Question

What are your fees?

Answer

When planning for and setting up my business something I wanted to do was have set packages so each potential client could know immediately the exact services I offer and the costs involved.

The main benefit I saw by taking this approach is that be it buying a Netflix subscription or an overseas flight, we expect to know the cost of a product or service upfront as this is a big part of the buying decision.

So why didn’t I take this approach?

The more time I spent putting together packages and getting feedback the more I realised that every client is different and have different needs in terms of the financial advice they need.

Some clients want help saving for a house. Some want help paying down credit card debt. Some have money to invest. Some may just want to pay down their mortgage. Some just want to get their insurance sorted. Some want ongoing advice. Others just want one-off advice and will get in touch again if and when they need more advice.

You get the point. By offering packages that try to be all things to all people I will naturally be offering too little to some people and too much to others and making it unfair as some will overpay and some will underpay.

I prefer (and find clients prefer) to have an agreed “scope of service” that’s tailored to their needs and wants. This ensures clients get the services they want without paying for additional things they don’t value or want.

Clients also have different complexities and higher complexity often leads to more time involved. As my time is by far the biggest input, this naturally leads to a higher fee.

So what’s the process to get a “scope of service” and know the fees involved?

  1. Book in an initial call here and I will call you to briefly discuss your situation and get an initial idea if financial advice is likely to benefit you and if we’re likely a good match for each other.
  2. If it’s likely advice will benefit you and we’re a good match for each other, we’ll organise a meeting (face to face or online) where we’ll discuss your situation in more detail, answer your questions and get a good idea of how you want to work together. Importantly, this meeting isn’t a sales pitch and I aim to provide value and answer your questions so it’s worthwhile even if you decide not to proceed any further.
  3. If still worthwhile working together, I’ll then get you to complete a quick questionnaire so that I know exactly how you want to work together and on what areas.
  4. I’ll then put together a tailored proposal outlining my services and the costs involved and email it through so you can digest and get in touch with any questions you have. I only charge fixed fees as these are not based on a % of your assets.

To work together, we both have to be confident that the value added is greater than the fee so if this isn’t the case I’ll aim to point you in the direction to get the help you need so you’re not left in the dark.

But can you give me an idea of the costs?

The simpler your situation and the less areas you need/want advice on the cheaper the fee e.g. if it’s just cash-flow/budgeting advice and super I generally find it’d be around $900 whereas advice involving a property purchase/debt could be closer to $2,000.
Insurance is a tricky area as to get access to what often are the most appropriate products, I need to implement them which can sometimes be quite time consuming depending on the client’s past health so is difficult to estimate.
I also offer hourly billing where my rate is $300 per hour so if after our initial meetings you just want some more questions answered we can organise an hourly meeting.
How can I pay for your fees?
I don’t receive any commissions so all fees I receive are only from you. This often results in premiums being up to 30% cheaper.
For upfront fees, these are generally paid from your bank account where you transfer the funds or we can set-up a direct debit.
Ongoing fees (if any) are also paid from your bank account where we will set-up a monthly direct debit. These fees are often tax deductible.
In some instances, fees can be paid from your super account however I’ll talk you through the pros and cons of doing this.
I hope that answers your question (and future readers) and don’t hesitate to get in touch if you have any questions or would like to provide any feedback.

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