Financial advisers will generally charge about 1 per cent to manage someone’s money, and an upfront fee of about of $1500 for a statement of advice before products or services are provided. Indeed it’s worth noting that for a financial planner to be profitable, the more a client has to invest, the more it is worth their while in management fees. Between $200,000 and $300,000 is often cited as a range that becomes profitable.
It’s really useful to double or even triple check with one or more credit score providers when getting a free credit check. This will reassure you that you’re getting the most reliable credit rating applicable to you at the current time. By contrast, the number of women who have obtained a wealth management product such as superannuation or managed funds from a financial planner or accountant has fallen by 4 per cent since 2016, according to Roy Morgan. You need to be aware that free credit checks aren’t always reliable and up to date as your credit score is dynamic. She adds that robo advice tends to be more suited to women who are “financially educated and have a genuine interest in investments”. This means that it can change in line with your financial circumstances so if you default on a loan one month, it could dramatically decrease – whereas you may pay back a loan in full in which case your credit score could increase. It could take a little while for your credit check to update and show the results accordingly.