Process involved in financial planning
Initial Financial Planning Fees for Consultation
| Item* | Initial Consultation Fee | Remarks |
|---|---|---|
| Preliminary phone discussion | Not applicable. | See details on preliminary phone discussion. |
| Without any referral from existing clients | ||
| Retirement & Insurance Financial Planning | ~$4,888 | Indicative price as it depends on the complexity of the case. See this link on what is meant by complexity. |
| Referred from existing clients | ||
| Retirement & Insurance Financial Planning | $1,888 | |
| Product advice | $0 | |
| All cases | ||
| After office hours extra surcharge | $50 per hour | This is an additional fee over and above the financial planning fee. Weekends, public holidays, evenings on weekdays are considered after office hours. |
Note: There is NO rebate of commissions. See FAQ: Will you rebate commissions?
Implementation Fees (Step 4)
Fees charged by third parties are payable directly to them. Examples of third parties are legal fee, property agent's fee, stock brokerage fee and medical examinations.
Retainer fees
Since a financial plan has to be reviewed regularly, there are fees for providing on-going advice. There are two fees involved. One set of fee is for providing on-going advice in all aspect of financial planning. Another set of fee is for managing investments. Clients will only be charged based on the higher amount. See the fee schedule here: Fees for on-going advice.
Interested in financial planning?
If you are keen in financial planning, I encourage you to start the first step by contacting me at this link HERE.
Relevant articles why it is important to pay a fee for advice
Here are some relevant articles:
Free advice is going to cost you your entire HDB flat!
Why financial advisers must abandon their clients?
Vacuum Cleaners and Financial Services
No advice given, few documentation and non-disclosures but earns easy money
MAS gives examples of illegal sales tactics for the Balance Scorecard
Up to 70% of financial advisers’ recommendations were unsuitable, says MAS mystery shoppers survey
ST Forum: Vital to regulate commissions
