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SUCCESS STORIES WITH EVALESCO

Helping our clients understand their finances

by Marshall Brentnall | 18 August 2020

Marshall recently met with a client, and throughout the meeting they indicated that they felt their fees were too high. In response Marshall asked some questions about which fees they were referring to, and their concern related to the monthly administration and product fees they could see in their superannuation cash account which tallied to almost $10,000 per annum.

That certainly sounds like a large number, however when Marshall dug a little deeper he then explained what this number was made up of, and how it compared to the broader market when expressed as a percentage of the assets being managed.

As a business we feel that transparency is important and in portfolios we run, administration and investment costs are paid monthly and are visible to our clients, whereas many major funds wrap up those fees and only share them in annual statements. For these clients, with a portfolio of $1,960,000, it meant that they were paying product fees of 0.51% per annum, which when compared with peer superannuation funds, is a highly competitive number.

When framed in that way, our clients left our office feeling much more comfortable, knowing that they have a comprehensive family retirement plan at a similar or even less cost than some major superannuation funds.

If you wish to talk to one of our advisers about your retirement and superannuation, call us today 9232 6800.

HOW WE HELPED IN PARTICULAR

Discussed fees associated with superannuation accounts

Understanding the family retirement plan

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“How do I know how much money I will need to retire?”

The amount of super you’ll need when you retire depends on your big costs in retirement and the lifestyle you want. The Associate of Superannuation Funds of Australia (ASFA) estimates for a single $44,224 a year and for couples $62,562 a year is how much you may need. This is only an indicator and our advisers assess everyone’s individual circumstances.

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“Why should I pay for financial advice?”

The fees we charge for financial advice is only a fraction of the value we derive for our clients, meaning our clients are always better off after seeing us. Rarely do we encounter a new client invested appropriately for their needs, with adequate risk protection, structuring and estate planning provisions in place. Even small tweaks to a financial plan over a long period of time can result in drastically better outcomes for our clients which eclipses the fees of the financial advice. Additionally, you can opt-out of an ongoing fee arrangement at any time.

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“How do you charge for your services?”

In our discovery meeting with you our advisers discuss the initial advice fee and the ongoing fees associated with our services.

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“What is the process for getting your own personal financial plan?”

After our initial phone call to discuss why you are seeking a financial adviser, we arrange a discovery meeting that outlines what is important to you, your current position, our areas of advice, our approach. We then present a Statement of Advice (SoA) to discuss your goals and our recommendations and go through the steps of how to proceed to the implementation stage. After answering any questions you may have, you will sign the authority to proceed and complete any application forms before we implement our recommendations detailed in the SoA.

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“Should I pay more off my mortgage or put more money into super?”

One thing to consider is the interest rate on your home loan in comparison to the rate of return on your super fund. Before making a decision, it’s also important to weigh up your stage in life, particularly your age and your appetite for risk. Whatever strategy you choose you’ll need to regularly review your options if you’re making regular voluntary super contributions or extra mortgage repayments. As bank interest rates move and markets fluctuate, the strategy you choose today may be different from the one that is right for you in the future

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“How do I know Evalesco is the right fit for me?”

We know the impact of good holistic financial advice can make and we have the life experience, technical capability and quality support team that can make that difference for you. We’ve empowered over 1000 families through the delivery of great financial advice, to be healthy, wealthy and happy.

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“How will I measure the value or success of receiving financial advice?”

We believe the true value of financial advice isn’t found in dollars and cents (although this is important too!) but in the peace of mind a financial plan can provide. It’s knowing where you want to go and how to get there, with a dedicated team behind you every step of the way.