Ask an Adviser - How Much Can I Expect To Pay For Financial Advice?

Top answer provided by:

Michael Bishop

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Thanks for your question Lina.

As with any goods or services, the price range can be considerable, and will even depend on your location in Australia, given the differing costs that may be involved.
 
Important to note: cost is not necessarily an indication of quality or service. A high fee doesn’t necessarily mean the best advice.

I would expect the best outcomes will be had if you seek advice from a firm or adviser that routinely provides the same level of advice/services to existing clients as those that will be most valuable to you. Where an adviser has clients like yourself, and hence is well versed in your likely needs, they will typically deliver the most pertinent advice. Many advisers and firms have different advice propositions and services. For example, some firms specialise in insurance, high net worth investment, estate planning or even simply cash flow and budgeting. Seeking advice from an adviser or firm whose services are not positioned in line with your needs may result in a more costly exercise, as they charge in line with the cost structure of their typical clients.
 
For simple advice, fees could be as little as few hundred dollars, whereas for complex advice, expect in excess of a few thousand dollars. 
 
It is likely, based on your circumstances, that the areas of advice that you should seek would cover:

-     Estate Planning

-     Superannuation & Investment Advice

-     Tax & Retirement Strategies

-     Cash Flow and Budgeting

Your situation, needs and objectives are not uncommon and many advisers would be well positioned to deliver a suitable and valuable solution to you, at the lower end of the cost structure mentioned above.
 
I would recommend writing up a list of top 5 things you would prioritise in finding the right adviser for you (such as cost, trust, expertise in dealing with like clients to yourself etc) and seek to find an adviser that best matches these personal preferences. Most adviser will offer a free of charge initial consultation which will allow to ask the questions you need to determine the right option for yourself. 

While the Adviser Ratings Website facilitates the question and answer functionality, all such communications are between users and authorised financial advisers, of which Adviser Ratings has no affiliation. Adviser Ratings is not the advice provider and does not provide financial product advice and only provides information that is general in nature.

Article by:

Lina in NSW

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