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What is the cost of financial advice?

What is the cost of financial advice?

The first thing to know is that understanding your situation and helping you decide if you would benefit from personal advice won’t cost you anything.

We will take the time to chat to you first, understand your situation and tailor a package of advice just for you.

Our fees include the research and preparation of your advice documents as well as the cost of implementation and are inclusive of GST. If you choose to implement our advice yourself, we are able to discount our initial advice fee or charge on a per hour basis. Where we receive insurance commissions we may agree to use these to offset your initial advice fee. Any legal and accounting fees are separate charges. However, where we receive insurance commissions we may use any initial advice fee paid to offset part or all of those additional charges.

Table 1: Initial advice costs where you pay for our services – direct debit, cheque, credit card or debit from superannuation or investment product

Advice type General advice Personal advice guidance Personal advice collaboration Personal advice partnership Business and Private advisory
Cost 0–880 4,500 6,500 8,000 POA
Average Hours 1–3 hours 10 hours 15 hours 20 hours POA
Example solutions Simple advice that applies to anyone eg: tips on how to pay off your home loan faster 1 investment strategy (eg superannuation) estate planning and insurance advice. 2 investment strategies (eg superannuation and an investment strategy) estate planning and insurance advice Complex advice or situations with expensive implementation eg SMSF borrowing strategies or numerous strategy’s. Business succession planning or private client management for clients with investment assets exceeding $3mil.

Prices inc GST.

Insurance product payments:

Life insurance products pay a commission – this is a payment made by the insurer to pay for advice, implementation and ongoing service. Commission payments are up to 121% of the first years base premium (premium excluding stamp duty and policy fees) and up to 33% ongoing.

Insurance commissions are only paid if a policy is accepted by you and paid for and can be taken back if you cancel the policy within 2 years.

Commissions are an imperfect way to pay for our services however the majority of Australians are under insured and few if any when asked would pay a fee that matches the time required to implement a quality solution. Enva’s approach is to accept insurance commissions and use them to offset other forms of advice we provide. For many young couples insurance commissions fully pay the upfront cost for our service which includes superannuation and estate planning advice.

Ongoing advice:

Ongoing service is about making sure you’re best placed to react to a constantly changing environment. Enva’s approach is to build an offer that directly relates to the complexity of your portfolio. We have created an ongoing service package called “Central Services” which forms the foundation of our partnership with you. In addition to these foundational services, we have a modular approach to constructing our on-going service packages. Based on your strategy and preferences, we would agree the specific modules required to service your strategy effectively. This approach provides absolute clarity on the time spent and its relation to your objectives. If we have provided you with insurance only advice, we can either provide on-going active management of your insurance through our Central Services package or on a separately agreed basis. For those who wish to take a more passive approach to managing their financial strategies, we have an Essentials Service package. This is the minimum fee payable for any strategy implemented through Enva and where we are the adviser on record with the product provider.

Table 2: Ongoing advice packages

Foundation packages:

Package Quarterly cost inc gst
Central services 325
Insurance only active management 160
Essentials service 105

Additional service modules:

Custom ongoing service module TBC
Tactical asset allocation advice 650
Budgeting & cashflow management 650
Complex portfolio administration 435
Centrelink support 325
Direct equities – Enva administered 325
Direct property support 325
High contact service 325
Margin lending administration 325
Multi-entity investment administration 220
Transition to retirement management 220
Term deposit rate watcher 160
Non-approved product administration 105
SMSF support 105
Direct equities – Broker administered 50

How do our fees compare?

Firstly, does anyone else even publish their fees? If so we can’t find it but here are some examples:

For a husband and wife seeking personal advice, insurance premiums of $3,500 per annum and advice on superannuation with a combined balance of $200,000 in super.

Major bank: $1,200 for the advice document, 3% of your assets that are invested and all the insurance commissions.

Cost: $1,200 + $6,000 + $3,630 = $10,830. Out of pocket/product cost: $7,200

Another advice firm: $2,200 for the advice document, 2% implementation fee and insurance commissions.

Cost: $2,200 + $4,000 + $3,630 = $9,830. Out of pocket/product cost: $6,200

Enva: $4,500 total cost. 50% of commission received offsets fixed fee.

Cost: $4,500 + $3,630 – 50% offset = $6,315. Out of pocket/product cost: $2,685

Why no % based fees?

Enva does not charge any fees based on the percentage of money involved. This is because of the obvious conflict that arises over how your money is invested. Here is an example: you receive an inheritance of $200,000. One option is to put 30% of the funds into an Australian fund manager and leave the rest in term deposits. Another option is to put it all into a platform first and then invest in similar term deposits. It is easier to administer this solution from our end but you pay almost 1% more in product fees compared to going to the bank direct. If we charged a 2% upfront fee for we would receive $1,200 to invest $60,000 or $4,000 if we put it all on a platform. Both options would be legally compliant and in your “best interest”. One would clearly cost you more and that is the conflict we avoid as our fee remains the same no matter what.

On ethics and conflicts

It’s human nature to exploit situations that provide a better outcome for ourselves. At Enva we’ve taken the time to price our services in a way that protects you as a consumer. We still accept insurance commissions as there is an alignment of goals which is different from investment advice. With insurance both the adviser and you benefit by ensuring you have the right cover in place up to an amount that you can afford.

Take Action by speaking to one of our advisers today!

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