That's simple, for many years now we have advocated a fee for service financial planning practice simply because we believe it removes conflicts of interest when it comes to the investment of your money.
In recent times there has been an ongoing debate between whether or not financial planners should receive commission or charge on a fee-for-service basis.
When it comes to the investment of your money we believe that it is important that the person making that recommendation is in no way influenced by commissions, or soft dollar payments such as “free” holidays, corporate box days, marketing support or any other financial incentive for recommending their product.
We believe that a fee-for-service arrangement provides for a full and proper disclosure of the money we earn from providing our financial planning service.
Nothing is hidden.
How does our fee-for-service arrangement work?
At Andrew Rowan Wealth Management we prefer to invest our client’s money in investments that do not pay either upfront or ongoing commissions.
Sometimes this is not always possible because there are some excellent products that do pay financial advisers a commission and in circumstances where we do receive a commission payment, then we fully rebate this to you.
With the move to fee-for-service gaining popularity some financial planners simply operate on a percentage of the money that they invest for you.
At Andrew Rowan Wealth Management, we have structured our fee arrangements around a flat dollar fee, or a combination of flat dollar and funds based charge depending on the service we provide you.
Typically we arrange for our fees to be debited directly from the client’s bank account, rather than from an investment or superannuation fund as is often the case with other fee-for-service arrangements.
We believe that in charging our clients this way they can more readily identify the fees they pay to their adviser.
This means that the adviser is always accountable as the fees are always transparent.