Our Professional Fees
What do we charge – How do we charge?
First and foremost, our philosophy and our approach to this topic is:
We will only work with you and charge a fee if we can add value above this. Win-win.
We aim to always be transparent and upfront in our fees charged. Everything is disclosed.
As much as possible, we operate on a fee-for-advice basis.
The only exception to this is for personal insurances where with your permission, we can still accept a commission from the insurer. That in turn should allow us to either not charge you any separate fees or much less than normal. Insurance advice is usually done on a contingent fee basis. If we complete the business for you and receive adequate commission from the insurer, then no additional fee will be charged. A nominal fee is only charged is we have provided advice and other services and then those insurances are not implemented.
In more detail……extract from our Financial Services Guide dated 4 October 2016:
HOW WILL WE BE PAID FOR THE SERVICES PROVIDED?
All fees and commissions which are attributed to the services provided to you are paid to Securitor our licenceholder in the first instance. It then pays 100% of those to Spinifex Private Wealth.
Spinifex Private Wealth will then also remit a proportion of those fees and commissions received from you to Securitor as disclosed in Part 1 of the Financial Services Guide, up to $60,000 pa.
WHAT IS OUR FINANCIAL ADVICE FEE STRUCTURE?
As part of detailed financial planning, there are costs to you at various stages of the process. Before making any recommendations, we will discuss and agree the fees with you.
Advice fees are inclusive of GST and payable by you at the following stages:
Initial Advice/Recommendations:
For having personal advice prepared (ie in the form of an SoA), an advice / plan preparation fee is payable. The actual fee will depend on the complexity of your situation and the time it takes to prepare the advice for you. The minimum charged for any such advice project is $2,200. We will provide you with an estimate of our fee and agree upon this prior to commencing our work and before any fees are charged.
Implementation:
We may charge a fee to implement the recommendations in your financial plan. These are payable when you decide to proceed with the implementation of any one or more recommendations that we provide to you.
The actual fee will depend on the complexity of your situation and the strategies to be implemented but will not exceed:a range from $1,250 (min) to $5,500 (max); or
$440 per hour; or
1% of the initial funds invested, or 100% of any initial insurance commission; or
a combination thereof.
In any case, we will agree upon this prior.
Where a placement fee and/or implementation fee is charged/received, I may rebate all or part of the initial commissions and/or ongoing commission received from a product issuer, by way of an increase in your investment amount.
Ongoing Advice Service and Reviews:
If you choose to:work with us and have us conduct a review of your financial plan to ensure that it remains on track and that your financial strategies and financial products remain appropriate to you,
have us manage/review an investment portfolio for you,
have us review your personal insurances,
or a combination thereof, then you may be charged an ongoing service and review fee.
If you choose to have us provide such ongoing advice services, you may be charged a fee:
As a dollar-based amount, starting from $5,500 pa up to $44,000 pa; or
as a %-based fee ranging from 0.66% pa to 1.5% pa, based upon the total funds under our advice/management; or
based upon any ongoing insurance commissions receivable by us; or
a combination thereof.
Where we receive an initial and/or ongoing commission amount, we may rebate all or part of the implementation and/or ongoing fee to you or vice versa.
As always, we will discuss and agree with you upon the most appropriate fee structure.
Note: Full details of all fees and commissions for financial services will be provided to you in a Statement of Advice (SoA) or Record of Advice (RoA) and Product Disclosure Statements at the time of receiving any recommendation.
WHAT AMOUNTS DO MY EMPLOYER AND OTHER RELATED ENTITIES RECEIVE FOR FINANCIAL SERVICES?
Spinifex Private Wealth receives 100% of fees, commissions and incentives. Directors and staff may be paid salaries/fees from the company and/or be entitled to a share of its profits.
WHAT OTHER BENEFITS DOES YOUR FINANCIAL ADVISER RECEIVE?
In addition to the remuneration detailed above, we may be eligible to qualify for other benefits and entitlements as detailed below:
From time to time we may accept alternative forms of remuneration from product providers or other parties (up to a value of $300), such as hospitality or support connected with our professional development (e.g. training or sponsorship to attend conferences). We maintain a register detailing any benefit that we receive and other benefits that relate to information technology software support provided by a product issuer or that relate to educational and training purposes. A copy of the register is available on request.
WILL YOUR FINANCIAL ADVISER BE PAID WHEN MAKING A REFERRAL?
We may receive a payment for making a referral to an external specialist advice or service provider, such as an Accountant, Finance Broker, Solicitor etc.
Any amount payable will be disclosed in the SoA if one is provided to you. This will be paid by the external specialist and will be at no additional cost to you.
Whilst we have contacts and are able to refer you to a variety of other parties, we only have two commercial/ business arrangements in place, those being with:
Arbitrage Private Clients
We may inform you that Arbitrage Private Clients is able to provide particular credit (lending) services, along with the contact information for them.
If you use the services of Arbitrage Private Clients, we may receive up to 50% of the upfront and ongoing fees or commissions that Arbitrage Private Clients receives. This will be paid by them and again will be at no additional cost to you.
Conversely, if you have been referred to us by Arbitrage Private Clients, and you accept the services we provide, we may make a payment to them for that referral. Arbitrage Private Clients may receive up to 50% of the initial and ongoing revenue that Spinifex Private Wealth receives. Any amount payable will be disclosed in the SoA provided to you. This will be paid by us to the external party and will be at no additional cost to you.Pinnacle Private Wealth
We may inform you that Pinnacle Private Wealth is able to provide particular financial advisory services, along with the contact information for them.
If you use the services of Pinnacle Private Wealth, we may receive up to 25% of the upfront fees/commissions that they receive. This will be paid by them and will be at no additional cost to you.
Conversely, if you have been referred to us by Pinnacle Private Wealth, and you accept the services we provide, we may make a payment to them for that referral. Pinnacle Private Wealth may receive up to 25% of the initial revenue that Spinifex Private Wealth receives. Any amount payable will be disclosed in the SoA provided to you. This will be paid by us to the external party and will be at no additional cost to you.