We are “Fee for Service” advisers.
This means we don’t take financial product commissions and we are paid by the advice we provide – not by providing a financial product. What it means to you is that we only view financial products as a means to an end – and know that a ‘financial product’ is not a strategy. At Habit Financial we deliver value to our clients by providing financial strategies that solve and plans for both their short and long term financial complexities.
Fixed Rate percentage (%) fees – Many advisers charged a fixed rate fee to manage your assets and provide advice. That is, they may typically charge you up to – 1% fixed fee of your assets, for the cost of their services. As your funds grow and more superannuation contributions and/or savings are made, so too does their income and many times they do nothing for it. E.g. 1% of $200,000 = $2000 in annual fees. As your portfolio grows to $2m, this equals $20,000.
We don’t do this. We charge according to the service we provide each year and this will vary from person to person.
A Platform is most advisers hold and monitor their clients portfolio for ease of management and functionality. I believe they are there to aid the adviser, not the client. We try avoid these costly fees for our clients where possible and save you money.