Step 3: How much will financial advice cost?
You may be surprised by how affordable financial advice can be
The first meeting with an adviser is typically free. During this meeting you can discuss how much advice will cost, which can help you to decide whether you want to proceed.
If you do proceed with advice, you will receive a personalised plan, known as a Statement of Advice. This documents the strategies and financial products recommendations from your adviser. Your adviser will charge a fee for this plan.
A guide to fees
The cost of the advice will depend on the complexity of your situation and the scope of advice you agree with your adviser. Your financial adviser will explain all costs clearly to you when they take you through their Financial Services Guide. ASIC's MoneySmart website also provides a guide on fees.
You may choose to continue with an ongoing service from your adviser to ensure your plan stays on track. Your adviser may charge an ongoing service fee to ensure your plan is implemented, reviewed and updated to keep you moving towards your financial goals. You may wish to pay upfront, or the cost may come out of your investments.
Skip these steps and get in touch with an adviser.