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.
There is no fee for the initial meeting. The fee to produce a ‘Statement of Advice’ ranges from $3000 for simple advice to $20,000 for complex advice, although the average fee tends to be around $5,000. This fee can, in some 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. This flat annual fee will be determined according to the anticipated hours to manage the portfolio.
Regulation and Compliance! As Financial Planners we have seven different 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, the costs of being a financial planner in Australia are increasing constantly, for example, regulator fees, licensee fees, educational fees, professional indemnity fees, IT fees, and compliance costs. Unfortunately this means it is very difficult to service smaller investment balances or younger people seeking advice - 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 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) (Charter Financial Planning). Charter have a dedicated team of advisers, paraplanners and support staff. 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 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.
Mike has been self-employed since 2014.