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How much does a financial adviser cost?

October 2020

Article |  3-minute read

Request an appointment with an ANZ Financial Adviser

Thinking about hiring a financial adviser? You’ll want to know how much they cost.

When choosing a financial adviser, the price of their services may be one of the biggest factors in your decision.

It’s important to note there are matters outside of cost that may be more critical to the service and end result you get: this includes the adviser’s expertise and qualifications, how complex your needs are, and what you’re getting in return for your money.

For more information on the benefits of hiring a financial adviser as well as other common queries, read our answers to people’s most frequently asked questions about them.

How much do financial advisers charge?

You can generally expect to pay a set of upfront fees, which may cover the advice given and its implementation. From then on a financial adviser’s fees are often determined by your situation and how complex it is. The cost can also depend on the plan your financial planner sets out.

At ANZ, your first meeting is obligation and cost-free. During that meeting, your financial adviser will quote how much your advice will cost based on your needs and the complexity of your situation, and how much it would cost to implement the recommendations if you choose to go ahead with the advice. 

Ongoing costs of hiring a financial adviser

One option is to pay for the services you need only when you require them. This is known as a fee-for-service payment structure and involves paying a fee for the services or advice you need, or for the amount of time you’ll be spending with your financial adviser, each time you use them.   

Some financial advisers may also offer you an ongoing service arrangement with them. Under this arrangement they will charge an ongoing advice fee for an agreed service and period of time.

ANZ only offers a fee-for-service payment structure, not an ongoing-service agreement. This gives our customers the flexibility to seek financial advice if and when they need it, paying for it as they go, rather than paying an annual fee regardless of what advice is required.

The fee for hiring a financial adviser can vary depending on the complexity of your financial situation and the level of service they provide. Once your financial adviser has assessed your situation they should clearly lay out the costs and what services they’ll provide in return.

Reviewing your financial advice and costs

Your financial situation might not vary a whole lot from year to year, but if your circumstances change or you reach a new life stage (such as having a child, starting a business or approaching retirement), you can ask your financial adviser to review your strategy to suit your changing needs at any time.

You may also have questions about the advice you receive, and understanding the costs associated with it. If you do, your financial adviser should be able to answer your questions and provide the clarity you need.

In recent years, financial advice has been under scrutiny in Australia, and it’s clear some advisers failed to deliver a proper service, which the banking royal commission investigated and made public in 2018 and 2019.

New rules implemented by the government and revisions by financial advice providers, such as banks and other institutions, have been implemented recently to resolve these concerns. Organisations such as ANZ take these matters seriously and you can expect from any financial advice provider that:

  • you’ll only be charged for services received
  • the adviser will disclose commissions or arrangements they may have with product suppliers
  • advice will be appropriate for your financial situation.

If your financial situation changes and you are concerned about the affordability of financial advice, talk to your adviser about what adjustments can be made to meet your current situation. For example, some financial advisers charge a fee for implementing the recommendations they make. Instead, you may be able to opt to pay for the strategy your adviser puts together and implement it yourself. (Keep in mind that your financial adviser is an experienced professional in implementing financial arrangements).

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