Financial Planning – Onboarding and Costs

Financial Advice Cost: How Much and Is It Worth It?

Are you thinking about getting expert help with your finances? It could be a smart move to ensure long-term success.

At Rising Tide, our financial advisers help you make informed decisions about your money. We assist with everything from budgeting, investing, and retirement planning to managing debt and saving for big purchases. Our guidance is 100% personalised to you, your family, your income, goals, and challenges.

But before deciding, you need the details — including the cost. Here’s what you need to know.

 

How Financial Planning and Costs Work

Not all financial planning costs are the same. Financial planners use different payment models to charge for their services. Here are the key milestones in the Rising Tide financial planning process and what you can expect to pay.

Intro Call

A quick meet-and-greet to see if we’re a good fit for each other. You’ll discuss your goals with a senior financial planner, learn how Rising Tide works, and get a feel for what to expect.

Fee: Nil

Discovery Meeting

A qualified financial planner will review your goals and explore strategies to connect your current situation with your preferred future.

Fee: $440 inc. GST (one-off).

Onboarding

When you kick off your relationship with us, we’ll dive deep into planning and implementation. Up to 80% of this fee can come from your super or investments rather than your cash flow.

Fee: $6,600 – $8,800 inc GST (one-off).

When is it charged?

Upon completion of your onboarding.

How is it charged?

Some paid from your super & some from your bank account.

Example: Matt and Annie’s onboarding fee is $6,600:

· 40% from Matt’s super account ($2,640)

· 40% from Annie’s super account ($2,640)

· 20% from their bank account ($1,320)

What to Expect During Onboarding?

• Values & Money Exploration
  We’ll explore your values and experiences with money to ensure your financial plan truly reflects you.
• Unified Goals
  Your financial and life goals will be aligned and mapped out clearly on one page.
• Strategic Planning
  Together, we’ll discuss, confirm, and implement strategies. For many clients, this focuses on property decisions, retirement planning, and future holidays.
• Banking & Cashflow Setup
  We’ll ensure your accounts and cash flow are streamlined and efficient.
• Comprehensive Reviews
  We’ll review your super funds, loans, and life insurance to make sure fees and premiums offer good value.
• Tailored Insurance Cover
  We’ll fine-tune your insurance to match your needs and goals, ensuring you’re protected without overpaying.

Ongoing Relationship and Advice Fees

After onboarding, you move to an annual agreement where fees are signed off every 12 months. Up to 80% of this fee can come from your super or investments, and the rest is tax-deductible.

Ongoing Fee: $5,500 to $16,500 per year (including GST), depending on the complexity of your situation and the level of service you want.

When is it charged?

Charged monthly, with the first deduction 30 days after your onboarding is completed.

How is it charged?

Some paid from your super & some from your bank account.

Example: Matt and Annie’s ongoing fee is $7,700 per year:

· 40% from Matt’s super account ($3,080)

· 40% from Annie’s super account ($3,080)

· 20% from their bank account ($1,540), which reduces to about $18 per week after the tax deduction.

What to Expect With Our Ongoing Relationship and Service?

• Personalised Strategy
  Your strategy will continue to evolve with your needs, life stages, and changes in legislation or the economy.
• Objective Advice
  Our experienced team provides clear, unbiased advice, drawing on the knowledge of clients in similar life stages.
• Emotional Clarity
  We help you separate emotions from financial decisions, making choices like selling or keeping a property easier.
• Risk Management
  We identify potential risks and create strategies to give you peace of mind.
• Time-Saving Convenience
  Our process is designed to simplify your life by handling the details for you.
• Accountability
  We keep you on track to achieve your financial goals.

Is Financial Planning Worth the Cost? Here’s What the Research Says

Paying for financial planning might seem like an extra expense, but research shows it can be a game-changer for your financial future.

According to a Vanguard study, working with a financial adviser can add up to 3% in net returns annually. This comes from better investment decisions, behavioural coaching, and strategic financial planning. Over time, that 3% can significantly boost your wealth.

A study by the Financial Advice Association Australia (FAAA) found that individuals with a financial plan feel 83% more confident about reaching their goals. Additionally, those with a plan are more likely to save and invest regularly compared to those without one.

Financial planning also helps with avoiding costly mistakes. Behavioural research shows that emotions can cloud judgment, leading to poor financial choices. A financial planner provides objective advice to keep you on track.

Lastly, financial planning saves you time and stress. Instead of navigating complex decisions alone, you gain expert guidance to streamline budgeting, investing, and managing debt.

When you factor in better returns, peace of mind, and confidence in your future, the cost of financial planning becomes a worthwhile investment.

Get Personalised Advice

Schedule a chat with our friendly team to learn more about our fees and how collaborating with a financial planner can set you up for success.

FAQs

References:

https://www.canstar.com.au/superannuation/financial-advisor-fees-cost

https://moneysmart.gov.au/financial-advice/working-with-a-financial-adviser

https://moneysmart.gov.au/managing-debt/financial-counselling

https://www.canstar.com.au/superannuation/free-financial-advice

https://www.ato.gov.au/law/view/document?DocID=DXT/TD2023D4/NAT/ATO/00001