Fee transparency to help you see the full picture

Transparent Fixed Fee Structure

Being independent financial advisors makes us rare. We think our financial planning fees make us truly unique. Simply disclosing it to you now is unique. But so does the fact that it is:

Consistent – we don’t charge different people different fees for the same work.

Fixed –  There are no unexpected surprises. There are no commissions. There are no percentage fees based on your account balance.

Annually renewable – We don’t sit back and collect fees for years on end. Every year you need to actively renew any agreement you have with us.

Per couple – Our fees are per household, not per person. Whether you come alone or with your partner, the fee is the same.

We also welcome providing one-off financial advice.

General Advice Meeting

$220 (incl GST)

We charge for this meeting deliberately. Most advisers offer the first meeting free, and someone still pays for that hour — usually whoever’s product ends up being recommended. Charging a modest fee is what allows the meeting to be about your situation rather than about what we might sell you afterwards. It is the same reason we take no commissions, no percentage-based fees and no referral fees.

And if you don’t get value from it, we won’t invoice you. That’s your judgement to make, not ours.

There are limitations with General Advice. It should be considered more factual information. The information is not intended to imply any recommendation or opinion about specific financial products.

We also use these meetings as a precursor to any Statement of Advice meeting. All our meetings commence as a General Advice meeting; it is only then that we can both make a determination on whether there is a financial benefit for you to have a Statement of Advice created. If the General Advice meeting flows into a Statement of Advice meeting (at the same meeting), then we deduct the general advice fee from the Statement of Advice fee so that there is no financial detriment to you.

Statement of Advice (Financial Plan) Fee

$1980 (incl GST)

This fee covers an initial meeting with you, the time we take to research your existing situation, determine our independent tailored advice, produce the Plan and then present the Plan to you. A General Advice meeting is required before deciding to get a Statement of Advice.

+$550 for Self Managed Superannuation Funds due to additional compliance and complexity.

Plan Implementation Fee

$330 (incl GST)

This fee is only applicable if our recommendations entail using a product, and you seek our
assistance in establishing that product. It is charged for each product application.

We waive this fee if you sign up for our Annual Service Agreement.

Annual Service Fee

$3,300 (incl GST)

Whilst not always required, if we have recommended an investment or superannuation portfolio, in most instances clients do value our Annual Service Agreement.

The promised services of an Annual Service Agreement are detailed within the Statement of Advice. The agreement has a lifespan of no longer than 12 months, and then your consent is required for the next twelve months. There are no additional advice costs, such as for further Statement of Advice documents when clients elect the Annual Service Plan.

+ $1,100 p/a for each additional account (such as spouse’s account) due to the extra reporting and monitoring. This is a charge per account, not per person — the base fee already covers you both.
+ $550 p/a for Self Managed Superannuation Funds due to extra compliance requirements and inevitable liaising with the accountant.

Life Insurance

0% (incl GST)

Life insurance is not something we seek to provide advice on.

Referral Fees

We do not accept or pay referral fees. We do not accept or pay any incentives.

If we refer you to another professional, it is because we think they are good – not because we get paid from them.

If an existing client refers someone to us, we may provide a token of thanks such as a movie ticket or bottle of wine.

IF YOU HAVE THE NEED, WE HAVE THE EXPERTISE YOU’LL WANT.

At Cornish Wealth we are not product driven. Strategies always come first. It is only after an appropriate strategy has been decided upon that products are explored.