Financial Advisor Perth fees

When it comes to managing your finances, seeking professional advice can be a game-changer. But what about the financial advisor cost? How much does a financial advisor cost for financial guidance in the sunny city of Perth? Fear not—I’ve got you covered.

How much does a financial advisor cost?

1. Traditional Models vs. Fee-for-Service:
   • In the past, financial advisor perth cost was charged a percentage of your assets under management (AUM). For instance, 1% of a $500,000 portfolio would translate to a $5,000 fee. However, the industry has evolved.
   • Nowadays, many good financial advisor in Perth follow a fee-for-service model. This means they charge a flat fee based on the complexity of the work involved, rather than tying it directly to your investment size¹. Wealthwise Financial Planning charge a fee for service and will detail your fee so you know exactly what you are paying for.
2. Average financial advisor cost:
   • According to Adviser Ratings, the average cost of seeing a financial advisor (including both limited advice and comprehensive ongoing advice) hovers around $3,500 per year. If you’re seeking comprehensive ongoing advice alone, that figure bumps up to approximately $5,000 annually².
   • Keep in mind that these are averages, and individual fees can vary based on your specific needs and the advisor’s expertise.
3. What to look for in a financial adviser?
   1. 1. Qualifications and Expertise: Ensure your advisor is qualified and licensed. Look for certifications like Certified Financial Planner (CFP) or Chartered Financial Analyst (CFA). Also, consider their specialty areas—some advisors focus on retirement planning, while others excel in investment strategies.
      2. Transparent Fees: Understand your financial advisor Perth fee structure. Are they charging a fixed fee, a percentage of assets under management, or a combination? Clarity here is crucial.
      3. Client-Centric Approach: Seek a financial advisor who genuinely listens to your goals, concerns, and values. A personalized approach matters.
      4. Investment Philosophy: Ask about their investment philosophy. Do they align with your risk tolerance and long-term objectives?
      5. Communication Frequency: How often will you meet? Regular check-ins are essential for tracking progress and adjusting strategies.
      6. Information Flow: Inquire about the type and frequency of reports you’ll receive. Transparency matters.
      7. Ongoing Monitoring: Understand how they monitor and manage your investments. Regular reviews are vital.

Verifying a financial advisor’s credentials is crucial, especially when entrusting them with your financial well-being. In Perth (and across Australia), you can take the following steps to ensure your advisor is legitimate and qualified:

Check ASIC’s Financial Advisers Register for financial advisor cost

• • The Financial Advisers Register, managed by the Australian Securities and Investments Commission (ASIC), is a public record of financial advisors who provide personal advice on complex financial products to consumers.
  • You can access this register on the Moneysmart website¹. It allows you to:
    • Verify that an advisor is authorized to provide financial advice.
    • Find information about an advisor before seeking advice from them.
    • Assess their qualifications, experience, and employment history.
    • Improve ASIC’s ability to monitor financial advisors in Australia.

Remember, always discuss financial advisor cost upfront with your advisor. Each advisor may have a slightly different fee structure, so clarity is key. Your financial adviser should provide you with a Financial Services Guide (FSG). This explains the financial planners fees and how they get paid. Some financial planners may take commission when recommending insurance. This is typically for instance when an adviser charged a fee for service.

If you are considering retirement planning, making more of your superannuation or wealth management make contact with a Wealthwise adviser today.