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ONGOING CLIENT SERVICES

 
 
 
 
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About our Service Fees

North of River Financial are primarily a “fee for service” practice and we base all of our fee estimates on an hourly rate. We will agree on any fees beforehand and you are required to “opt in” to any ongoing fee arrangement at least every 2 years.  

Our ongoing service agreements are more often than not based on the minimums shown below but do vary based on complexity so we illustrate these using ranges.

Ongoing Service packages

Risk only:

$880 Single

$1,100 Couple

$2,750 Couple plus Company or Trust

Risk and Super:

$1,650 – $3,750 Single

$2,250 – $5,500 Couple

$4,400 – $7,700 Couple plus Company or Trust

Investment

$550 – $1,100 per person

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Is an ongoing service agreement right for you?

Your adviser will give you an estimate of your future needs but this is only a guess as even though we have a fair bit of experience in anticipating your future needs we don’t have a crystal ball. We will only recommend an ongoing fee arrangement if it is reasonable to assume you will benefit from it.

What SErvices are included?

✓ An Annual review of your financial & life circumstances either in person or via virtual meeting.

✓ Direct access to your financial adviser for any questions.

✓ Notification of legislation changes that may affect you.

✓ Single Statement of Advice per year if required (in current scope).

✓ Administration, preparation and process of risk claims (see below).

✓ Administration of your affairs with your executor in event of your death.

✓ Preparation of account closures in the event of an immediate family members’ death.

✓ Updated advice on current investment strategy and changes in the marketplace.

✓ Monitoring of ongoing notices from your product providers such as Superannuation, investment or insurance.

✓ Forwarding relevant communication to other financial professionals annually (accountants, brokers etc).  

What if I Chose not to enter into an Ongoing Service Agreement?

If no ongoing service agreement is in place and you have opted to remove any associated commissions, we receive no ongoing remuneration and we remove ourselves as your adviser on your financial products.

We can still provide advice as required and will charge an hourly rate for doing so.  If there is no significant change in your circumstances, a review would typically take 2 hours. Some examples of a significant change might include purchasing a property, getting married or divorced, having a new child or changing jobs or increasing your income significantly. This may warrant the production of a new Statement of Advice and although this would be a reduced cost as we would be only be updating variables this does add another 4-8hrs work.

In the event of a claim where ongoing fees are not charged/ paid, we can still assist you with a claim. Our rates are as follows.

Claims

Life/ Trauma: $4,840 per claim

TPD: $4,840 - $9,900 per claim

Income Protection: $550 per month