The Real Cost Of Hiring A Financial Planner In Australia — Broken Down Honestly

Last updated: 22 July 2026

Financial advice can cost a few hundred dollars or tens of thousands over several years.

Both amounts can be reasonable.

The difference depends on what you need, how complicated your finances are and whether you pay for one decision or an ongoing relationship.

The problem is that financial planning fees are rarely presented as one clean number. You may see an initial advice fee, an implementation charge, an annual service fee, platform costs and investment fees spread across several documents.

A percentage can make the cost look small. A “free” first meeting can make the whole service sound cheaper than it is.

According to my research, Australians should compare the complete cost of advice rather than the first figure mentioned during a consultation. That means adding the planner’s fee, product costs, implementation charges and any recurring payments over the number of years you expect to use the service.

This guide breaks those costs down honestly.

General information only: The figures in this article are illustrations, not quotes or national price averages. Financial planning fees vary between businesses and clients. Check a planner’s current authorisation, written proposal and complete fee schedule before accepting personal advice.

There is no single price for financial planning

A planner helping someone choose between two super contribution options is doing different work from a planner preparing a retirement strategy for a couple with businesses, trusts, property and several investment accounts.

The fee may depend on:

• The number of financial issues being reviewed.
• The value and number of assets involved.
• Whether personal financial product advice is required.
• The research needed.
• Whether written advice must be prepared.
• Whether the planner implements the recommendations.
• Whether you want ongoing reviews.
• Whether accountants or solicitors need to be involved.

Location may affect the price too. A large city practice with senior staff and expensive offices may charge differently from a small online planning business.

That does not mean the cheaper planner is worse or the expensive one is better.

The useful comparison is the work you receive for the total amount paid.

What are you actually paying a planner to do?

Clients often see the meetings but not the work completed between them.

A financial planning fee may cover:

• Collecting and organising your financial information.
• Reviewing income, spending, debt and assets.
• Checking super and insurance arrangements.
• Preparing investment or retirement calculations.
• Researching financial products.
• Comparing different strategies.
• Documenting risks and alternatives.
• Preparing written personal advice.
• Coordinating with other professionals.
• Completing applications and transfers.
• Reviewing the plan later.

A simple-looking recommendation can involve hours of research, checking and documentation.

That said, a thick report does not automatically justify a large bill. You are paying for suitable thinking and useful work, not page count.

Our article on what a certified financial planner does all day explains the preparation, modelling and follow-up that clients may not see.

The first meeting may be free, but the advice usually is not

Many planners offer an introductory conversation without charging.

This meeting usually allows both sides to decide whether the service is a reasonable fit. The planner may ask about your goals and give a broad explanation of how they work.

Do not expect complete personal advice during a free meeting.

The planner may not yet have enough information to recommend a strategy. A quick product recommendation made before your income, debts, expenses and goals are examined should concern you.

Use the first meeting to ask:

• What service do you think I need?
• What will the work include?
• What will it exclude?
• What will the complete initial cost be?
• Will there be any recurring fees?
• Which product costs could apply?

The free meeting is part of the sales process. Treat it as an interview, not a favour you need to repay by signing.

Hourly financial planning fees

Some planners charge according to the time spent on your case.

The uploaded research for this article describes indicative hourly rates ranging from about $150 to $500. Actual quotes may sit below or above that range.

Hourly advice may suit a narrow question, such as:

• Reviewing a household budget.
• Discussing a debt repayment plan.
• Explaining basic investment choices.
• Checking whether you need a complete financial plan.
• Preparing for a larger retirement decision.

The benefit is that you pay for the time used.

The risk is uncertainty. A task expected to take four hours may take eight if records are incomplete or the issue becomes more complicated.

Before proceeding, ask:

• What is the hourly rate?
• Who records the time?
• Are emails and phone calls billed?
• Will junior and senior staff have different rates?
• Can the planner set a maximum fee?
• Will you be told before the estimate is exceeded?

An hourly arrangement works best when the question and expected work are clearly defined.

Fixed planning fees

A fixed fee gives you a set price for an agreed piece of work.

The uploaded draft describes broad planning fees between about $1,500 and $6,000, depending on complexity. Complicated matters can cost more.

A fixed project might include:

• An initial strategy meeting.
• Financial modelling.
• A written plan.
• One presentation meeting.
• A set period for follow-up questions.

The advantage is certainty.

You know the quoted amount before the planner begins. The planner also carries more of the risk if the work takes longer than expected.

Read the scope carefully. A fixed advice fee may not include:

• Implementing the recommendations.
• Completing product applications.
• Meetings with your accountant.
• Legal documents.
• Future changes to the plan.
• An annual review.

From my experience comparing fee schedules and advice proposals, disagreements often begin when a client assumes “complete financial plan” includes every step from the first meeting to the final transaction.

Ask the planner to list each included task in writing.

Implementation fees

Preparing advice and putting it into action are often charged separately.

Implementation may involve:

• Opening accounts.
• Transferring investments.
• Changing super funds.
• Submitting insurance applications.
• Setting up regular contributions.
• Coordinating paperwork with providers.

A separate implementation fee is not automatically unreasonable. Administrative work takes time.

You should still ask whether you can implement the recommendations yourself.

Also ask:

• Is implementation optional?
• How is the fee calculated?
• Does it change according to the amount invested?
• What happens when an application is rejected?
• Are transaction and platform costs separate?

A $3,000 plan followed by a $2,000 implementation charge is a $5,000 initial service. Compare it that way.

Ongoing annual advice fees

Ongoing advice is intended to provide regular support after the original plan is completed.

The service may include:

• An annual review meeting.
• Updated financial projections.
• Investment monitoring.
• Portfolio rebalancing.
• Changes after major life events.
• Phone or email access within an agreed scope.
• Updated written advice when required.

Do not pay for “ongoing access” without knowing what that phrase means.

Ask for a schedule showing:

• How often meetings occur.
• What is reviewed.
• Which documents you receive.
• How quickly questions are answered.
• Whether new advice costs extra.
• What happens when the named planner is unavailable.

Current Australian arrangements require written consent to ongoing advice fees to be renewed regularly. Read each renewal rather than treating it as routine paperwork.

You should be told what services will be delivered and what you will pay during the coming period.

Do not renew automatically when the previous year produced no meeting, no review and no useful contact.

Percentage-based fees

Some planners charge a percentage of the assets they advise on or manage.

The uploaded research describes percentage fees of roughly 0.5% to 2% a year as possible examples. The actual percentage depends on the business, balance and service.

At 1%, the annual planner fee would be:

A percentage fee can appear simple. It also rises as the balance rises.

Ask whether the amount of work rises at the same rate.

Managing a $1 million portfolio does not always require ten times the work of managing $100,000.

Some businesses use lower percentages for larger balances. Others charge a percentage up to a cap.

Ask for the exact annual dollar amount at your current balance and at a higher projected balance.

The planner’s fee may be only one layer

Your planner may quote $3,000 for advice. That does not mean $3,000 is the complete cost of the recommended arrangement.

Other charges may include:

• Investment management fees.
• Platform administration fees.
• Brokerage.
• Transaction costs.
• Insurance premiums.
• Foreign currency charges.
• Accounting fees.
• Legal fees.
• Fund establishment or administration costs.

Ask for the total expected first-year and annual cost.

The written breakdown should separate:

• Money paid to the planner.
• Money paid to their business.
• Money paid to product providers.
• Money paid to platforms.
• Money paid to other professionals.

A low advice fee may sit beside expensive products. A larger fixed advice fee may accompany low-cost investments.

Compare the whole arrangement.

Product fees keep running after the planning meeting ends

Investment products may charge annual fees as a percentage of the balance.

That amount can be easy to miss because it may be deducted within the product rather than sent as a separate bill.

Suppose a portfolio of $400,000 has:

• A 1% annual advice fee.
• A 0.40% platform fee.
• A 0.60% average investment management cost.

The combined percentage is 2% before transaction costs.

On $400,000, that equals $8,000 a year.

The investment needs to earn $8,000 before the account has recovered those costs.

This does not prove the service is poor. It shows why percentages should be converted into dollars.

Commission-based payments

A planner may receive a commission connected with certain products where permitted.

This is often discussed in relation to personal insurance.

A commission can mean you do not receive a separate bill for the same amount. It does not make the service free.

The provider may pay the planner from premiums or other product revenue.

Ask:

• Who pays the commission?
• How much is paid initially?
• Is there a continuing commission?
• Would the payment change with another product?
• Can I pay a direct fee instead?

The recommendation should still suit your needs.

A payment structure should never be hidden behind the word “complimentary”.

Advice paid from super is still your money

In some circumstances, advice fees may be deducted from a super account with the required consent and where the fund permits it.

This can make the service feel less expensive because the money does not leave your everyday bank account.

The cost is still real.

A $3,000 fee deducted from super means $3,000 less remains invested for retirement. Future returns on that amount are also lost.

Ask:

• How much will be deducted?
• Which account will pay it?
• Does the advice relate to that super account?
• Will tax treatment affect the net cost?
• What would the amount become if left invested?

Paying through super may suit some people. It should not be described as free advice.

Fixed fee versus percentage fee

Neither model is automatically better.

A fixed fee may suit someone who wants a defined piece of work and prefers a price unrelated to their assets.

A percentage fee may suit someone receiving ongoing portfolio management and regular planning work.

The question is whether the cost bears a reasonable relationship to the service.

For larger balances, read our article about using a fee-only financial planner for high-net-worth clients.

Five-year cost comparison

Our data shows, meaning the worked figures below, how three apparently reasonable quotes can produce very different five-year costs.

The example assumes the $500,000 balance remains unchanged. It ignores investment growth, market losses, tax and transaction charges.

The arrangements also provide different levels of service.

The table does not tell you which option is best. It shows why you should compare costs over several years rather than comparing initial advice fees alone.

Complex advice costs more for a reason

A person with one super account, no debt and a single investment goal may need limited advice.

A household with trusts, companies, property, insurance, estate-planning needs and several super accounts requires more work.

Complex advice may involve:

• More fact-finding.
• Extra financial modelling.
• Several product comparisons.
• Tax coordination.
• Legal referrals.
• Multiple advice documents.
• Work involving both partners.
• Longer implementation.

The planner should explain which part of your situation is increasing the fee.

“Your finances are complicated” is not enough.

Ask for the service to be divided into stages. You may be able to complete urgent work now and deal with lower-priority issues later.

Limited advice can reduce the bill

You may not need a complete financial plan.

Limited or single-issue advice may focus on one matter, such as:

• A super contribution decision.
• An investment review.
• Insurance.
• A retirement date.
• Debt repayment.
• How to use an inheritance.

A narrower scope can reduce research and documentation time.

It also means other parts of your finances may not be considered in detail.

Ask the planner to state what falls outside the advice and whether those exclusions could affect the recommendation.

For someone with a straightforward investment question, our article asking whether you need a financial planner for investing may help you decide whether full advice is excessive.

One-off advice can be enough

Ongoing advice is not required for every client.

A one-off service may suit you when:

• Your question is clearly defined.
• Your finances are relatively simple.
• You are comfortable implementing the plan.
• You can monitor the strategy yourself.
• You know when to return for another review.

You might pay for a retirement projection, receive written recommendations and return in two years or after a major life change.

This can cost less than paying every year.

The trade-off is that nobody is regularly checking the plan for you.

Our guide asking whether a financial planner is worth it when you are starting out explains when one-off help may be enough.

When ongoing advice may earn its fee

Recurring advice may be useful when your position changes frequently or several financial decisions need to work together.

Examples include:

• You are approaching retirement.
• You draw regular income from investments.
• You own a business.
• You have trusts or several entities.
• Your tax position changes from year to year.
• You need regular portfolio decisions.
• You expect major family changes.

A retirement plan may require more monitoring once withdrawals begin. Poor timing, unexpected spending or a large market fall can affect how long the money lasts.

Our guide to choosing the right certified financial planner for retirement explains what a retirement service should cover.

The annual fee should still buy identifiable work.

DIY planning is cheaper until a mistake becomes expensive

Managing your own finances can reduce advice costs.

It may suit you when:

• Your finances are simple.
• You enjoy research.
• You understand investment risk.
• You can keep reliable records.
• You resist emotional buying and selling.
• You know when specialist help is needed.

DIY planning requires time.

You need to compare products, understand tax records, monitor fees and review the plan after life changes.

The cost is not always visible. It may appear through:

• Choosing an unsuitable investment.
• Paying unnecessary fees.
• Losing insurance during a super transfer.
• Triggering avoidable tax.
• Selling during a market fall.
• Ignoring estate or beneficiary arrangements.

A planner does not guarantee that mistakes will disappear. Professional advice can provide another layer of checking.

The cost of doing nothing

Some people focus so heavily on the advice fee that they never address the financial problem.

Delay can carry its own cost.

Examples include:

• Years of unnecessary investment fees.
• High-interest debt left unpaid.
• Unused savings sitting without a purpose.
• Insurance that no longer fits the household.
• A retirement shortfall discovered too late.
• An outdated estate plan.

This does not mean you should hire the first planner available.

It means the fee should be compared with the financial decision at stake.

Paying $4,000 to solve a $5,000 problem would make little sense. Paying the same amount to prevent a much larger loss may be reasonable.

The value is not always an investment return

People often ask whether a planner can earn enough extra investment return to cover the fee.

That is only one part of the service.

A planner may provide value by:

• Finding unnecessary fees.
• Improving debt repayment.
• Organising insurance.
• Modelling retirement income.
• Preventing an emotional investment decision.
• Coordinating tax and estate work.
• Helping a couple agree on a plan.
• Creating accountability.

Some of these benefits can be measured in dollars. Others involve time, certainty and fewer administrative problems.

Do not accept vague claims about peace of mind as the only justification for a large annual fee.

Ask what the planner expects to do and how progress will be measured.

A financial planner does not replace an accountant

A financial planning quote may exclude tax returns, legal documents and business accounts.

You may need separate professionals.

A planner may help with strategy around:

• Investments.
• Super.
• Retirement.
• Insurance.
• Cash flow.

An accountant or tax agent may be needed for:

• Tax returns.
• Business accounts.
• Tax-agent services.
• Entity reporting.

A solicitor may prepare wills, trusts, contracts and other legal documents.

These extra professional costs should be included when comparing the total price of a strategy.

Our comparison of a financial planner and an accountant explains how their work differs.

Local and online planners may price services differently

An online planning business may have lower office costs and offer fixed packages.

A local planner may charge more but provide in-person meetings and easier coordination with nearby professionals.

Neither model guarantees better advice.

Compare:

• The person delivering the advice.
• The planner’s experience.
• Meeting access.
• Document security.
• Response times.
• The complete fee.

Our article comparing local and online financial planners can help you decide whether physical location is worth paying more for.

Ask for a written fee map

Before agreeing to anything, ask the planner to complete a simple table.

Ask for both percentages and dollar amounts.

If the planner cannot provide an exact product cost before research is completed, ask for an estimate and the method that will be used to calculate it.

Questions to ask about fees

1. What is the complete initial cost?
2. Which services are included?
3. What is charged separately?
4. Will I pay an implementation fee?
5. What will I pay each year?
6. Does the fee rise with my balance?
7. Which product and platform costs apply?
8. Do you receive commissions or referral payments?
9. Can I choose one-off advice instead?
10. Can I implement the plan myself?
11. How do I stop ongoing fees?
12. Are there exit or termination charges?
13. What happens if the promised service is not delivered?

Take our broader checklist of questions to ask before paying a financial planner into the first meeting.

Red flags in a fee proposal

Pause when:

• The planner refuses to state the fee in dollars.
• The quoted amount changes without explanation.
• An ongoing service has no written service schedule.
• The planner says product fees do not count.
• A percentage fee is described as almost nothing.
• The first meeting is free but creates pressure to sign immediately.
• Commissions are described vaguely.
• You are told advice paid from super costs you nothing.
• The proposal hides recurring fees in small print.
• Cancellation appears difficult or expensive.

You should understand the price before the work begins.

A planner who becomes irritated by fee questions is giving you useful information about the relationship.

A worked example

Consider Rachel and Tom, both aged 52.

They have:

• A $620,000 combined super balance.
• A $180,000 mortgage.
• $90,000 in cash and investments.
• A goal of retiring around age 62.

They receive two proposals.

Proposal one

• $4,500 initial planning fee.
• $1,000 implementation charge.
• No required ongoing service.
• A review available for a fixed fee when needed.

Proposal two

• $2,000 initial planning fee.
• Implementation included.
• 1% annual advice fee on assets covered by the service.
• Annual review included.

Proposal two looks cheaper at first.

If the 1% fee applies to $620,000, it begins at $6,200 a year. Over five years, the ongoing advice fee alone would be at least $31,000 if the balance stayed unchanged.

Rachel and Tom ask what annual work is included and whether their finances require that level of service.

They decide that a one-off plan and a paid review every two years better suits their position.

Another couple with a family business, trusts and regular pension withdrawals might reasonably make the opposite choice.

The right answer depends on the work needed, not which fee looks smaller on the first page.

How to compare three planners

Use the same comparison period for each proposal.

Our guide to choosing a financial planner near you explains the registration, experience and service checks that should sit beside the fee comparison.

You can negotiate the scope without negotiating the planner’s rate

A planner may not reduce their hourly rate or standard fee.

You may still be able to reduce the cost by narrowing the work.

Ask whether you can:

• Begin with one financial issue.
• Gather and organise records yourself.
• Implement recommendations without the planner.
• Use one-off advice instead of annual service.
• Meet online rather than in person.
• Delay lower-priority work.
• Pay for a review only when circumstances change.

Do not remove work that is needed to make the advice suitable.

The planner should explain the consequences of narrowing the scope.

A thirty-day process for deciding whether the cost is fair

Days 1 to 5: define the problem

• Write down the decision you need help making.
• Separate urgent issues from future goals.
• Decide whether you want one-off or continuing help.

Days 6 to 10: speak with several planners

• Contact at least two or three candidates.
• Ask whether they regularly handle your type of problem.
• Request an explanation of their fee method.

Days 11 to 17: collect written proposals

• Compare the scope.
• List every initial fee.
• List every annual fee.
• Add product and platform costs.

Days 18 to 23: calculate the longer cost

• Calculate the cost over one, three and five years.
• Convert percentages into dollars.
• Test what happens if the account balance rises.
• Check how recurring fees are cancelled.

Days 24 to 30: judge the service

• Compare experience and authorisation.
• Ask what work happens each year.
• Read the service agreement.
• Do not proceed until every fee is understood.

The honest answer

Hiring a financial planner in Australia can be expensive.

For some people, a few hours of advice may be enough. Others may reasonably pay several thousand dollars for a complete plan. Households with complicated finances may spend much more over time.

The first quote does not reveal the real cost.

Add the advice fee, implementation, annual service, platform and product charges. Convert every percentage into dollars. Then calculate the total over several years.

Ask what you receive for that money.

A planner may save you from a costly decision, organise a retirement strategy or bring order to finances that have been ignored for years. That can justify the bill.

It does not justify paying indefinitely for work that is vague, unnecessary or never completed.

The right price is not the lowest price.

It is the amount you understand and consider reasonable for a service you genuinely need.