What Do Financial Planners Charge?
June 10, 2015 .

Sometimes it feels that figuring out the exact value of Pi is easier than finding out what financial planners charge. Go to their website it isn’t listed. Ask them over the phone and they will tell you “as long as a piece of string”. It’s annoying. It’s unnecessary. And in today’s transparent world it decreases trust. Well – we here at Plenty (through one of our partners) have done the hard yards interviewing 42 financial planners to try answer the question.

What will seeing a financial adviser actually cost you?

ASIC estimates the average financial plan to cost $2,500 – we actually found the up-front fee to be a bit higher at $2,990. For ongoing service, around 80% of advisers charged a fixed fee while less than 20% charged a percentage of assets or a combination of the two.


While almost all advisers will charge an upfront and ongoing fees – there are additional fees that a number of consumers should be aware of when speaking to an adviser:

  1. Management Expense Ratio (M.E.R): This fee is charged by fund managers all over the world covering the cost of managing and operating an investment. Fees vary from 0.3% – 2.5% depending on how active and complex of an investment. If an adviser recommends a managed fund you will be paying this fee.
  2. Platform fees – A WRAP (or investment) platform is an administrative tool (paid for by you) that makes a financial adviser’s business more efficient – some might charge up to 0.77% to operate a high-end Wrap platform.

Average fees

Average upfrontAverage ongoing flat feeAverage Percentage of account value
$2,990 $3,510 1%

Using these figures we have estimated what someone with investable assets of approximately $300,000 (incl super) would be charged by a financial planner:

Financial adviser fees (first year)

FeesFlat FeePercentage of assets
On-going flat fee$3,510$3,000
On-going M.E.R. (1.25%)*$3,750$3,750
On-going Platform fee (0.39%)**$1,117$1,117

So – getting full service from a financial planner is likely to cost you anywhere from $6,000 to $10,000 in the first year and between $3,000 and $7,000 in the following years.

While advisers can deliver great value for their clients, only those with very large asset bases can justify paying such large fees, It is one (of numerous) reasons we have launched Plenty – our platform will provide the same services for 1/50th (seriously) the cost. If you would like to be use Plenty, get started here.



The information contained on this page is of a general nature and may not be appropriate for your personal circumstances. You should obtain personal financial advice before acting on this information.

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