13000 BAN TACS (1300 022 682)

A Fee for Service Model

A fee for service model

The financial planning industry is heavily regulated, this makes the advice process quite expensive. (Click here to see what is required to provide a financial plan). Fortunately, our economies of scale mean our charges are competitive. Paying up front might be more painful than commissions slowly eating away at your savings but it puts you back in control and does not penalise those with more invested and it is up to you whether your affairs are reviewed annually. Most importantly it keeps the product choice totally objective and as you only pay when you receive a service you can be sure that you are getting value for money.

With all financial planning advice you simply pay for the service we provide on a time basis. Your first consultation is free so you will have a clear understanding of the cost before you commit.  Further, once you are under our licence number you are entitled to our free basic care plan that covers:

  • Notification if your investment has been removed from our preferred product list
  • Quarterly newsletter
  • Annual letter prompting you to consider a list of life events that would warrant a review of your circumstances.
  • If your insurance is also with us we provide a free processing of claims service to protect you and your family in difficult times

In the case of insurance advice you have a choice of a fee for service model or that the insurance company pays BFS a commission. Finding the right insurance policy that meets your needs and the process required by the insurance companies before they will accept you is very time consuming. We recognise that most clients would not want to pay this sort of fee up front so in the case of insurance you can take the option that the insurance company to pay us for this service through a commission. If you do choose to pay a fee for service we will arrange for the insurance company to reduce your premiums for the first year by the amount of the commission.

Insurance companies all pay a small trail commission. Rather than incur the administration cost of rebating that to our clients this will fund our free processing of claims service.

The lower overheads created through the BAN TACS group also mean that we will be able to keep the number of clients per financial planner low.  Just like you already have on the Accounting side, we are intent on building personal relationships to guide you through your life.