Financial Planning Fees

How Financial Spectrum Fee Only Financial Planning Charges

How Much Does A Financial Plan Cost?

At Financial Spectrum, we believe that a financial plan needs to be specifically tailored to suit the unique situations of our clients. We’re independently owned (which means we have our own Australian Financial Services Licence and have no ownership by any bank or institution), and we charge our clients via fee for service (which means we charge our clients for the work we do instead of receiving commissions).

Because each financial plan we write is completely tailor made, the cost of producing your financial plan will be based on the amount of work required. The total cost of producing a financial plan will depend upon the following variables:

The time taken – this includes face to face financial planning meetings, as well as the time taken by the financial planner and support staff behind the scenes such as liaising with other professionals (such as your accountant and/or lawyer), obtaining financial records, financial research into products and strategies, detailed comparisons between products, financial forecasting, preparation and presentation of the final financial plan. The average tailor-made financial plan takes between 12 and 26 work hours to produce.

The level of expertise required – some financial planning clients may require the services of a more senior financial planner or require advice from a professional with a specific area of expertise eg. asset protection & tax minimisation.

The level of complexity – some clients have very simple financial affairs, whilst others may have multiple investment properties, family trusts etc. With more complexity comes more time to formulate a financial plan and therefore greater cost.

So, How Much Will My Financial Plan Cost?

Many people contact us by phone and via the internet asking for a specific cost to produce a financial plan for them. Until we know and understand your personal situation and your requirements, we are unable to give you a specific cost, however here are some basic guidelines which can assist you in ascertaining the financial planning fees which would apply.

Our financial planning fees typically range in cost from $800 for the most basic of financial plans, up to approximately $15,000 for the most complex and time consuming. On average, most financial plans that we produce are between $2,500 and $6,500. The costs associated with producing a financial plan may be tax deductible (depending upon your circumstances) which reduces the cost to you significantly.

How Can I Pay For My Financial Plan?

We understand that the cost of a financial plan is a large investment and that most people find it difficult to pay the cost of their financial plan upfront. To help make paying for your financial plan as easy (and as painless!) as possible for you, we have three payment options. These ensure that you get the financial advice that you need and the best possible value for money from your financial plan.

Option 1 - Upfront Financial Planning Fee Payment
This is the simplest option of paying for your financial plan where you pay for the cost of your financial plan outright. Throughout the financial planning process, you will be presented for invoices for the work that we have completed. By the end of the process, you have paid for the cost of your financial plan in full with no more to pay with the option of selecting an ongoing service contract to suit your individual needs and goals if you would like ongoing service from your financial planner (e.g. annual reviews and updates).

Option 2 - Hybrid Financial Planning Fee Payment Method
Our Hybrid financial planning payment method is very popular for people who don’t want to pay for the total cost of their financial plan upfront. Under the Hybrid payment structure, you pay the same amount for your financial plan as you do with the Upfront option, however rather than rebate any commissions that are earned from implementing our financial advice back to you, we use them to pay your bill. Anything earned in excess of your quoted cost is refunded to you. This gives you the best of both worlds - a flat fee for the financial advice that you have regardless of the products that are being used without the need to put your hand in your pocket to pay for your financial plan upfront.

Option 3 - Installments Financial Planning Fee Payment Method
Under our Installments financial planning payment option, you will have the ability to pay for your financial plan in regular monthly instalments over a period of one year. This spreads the cost of getting a financial plan into more manageable payments. The amount you pay for your financial plan is the same as the Upfront and Hybrid methods, however a 12% surcharge is added to cover the cost and administration of this payment method.

Get Further Information About Our Financial Planning Fees

For further information about our financial planning fees, or to book a complimentary first meeting with one of our financial planners at our Balmain or Sydney CBD office, give us a call on
1300 886 018
or complete our online financial planning enquiry form.