These stages have been designed to allow our clients to obtain a financial plan (stage 1) and then have their individual plan monitored and adjusted over time to provide them with the best chance of meeting their financial goals (stage 2).
At Beachside Financial Services, we recommend that if you engage our services to provide you with a financial plan that you should only do so if you intend to have your plan managed over time. Our experience has shown that clients who do not have their plan managed and adjusted over time are more likely to see little benefit and ultimately waste the money that they spent on their financial plan.
It's simple. You engaged Beachside Financial Services for our advice because you lacked the financial knowledge, you did not have the time, or you needed specialist expert investment and financial advice.
Our expertise lies not only in designing a financial plan, but also in ensuring the services and products we recommend are implemented and established. A lot of the time the services and products recommended require specialist knowledge to manage and monitor or they can involve complicated tax or superannuation regulations. But, another compelling reason not to overlook ongoing advice is that ongoing advice is tax deductible whereas initial advice is not.
Our initial financial plan fee usually costs $2,750 inclusive of GST for a complete financial plan. For a simple one advice solution plan the cost is usually $1,100 inclusive of GST (say for a share portfolio or a superannuation recommendation). Overall our initial advice fees can range between $1,100 to $5,500. In some cases this fee may be higher as a result of specialist research requirements, the degree of investment risk, the size of the portfolio being constructed, additional specialised financial modelling, taxation, estate planning or lending requirements. The stage one fixed fee may be reduced by any insurance commission paid to Beachside Financial Services on your behalf. We will ensure this is made clear to you.
We strive to keep our fees reasonable and affordable at all times, so please make sure you ask us for a free quote if you are concerned about costs. You may be surprised at how reasonable the price is.
If you engage the services of Beachside Financial Services to prepare initial advice for you in order to implement our recommendations we ask that a reasonable deposit be paid. The remainder of the fee is due only when you are satisfied with the initial advice you have received.
We will provide you with an indicative quote for ongoing advice at the time we provide you with our initial advice quote, and we will finalise this cost once we have worked on your financial plan and have a better understanding of what your ongoing financial advice needs are.
The cost of ongoing advice ranges from $1,100pa up to $11,000pa (before any tax deduction), and the stage two fixed fees may be reduced by any insurance commission paid to Beachside Financial Services on your behalf. Once again, this cost may vary due to more regular reviews or more specialist ongoing advice requirements. Our average ongoing advice fee is $3,300pa.
Insurance companies have not yet fully adjusted the insurance premiums that clients pay so they can correctly eliminate built-in commissions. As a result, we may retain these fees to help reduce the overall cost of the advice we provide to our clients. Any such fees will be fully disclosed to you and in some cases we will pay all the commission, or part of the commission, back to you to help you pay our stage one and/or stage two fixed fees.
Similarly, residential mortgages for owner occupied or investment purposes when sourced via a Loan Broking intermediary also pay a commission once the loan is established or refinanced. Similarly, we may retain these fees to help reduce the overall cost of the advice we provide to our clients. Any such fees will be fully disclosed to you and in some cases we will pay all the commission, or part of the commission, back to you to help you pay our stage one and/or stage two fixed fees.