Financial planning fees
Andep has been fee for service for nearly forty years. This means we do not receive any commissions from the products we recommend. With no ownership or licensing links to any financial product providers you can rest assured the advice we provide is unbiased.
We do not charge asset based fees on funds under advice as we believe this creates a conflict of interest and isn’t fair for our clients. Our only remuneration is hourly fees, with our current rates shown below, that are charged for the time spent meeting with and reporting to clients. We do not charge any ongoing fees and we leave it up to the client how frequently we review their situation. By not accepting commissions on insurance products, clients an approximate 30% discount on personal insurance premiums for policies arranged by Andep.
Some advisers offer “free” initial appointments. All Andep has to “sell” is our time and as such are unable to offer free initial appointments. Often clients will only require a single appointment with an adviser to point them in the right direction and any further service would be unnecessary and over servicing.
The fees clients can expect to pay for advice depend on the complexity of their situation and the level of reporting and assistance required. Please refer to the guidance on our usual advice processes at the bottom of this page. Often clients simply need to speak to an adviser to discuss their situation generally and a full Statement of Advice (a formal report usually 20-30 pages in length) is not needed.
We invite our clients to consider our fees as an investment, and consider them as proportion of their assets. We have an analogy that a financial plan is like a will, one should always have one but it only needs to be updated when your circumstances change. Andep’s fee model is very different to most financial advisers and we are confident that we provide great value for money for our clients.
Fees can be paid by direct deposit, credit card (with a surcharge) or cheque. In some cases fees can be deducted from superannuation or other investments. If fees are paid directly, they can sometimes be claimed as a tax deduction (if it was for follow-up/subsequent advice).