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How to get financial advice without forking out $3000

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20/04/2021 by Aleks Vickovich, Australian Financial Review

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Statistically speaking, somebody reading this article is unlikely to receive professional financial advice.

According to the latest figures from research house Adviser Ratings, Australians with an adviser made up just 11.2 per cent of the population in 2020, down from 12.2 per cent the year before.

That comes despite the fact that more than 60 per cent of people believe there is value in receiving advice. With an ageing population, wage growth sluggish and global sharemarkets experiencing wild swings, there is certainly no shortage of the need for it.

While the median fees charged are now north of $3000, that is not to say that all advisers charge that much.

The lowest rate card identified by Adviser Ratings in 2020 was the more affordable $750 per annum, which is less than you would pay for a gym membership for a service more akin to personal training.


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