it’s in avoiding expensive mistakes and making better decisions over time.
You may have seen it in the news. ASIC has launched Federal Court action against Equity Trustees, alleging failures in its role as trustee of the Shield and First Guardian Funds. The collapse of these funds has left more than 12,000 Australians facing potential losses of up to $1.2 billion.
This is one of the biggest fund failures in recent years, and it has raised tough questions about trustee oversight and how some super products are marketed.
Why it matters:
What not to do:
What to do instead:
Paying for financial advice should never feel like a gamble. Here are some indicators that it’s delivering value:
In other words, the advice should empower you – not just tell you what to do.
Financial advice isn’t free, but the right advice, at the right time, can be worth far more than the fee you pay.
Just like you’d see a specialist for legal, health or business advice, financial advisors offer professional guidance to help you make informed decisions and avoid costly detours.
Yes, the numbers matter. But so does the impact – on your peace of mind, your goals, and your future financial outcomes.
Understanding what you’re paying for – and what you’re getting – is key to making sure the relationship delivers real value over time.
No. Financial advice is not just for high-net-worth individuals. It’s most valuable for people with financial complexity, important decisions to make, or limited time to manage their finances — regardless of income or asset level. Life events such as career changes, inheritances, starting a family, or planning for retirement often trigger the need for advice.
The cost of financial advice in Australia varies based on complexity and scope. Initial advice fees typically range from $2,000 to $5,000 or more, while ongoing advice fees often range from $3,000 to $10,000+ per year. One-off or project advice may be charged at an hourly rate, usually between $250 and $500+ per hour.
Yes. Many advisers offer one-off or project-based advice without an ongoing fee arrangement. This may suit people who need help with a specific decision or financial plan. Ongoing fees apply only if you agree to ongoing services, such as regular reviews and ongoing strategy support.
Ongoing financial advice fees typically cover regular reviews, updates to your financial strategy, monitoring progress, and access to your adviser for guidance as your circumstances change. They are designed to ensure your plan stays relevant and aligned with your goals over time, rather than becoming outdated.
In some cases, yes. Financial advice fees are based on the scope and complexity of work, so they may be adjusted if the services provided change. However, quality advice involves significant professional time and expertise, so fees should reflect the level of service being delivered.
Financial advice fees can be paid in several ways, including direct invoices, deductions from investment accounts, or deductions from superannuation (where permitted). Your adviser must clearly explain how fees are paid and obtain your consent before any fees are charged.
Financial advice can be worth the cost if it helps you make better decisions, avoid costly mistakes, and feel confident about your financial future. Value is measured not just by returns, but by clarity, tax efficiency, risk management, and progress toward your long-term goals.
Financial advice focuses on your overall strategy — including goals, cash flow, tax, super, insurance, and retirement planning. Investment management is only one component and involves selecting and managing investments. Many people assume advice is just about investing, but the strategic guidance is often where the greatest value lies.
In Australia, financial advisers are legally required to act in their clients’ best interests. You can assess this by checking whether fees are clearly disclosed, advice is tailored to your situation, and recommendations are explained in plain language rather than focused on specific products.
Red flags may include unclear fees, product-focused recommendations, limited explanation of strategy, or no regular review process. Good advice should be transparent, personalised, and focused on helping you achieve your goals — not selling financial products.
If your situation is straightforward, you may not need comprehensive ongoing advice. However, even simple finances can benefit from professional guidance at key decision points. A discussion with an adviser can help determine whether advice is appropriate and what level of support makes sense for you.
Jessica leads the Marketing team at My Wealth Solutions.
B. Creative Industries, M.Bus (Marketing & PR)
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