It means access to and pricing in relation to products such as credit cards, home or personal loans may be impacted, and some borrowers may be able to access better deals. So, how can you work out which option is best for you? For me, the answer is not just about cost, it also comes down to asking yourself five basic questions. The impact of the reforms are particularly concerning when you consider that a quarter of Australian women are completely unaware of what a credit score is and 65 per cent of women have never checked their credit report, according to research from consumer education website, CreditSmart.

So what do you need to know about costs? If you have less than $10,000 to invest and don’t need a strategic financial plan or support around insurances, super and debt, robo advisers like Stockspot and Six Park offer some low-cost options. To encourage more people to invest, Stockspot charges $0 on a $10,000 investment for the first six months, after which it charges $66 a year (including GST). A slightly larger portfolio of $20,000 would pay $132 per year (inc GST).

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 is a misnomer that you need to have a lot of money before you should seek financial advice,” saysulia Schortinghuis, a financial planner with Lighthouse Capital. If a client has a smaller amount to invest but has lending, insurance and superannuation needs, she adds, then $3000 in fees would be about the mark where the work becomes viable. The best tip is always to talk to a financial planner first. It’s important to get a clear understanding of costs and services before signing anything, and that’s goes for doing your research on robo advice too.

To assist in the improvement of women’s financial well-being AMP Financial Planning will encourage more women to seek financial advice and look for employment in the financial planning industry. Managing director of AMP Financial Planning, Michael Paff, believes working in the industry makes for a rewarding career. “We want to encourage more women to become advisers, for their own benefit and for the health of our industry,” Mr Paff said.

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