If you earn a good income but still wonder where it all goes, you’re not alone. A financial planner in Perth can help you connect the dots between your cash flow today and the life you want later, whether that means protecting your family, building investments or feeling more prepared for retirement.
But what does an adviser actually do? What might advice cost? And how can you tell whether someone is the right fit?
Here’s what to expect, what to ask and how to assess the value before you commit.
What does a financial planner do?
A financial planner helps you understand your current position, make decisions across different parts of your finances and create a strategy for your goals. That may involve:
- Reviewing your income, spending, debts, savings and super.
- Helping you prioritise goals such as buying a home, investing or retiring.
- Assessing whether your insurance arrangements fit your needs.
- Comparing investment or superannuation strategies.
- Explaining trade-offs, costs and risks in plain language.
- Preparing advice and, if you choose, helping you put agreed recommendations in place.
- Reviewing your plan when your circumstances change.
The work isn’t just picking investments. A useful plan considers how your cash flow, tax position, super, insurance and long-term goals fit together. Your adviser may also work alongside your accountant or solicitor, while leaving tax and legal advice to those qualified to provide it.
In Perth, your circumstances might include FIFO income, a growing family, a business, an investment property or a move towards retirement. The point is not to apply a special “Perth formula”. It’s to make the advice relevant to your life.
What happens at the first meeting?
An initial conversation is usually about understanding what you need and deciding whether you’re both comfortable taking the next step. It’s your chance to ask questions, not an exam where you need to arrive with a colour-coded spreadsheet.
You might discuss:
- What you want to achieve. For example, paying down your mortgage, investing outside super or knowing whether your retirement plans are realistic.
- What’s happening now. Your income, major expenses, debts, assets and any existing financial arrangements.
- What advice could cover. Ask what falls within scope, and what doesn’t.
- How the process and fees work. Get the likely cost in dollars before agreeing to proceed.
- What happens next. Find out what information the adviser needs and when you’ll receive their recommendations.
An introductory meeting may be free, but that does not necessarily mean the preparation of a financial plan or implementation will be free. Moneysmart recommends asking what you’ll pay and what services are included before you proceed. Read its guide to financial advice costs.
How much does financial advice cost in Australia?
There’s no single standard price. Fees depend on the adviser, the work involved and how complicated your situation is. You might encounter:
- A one-off advice fee for researching your situation and preparing recommendations.
- An implementation fee for putting agreed recommendations in place.
- An ongoing fee for reviews, support and continuing advice.
- Other costs such as investment, platform or product fees.
As a guide, not a quote or regulated price, Investment Trends survey figures reported by SuperGuide showed average upfront fees of about $2,500 for simple or scaled advice and $4,400 for comprehensive advice. The same survey reported average ongoing fees of about $3,500 and $5,800 respectively. Actual fees vary, and “comprehensive” or “scaled” can mean different things between firms. See SuperGuide’s overview of advice costs.
Ask for a written breakdown. If a fee is quoted as a percentage, ask what that means in dollars. For example, 0.5% of $400,000 is $2,000 a year. That figure may be only one part of your total costs.
For comparison, Advice360’s initial meeting is a fixed $475, with no lock-in to an ongoing arrangement. In that session we review your financial position and you leave with a written list of action items and the areas you need to review more closely, whether or not you ever come back. If there’s something further we can assist with, we provide a quote at the end of the meeting, so any decision about proceeding is made with the full picture in front of you. The meetings are structured as one-offs deliberately: the value should be obvious from the first session, not something you have to take on faith. Usually our clients find the meetings provide answers or at minimum a pathway for their most burning questions.
A useful comparison is not simply “Which adviser is cheapest?” Instead, ask what you receive for the fee, whether you need the full service offered, and whether the advice addresses decisions that matter to you. A lower fee for a service you don’t need can still be poor value; a higher fee is not automatically better.
How can good advice create value over time?
Advice doesn’t guarantee better returns or make every decision profitable. Its potential value is in helping you make informed, coordinated choices, and sticking with a suitable plan as life changes.
For example, imagine a household that finds it can consistently free up $250 a month after reviewing spending and debt repayments. If it invested that amount monthly for 10 years and earned a hypothetical average return of 5% a year, it could grow to roughly $38,800 before fees and tax. The contributions add up to $30,000; the rest is hypothetical investment growth, which is not guaranteed. The example isn’t a forecast or a promise that financial advice will uncover that amount.
A planner may help you examine questions such as:
- Is your cash flow supporting your priorities?
- Are your super and investments aligned with your timeframe and comfort with risk?
- Does your insurance still suit your family and debts?
- Are you making use of relevant tax-effective options, where appropriate?
- What income might you need in retirement, and how could you fund it?
Small improvements can matter over time, but the right action depends on your circumstances. Tax rules, investment values and personal needs can change.
Advice360’s Financial Fitness Score is one way to start identifying areas to investigate. It looks at areas including cash flow, debt, wealth and protection, then provides practical focus points. Advice360 also offers free tools and resources, including an emergency fund calculator, monthly cash flow planner and net worth tracker.
How to check an adviser’s credentials
Before engaging someone, look them up on the government’s Financial Advisers Register. Check their registration status, qualifications, work history, professional memberships and the products they can advise on.
Also ask which Australian Financial Services (AFS) licensee they work under or represent. You can search the licensee using ASIC’s Professional Registers Search. If anything is unclear, ask the advice business to explain it and provide its Financial Services Guide, which outlines important information about the business and its services.
A register check is a useful starting point, not a substitute for your own questions. Make sure you understand who is providing the advice, what they can advise on and how they are paid.
Questions to ask before you engage an adviser
Bring these questions to your first conversation:
- What specific services are included in your advice?
- What will the initial advice cost, in dollars?
- Are there separate implementation, ongoing or product fees?
- If there’s an ongoing fee, what services will I receive and how often?
- Can I choose a one-off plan instead of ongoing advice?
- How do you get paid, and do you receive commissions or other benefits?
- Who will prepare and explain my recommendations?
- How often will we review the plan, and how can I end the arrangement?
You should be able to understand the answers without needing a translator for financial jargon. For ongoing fee arrangements, read the terms carefully and confirm the services, fee and consent requirements before signing.
Signs a financial planner could be a good fit
A good fit is about more than a polished presentation. Look for an adviser who:
- Listens to your goals before suggesting a solution.
- Explains options, risks and costs clearly.
- Is open about what their service does, and doesn’t, cover.
- Gives you time to consider recommendations.
- Encourages questions and keeps you involved in decisions.
- Tailors their approach to your circumstances rather than promising a universal shortcut.
Advice360’s approach brings together a Financial Health Check and Financial Fitness Score, protection planning, wealth accumulation, and retirement and legacy planning. You can read more about financial planning in Perth and the team’s approach. The aim is to help you see how the different pieces fit, then decide on practical next steps.
Ready to find out what advice could look like for you?
You don’t need to have everything figured out before starting a conversation. It’s enough to know what you’d like to improve, whether that’s your cash flow, family protection, investment strategy or retirement plan. And you don’t need to commit to an ongoing relationship to get value: the initial meeting is a one-off, fixed-fee $475 session that ends with practical action items in your hands.
Contact Advice360. We’re more than happy to have a complimentary chat. Just reach out to our team and we’ll find a time that suits you.
This article contains general information only and does not take your objectives, financial situation or needs into account. It is not personal financial, tax or legal advice. Before acting, consider whether the information is appropriate for you and seek advice tailored to your circumstances. Investments can rise and fall in value, and past performance does not guarantee future results.
