Why Choose Banksia?

Frequently Asked Questions

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General (2)

How are you compensated for your services?

The methods of remuneration that we receive for the services provided are dictated by the specifics of the services being provided.  Typically we charge:

 

  • An hourly fee for the preparation of a strategic financial plan.
  • An implementation fee for implementing any agreed investment recommendations.
  • Ongoing service fees for the provision of continuing investment advice and portfolio management services.

 

Fees are structured in accordance with those disclosed within the Banksia Partners Financial Services Guide. Clients can elect (at their choosing) an agreed annual (flat) fee for ongoing services debited from their nominated account paid on a monthly basis or to fees calculated as a percentage of assets under management and paid from financial services product providers.

 

We consider that a flexible fee structure is important because it ensures those clients who are not in a position to pay directly for the advice they receive can still receive the benefit of our advisory services. In many cases (i.e. implementing life insurance recommendations), we are paid commissions directly from the product provider (i.e. insurance company) at no direct cost to our client.

 

Fees payable are generally agreed prior to our engagement and are normally formalised in a standard ‘Letter of Engagement’ signed by the client and Banksia Advisor.   All fees, commissions, volume bonuses, ‘soft dollar’ benefits, etc, are disclosed in the body of our initial ‘Statement of Advice’.

 

Importantly, each Banksia Advisor is a salaried employee whose remuneration is not directly linked to the amount of revenue generated.

Why should I deal with Banksia Partners, compared to other financial advisory groups?

We are different to many other financial planning and wealth advisors for a number of reasons:

 

  • We are 100% independently owned by shareholders who are not linked to any fund manager, bank, insurer or other service providers.
  • We hold our own Australian Financial Services License, meaning there are no external influences from fund managers, banks, insurers or other service providers over the advice provided to our clients.
  • Our core business is providing comprehensive strategic financial advice which means all of our work, including investment strategy and implementation, is integrated within each client’s comprehensive financial planning strategy.
  • All our advisors are well qualified and experienced. As well as financial advisory credentials, most also have degrees in accounting and/or other professional certifications.