There is no fee for the initial meeting. The fee to produce a ‘Statement of Advice’ ranges from $300 for simple advice to $5,000 for complex advice, for example establishing a Self Managed Super Fund to purchase property under a Limited Recourse Borrowing Arrangement, although the average fee tends to be around $2,500. This fee can, in most cases, be paid from your superannuation balance so you can plan your future now without having to affect your personal cash flow.
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. For smaller superannuation or investment balances I do not charge ongoing advice fees as there is not a great deal of work involved as an 'index' fund may be recommended which does not require much maintenance, however for more complex investment structures the ongoing advice fee will be around $4,000 p.a. for portfolios of $500,000, $6,000 p.a. for portfolios of $750,000 and $8,000 p.a. for a $1,000,000 portfolio. Larger portfolios will be negotiated on a case-by-case basis, again depending on the complexity of the constructed portfolio.
Mike Beal Pty Ltd (ABN ABN No) is a corporate authorised representative (CAR), number 622274, trading as Mike Beal Financial Planning and is authorised to provide financial services on behalf of Charter Financial Planning Limited (ABN 35 002 976 294, Australian Financial Services Licensee 234665, Level 22, 33 Alfred Street, Sydney, NSW 2000,amp.com.au) (Charter Financial Planning). Charter have a dedicated team of advisers, paraplanners and support staff. Charter Financial Planning is a member of the AMP Group. Charter Financial Planning is a Professional Partner of the Financial Planning Association (FPA) is fully committed to the FPA’s Code of Ethics and Rules of Professional Conduct. Charter Financial Planning is also a Corporate Member of the Association of Financial Advisers (AFA). Professional indemnity insurance is maintained by Charter Financial Planning and Mike Beal Pty Ltd to cover advice, actions and recommendations which have been authorised by Charter Financial Planning and provided by Mike Beal.
'NOTE: whilst the underlying licensee is Charter Financial Planning (owned by the AMP Network) please note that Mike will recommend the most appropriate product for your circumstances. Mike will place your interest first.
Mike has over 20 years experience in financial planning including Senior Financial Planner roles at both ANZ and Westpac.