Financial Advice Blog

How much money do you need to see a financial advisor?

Thinking about seeing a financial advisor but unsure if you have enough money to make it worth it? We help you decide here by explaining who can benefit as well as financial advisor fees.

Every day, more Australians take their first step toward achieving financial freedom and see a financial advisor. Traditionally, financial advisors were believed to be reserved for wealthier Australians, but this is no longer the case. These days, just about anyone can benefit from seeing a financial advisor.

In fact, according to 2021 research from Investment Trends, around 1.8 million Australians use a financial advisor — so it’s fair to say they’re fit for a really broad range of financial circumstances. Seeking financial advice is not about handing over exorbitant fees — it’s about getting practical, hands-on advice for your individual circumstances.

But what exactly does a financial advisor do — and more importantly, how much do they charge to do it? This post explores the benefits of seeking financial advice, how you can work together and takes a look at financial advisor fees.

What is a financial advisor?

A financial advisor is a professional who specialises in providing financial advice to everyday people. They work with their clients to develop financial plans to help them achieve their life goals.

You might consider seeing a financial advisor when you’re nearing an important stage in your life — like starting a family, buying your first property, starting a business, receiving an inheritance or planning for retirement.

Do I need to be wealthy to get financial advice?

While traditionally wealthier people had a financial advisor, this is no longer the case and people from all walks of life seek financial advice.  You do not need to be wealthy to see a financial adviser or have a set amount of money ready to invest.

Most of our clients have never seen a financial adviser before meeting us.  They come to see us for financial strategies to help them reach a broad range of goals, including better day-to-day saving, getting on the property ladder, expanding their family, giving their children a private education or retiring earlier.

Financial advisor fees in Australia

Financial advisor fees in Australia can vary widely based on the type and level of service they provide. For example, you can get cheap automated financial advice online known as “robo advice”, but this does have significant limitations.  Independent financial advisors may cost slightly more, but you have the assurance that you’re receiving unbiased advice that is tailored to your personal situation.

Financial Spectrum is independently owned and charges a fee for our services, so you can trust that our advice is never compromised. And if our financial advice doesn’t clearly show how we’ll help you save more than what you’ve invested with us, we’ll refund 100% of our fees.

Are financial advisor fees tax deductible?

Financial fees may be tax-deductible depending on the nature of the advice.  For example, if the advice leads to producing an accessible income.  We can talk to you about whether this will apply to your specific situation before you proceed with us.

Preparing to see a Financial Spectrum financial advisor

If you’d like to set up a consultation with one of our advisors, you can do this by submitting a booking request online. We are based in three Sydney locations — Sydney CBD, Balmain and Bondi Junction — and also run meetings via Zoom for your convenience.

Chatting to a Financial Spectrum financial advisor is about getting to know you, so be prepared to divulge information about yourself. We want to understand your relationship to money, as well as your values, hopes and dreams for the future.  Our advisors are also likely to ask for your age, relationship status, income, savings, assets, debts, any insurance you hold, or estate planning you have in place.

We do this to get an overview of where you’re financially, so your financial advisor can create a perfect financial plan for you. Your designated advisor then provides financial strategies to help you reach your goals. Once you’re happy with the ideas, you’ll be presented with a comprehensive financial plan and receive ongoing support.

Got more questions? Whether you’re looking to set up an appointment or find out our financial advice fee, request a call back with one of our advisors today!

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