We believe in transparency when it comes to the fees that our clients pay. We do not charge you for our first meeting with you, as this is all about understanding your current situation and your future goals, and getting this understanding helps us to provide you with quality advice. It would be expected that towards the end of your initial meeting with us that we will be able to provide you with an understanding of the amount of advice fees applicable for your situation. This then enables you to make a decision as to whether or not you would like to proceed further in the advice process.
Understanding the types of fee structures
It is important to understand that the fees that you pay can be structured or categorized in to different areas. These are explained below, however it is important to understand that these will be discussed with you at your first meeting with us.
Initial Advice Fees
This fee will cover the breadth of work required to research and understand your existing products that you hold, and to compare them to other product option/s. Such work also includes the consideration of various financial planning strategies that could not only impact your current situation but also in to the future.
Implementation Fees
These fees help to cover the costs and time involved in putting your strategies in to place. This includes the completion of documentation related to the product provider that we recommend for you, and also confirmation that all implementation steps have been completed.
Ongoing Service Fees
We believe in long term relationships at Wide Bay Wealth Management, and this will generally involve some agreement in the future services that we will provide to you. Such services can be paid via an annual Ongoing Service Fee arrangement. Clients generally like the simplicity of such an arrangement and obtain mutual benefit by being able to contact us an any time to discuss any queries they may have, or any changes that they may be experiencing.
Ad-Hoc Service Fees
These fees are generally charged on an hourly basis and are incurred by clients who are not structured on an ‘Ongoing Service’ agreement. Such fees are charged on an ‘ad-hoc’ basis and will be dependent upon the nature of assistance that you may need.
