We will charge a fee for service for providing investment and superannuation advice regarding your situation, with these fees directly payable to FinChoice. The following outlines how the fees will be calculated.
Initial Advice
We will charge a fee for service of usually between $565 and $8,800 for your initial advice which includes research, strategy development, Statement of Advice preparation and the implementation of any recommendations. Any fees charged may vary depending on the complexity of the advice provided and will be agreed with you prior to commencement.
Ongoing Service Fee
If appropriate, we will determine with you the ongoing service package you require to ensure the appropriate management of your strategy to meet your goals and objectives. The fee for this ongoing service is based on the complexity of ongoing advice and the services you require. Your adviser will discuss these fees with you and obtain your agreement on the amount and the method of payment.
We offer a number of Ongoing Service Packages with the general range per package being $1,6500 per annum up to $5,460 per annum. These fees may be deducted monthly, quarterly, semi-annually or annually from your client account.
In addition to the above, we will charge a fee for service for providing any cashflow coaching access via our MoneyTrack platform. The DIY package starts at $330 per annum or for the adviser to provide the coaching service up to $1,320 per annum. Details of the services provided within the Ongoing Service Packages are contained in the Statement of Advice (SoA) and the Client Service Package Agreement. The ongoing service fee is reviewed annually and subject to a minimum CPI increase.
Dealer Service Fee
An additional Dealer Service Fee of up to 0.11% of Funds Under Management is charged by MCFP on platforms that allow an equivalent Dealer Service Fee to be charged. This fee is retained in full by FinChoice to fund ongoing technical training of the FinChoice advisers and the external technical expertise required to enhance the recommended investment models.
Fee Calculation: If you had $20,000 in your platform account, the fee (excluding cash balances) would be $22 per annum.
Hourly Fee
If you haven’t committed to an Ongoing Service Package, we can provide a review of your existing strategy for an hourly fee of up to $330 per hour. Prior to providing any additional service we will advise you as to whether an hourly fee will apply.
Note: All prices exclude GST. Exact fees, charges and commission applicable to the advice provided to you will be included in your Statement of Advice.