FAQ’s for Mike Beal, Sunshine Coast Fee Only Financial Planner for Superannuation and Investment Advice – No Commissions
Home » FAQ’s for Mike Beal, Sunshine Coast Fee Only Financial Planner for Superannuation and Investment Advice – No Commissions
Cotton Tree - 'Mike's favourite beach to stop for lunch between clients!'
Is Mike Beal, your Sunshine Coast Financial Planner, the right fit for you?
If you are a Diligent saver who has accumulated investment/retirement assets of $500,000 or more who is about to retire or who has retired then we may be able to assist.
The initial consultation with Mike Beal Financial Planning is a comprehensive and valuable service, priced at $400 + GST. As the Japanese proverb goes, "There is nothing more expensive than something free." This fee accounts for the communication and preparation work before the meeting, which includes the exchange of information to better understand your financial situation. The appointment itself typically takes 1-1.5 hours, during which Mike dedicates his time and expertise to discuss your financial needs. After the meeting, Mike diligently completes diary notes and conducts further research to provide you with an executive summary. This document offers indicative ideas and strategies for your consideration, even if you decide not to proceed further with our services.
The production of a 'Statement of Advice' comes with varying fees, ranging from $3000 for simple advice to $20,000 for more complex scenarios, with the average fee typically around $5,000. The good news is that, in some cases, this fee can be paid from your superannuation balance, allowing you to plan for your future without affecting your personal cash flow.
For clients seeking ongoing engagement beyond a single transaction, we offer an annual advice service. This comprehensive service includes regular newsletters, portfolio rebalancing, and updates on investments and regulatory matters. The fee for this service depends on the complexity of your financial situation, with more labour-intensive portfolio administration, such as direct equities portfolios or self-managed superannuation funds, incurring higher fees. Conversely, less complex portfolios result in lower corresponding fees.
For more detailed information on pricing and fees, please refer to our Financial Services Guide (link provided at the bottom of the page). At Mike Beal Financial Planning, we are committed to delivering transparent and valuable services to help you secure your financial future.
Regulation and Compliance! As Financial Planners we have a number of regulators. This means, for us to provide compliant advice, regardless of the advice, it takes us at least 30 hours to provide and implement advice. However, this can be substantially more. In many cases it can take us 50 to 100 hours to provide and implement the advice. Further more, the costs of being a financial planner in Australia are increasing. For example, regulator fees, licensee fees, educational fees, professional indemnity fees, IT fees, and compliance costs have all risen in the last few years. Unfortunately this means it is very difficult to service smaller investment balances - and of course, in many cases, these are the people who need the advice the most. The time taken to provide advice relating to a $50,000 investment is identical to the time taken to provide advice relating to a $5,000,000 investment. In fact, it can often be more labour-intensive to structure advice for the lower balance as they are more likely to be younger and therefore require advice on other aspects such as personal insurances, savings plans, debt management, budgeting and so on. Ongoing advice fees are paid for regular reviews, reports, newsletters, portfolio re-balancing and so on.
The ongoing advice fee depends upon the number of hours spent to manage portfolios, some clients will have more complex needs. This flat annual fee will be determined according to the anticipated hours to manage the portfolio.
Mike Beal is a representative of Mike Beal Pty Ltd (ABN 55 601 595 555), Australian Financial Services Licence No: 538550 (trading as Mike Beal Financial Planning). Mike keeps up to date with industry education requirements, via formal enrolment in a Continuing Professional Development program which is administered by a registered training provider. In line with Australian legislation, Mike maintains Professional Indemnity insurance.
In other words…..
Mike will recommend the most appropriate product or strategy for your current circumstances. Mike will place your interests first!
Mike has over 20 years experience in financial planning including Senior Financial Planner roles at both ANZ and Westpac.
Mike has been self-employed since 2014.
Experience is important and so are qualifications – Mike has achieved Advanced Financial Planning Diplomas in both New Zealand and Australia, has a Masters Degree in Business Administration and has completed his Masters Degree in Financial Planning.