Financial Advice Blog

How much does a financial advisor cost?

Wondering if a financial advisor is right for you? Learn what a financial advisor does, who benefits from financial advice and unpack the varying costs of different financial advice services.

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, financial advice is more accessible and 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.  Therefore 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 does a financial advisor cost? This post explores what a financial advisor does, who benefits from seeking financial advice 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.  For example, starting a family, buying your first property, starting a business, receiving an inheritance or planning for retirement.  Or you may simply want to get control over your finances and get your money working harder for you.

Do I need to be wealthy to get financial advice?

While traditionally wealthier people had a financial advisor, this is no longer the case.  Nowadays people from all walks of life seek financial advice.  You do not need to be wealthy to see a financial adviser.  Nor do you need to 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.

How much does a financial advisor cost in Australia?

Financial advice costs in Australia can vary widely based on the type and level of service financial advisors 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.  That way, you can trust that our advice is never compromised. 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 percent 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 complimentary financial strategy session with one of our advisors, you can submit a booking request online. We are based in four Sydney locations — Sydney CBD, Balmain, Bondi Junction and Chatswood. We can also run meetings via Zoom for your convenience.

Chatting to a Financial Spectrum financial advisor is about getting to know you.  Be prepared to divulge information about yourself so your financial advisor can create a perfect financial plan for you. 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.

Your financial advisor then models different financial strategies to help you reach your goals. You will then refine these with your advisor over several meetings.  Once approved you’ll be presented with a comprehensive financial plan.

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

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