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General Financial Advice
General Financial Advice is our most popular service due to its pricing and simplicity. General advice is often all that our clients will need to set up and take control of their own financial affairs. Please note that the law prohibits recommending specific investments or insurances without a written Statement of Advice (provided as part of our Personal Advice service). General Advice is most suitable for clients in the following circumstances:
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If they have previously sought Personal Advice (through Andep or another adviser) and their circumstances have not substantially changed.
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If they have a high level of financial literacy.
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If they have simple financial affairs.
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If they are able to make changes for themselves to their existing financial structures.
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If they do not require specific product recommendations.
OUR PROCESS & WHAT TO EXPECT
Because some of our fees are based around hourly rates and the time the advice process will take is not clear at the outset, the ultimate fee clients pay is often uncertain. The table below attempts to give prospective clients a guide on what to expect from our process and what the final cost will be.
GENERAL ADVICE
PERSONAL ADVICE (SCOPED)
PERSONAL ADVICE (FULL)
Pre reading prior to the meeting (5-20 mins)
Initial meeting containing factual information and general advice only (30-90 mins)
Adviser writes up of notes of what was discussed in the meeting (20-60 mins)
Those notes are peer reviewed by a fellow adviser before they are sent to the client
(5-20 mins)
End of process
Expected final cost (hourly rates): $550-$1,200 depending on the adviser seen and length of the discussion
Pre reading prior to the meeting (5-20 mins)
Initial meeting discussing your personal financial issues (30-90 mins)
Adviser writes up of notes of what was discussed in the meeting (20-60 mins)
Those notes are peer reviewed by a fellow adviser before they are sent to the client
(5-20 mins)
Restricted statement of advice on one issue is prepared (2-4 hours)
Restricted statement of advice peer reviewed by a fellow adviser (20-60 mins)
If needed, a follow up meeting with clients to help with implementation of recommendations in the statement of advice. (15-60 mins)
Unlimited emails back and forth until the advice is successfully implemented
End of process
Expected final cost: $1,800-$2,750 depending on the adviser seen and complexity/length of the report
Pre reading prior to the meeting (5-20 mins)
Initial meeting discussing your personal financial issues (30-90 mins)
Adviser writes up of notes of what was discussed in the meeting (20-60 mins)
Those notes are peer reviewed by a fellow adviser before they are sent to the client
(5-20 mins)
Full statement of advice is prepared
(4-10 hours)
Full statement of advice peer reviewed by a fellow adviser (20-60 mins)
If needed, a follow up meeting with clients to help with implementation of recommendations in the statement of advice. (15-60 mins)
Unlimited emails back and forth until the advice is successfully implemented
End of process
Expected final cost: $2,800-$4,000 depending on the adviser seen and complexity/length of the report
For certainty of the final fee, fixed fees can be quoted for all of the above at the client’s request.
More about our fees
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We do not charge any ongoing fees and we leave it up to the client how frequently we review their situation. 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.
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An advantage of not accepting commissions on insurance products is that clients receive an approximate 30% discount on personal insurance premiums for policies arranged by Andep.
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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 one of our advisers as our appointments are so comprehensive and any further service would be unnecessary and over servicing.
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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 above. Often clients simply need to speak to an adviser to discuss their situation generally and a full Statement of Advice (a formal report usually 30+ pages in length) is not needed.
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Fees can be paid by direct deposit, credit card 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.
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Click here to download a copy of our Financial Services Guide (FSG).
What Our Clients Say
Client #3188
"Dennis is outstanding. His knowledge and experience in the industry is very comprehensive. He reflected carefully on the information we provided him and gave considered information that provided an exponential financial return to us in relation to the cost for services rendered. This coupled with the fee for service approach provided outstanding outcomes to our individual situation. Strongly recommend Dennis at Andep for financial advisement."