When it comes to managing your financial future, trust and transparency are paramount. At Rando and Associates, we understand the importance of building strong partnerships with our clients. Our mission is to provide quality financial strategies and education to help you achieve a brighter future. In this article, we'll delve into our fee schedule and the array of services we offer, ensuring you have a clear understanding of how we operate and how we may be able to help!
Understanding Our Approach
At Rando and Associates, our approach is client-centric, driven by the desire to understand your unique needs and objectives. We believe that every client is distinct, and their financial plans should reflect that. To achieve this, we follow a structured advice process, consisting of three key stages:
1. Initial Meetings: The journey begins with an initial meeting where we discuss both general and personal advice. This meeting is crucial for understanding your current financial situation and goals.
2. Presentation and Implementation: Following the initial meeting, we present and implement personalised advice tailored to your needs.
3. Progress Updates and Ongoing Review: We don't stop at implementation. We provide ongoing support and periodic reviews to ensure your financial affairs remain aligned with your objectives.
Our Key Pricing Principles
Our fee structure is founded on three fundamental principles:
1. Fairness: We tailor our fees to each client's specific requirements, ensuring you only pay for the services you need.
2. Value for Money: Our fees vary depending on the complexity of the work and the level of expertise required. We determine fees based on the hours needed to deliver the advice and the unique circumstances surrounding your situation.
3. Transparency: We believe in transparent pricing. We charge a flat dollar fee and use a cost-to-service calculator to determine our fees, enabling open and honest conversations with our clients regarding pricing decisions.
How We Charge for Advice
Before we begin any work, we ensure that all parties agree to the fees. You can choose to pay our fees through a flat fee from your investment or super product or via direct debit.
To determine the cost of our services accurately, we start by getting to know you. This involves a comprehensive understanding of your current financial situation, needs, and objectives. We offer an initial 1-hour meeting to allow you to discuss your reasons for seeking assistance.
General and Personal Advice
General advice may sometimes suffice for clients to make informed decisions independently. However, if we identify any issues or concerns during the initial meeting, we will discuss them with you. In some cases, personal advice may be necessary.
The fees for personal advice are disclosed and agreed upon in advance. They are based on the time and resources required for plan preparation, including research, documentation, and the creation of technically sound and up-to-date financial advice strategies tailored to your circumstances.
Review Services
After the implementation of personal advice, keeping your financial affairs up-to-date is crucial. Our ongoing service costs are determined on a twelve-month fixed term basis. At the end of each fixed term, we review these fees based on your needs for the next twelve months. This review encompasses your current strategies and products, considering any changes in your circumstances, government regulations, market conditions, and financial products. The level of review service offered varies depending on the complexity of your situation.
Client Service Agreement Package
Upon review of your specific situation, needs, goals, and wants, we will craft a tailored Client Service Agreement Package designed to address your unique requirements. Our approach is centered on understanding your individual circumstances and aspirations, ensuring that the solutions we recommend are precisely aligned with your objectives.
Additional Fees Outside of a Client Service Agreement
For services outside of a client service agreement, we have the following fees:
- Financial Coaching and General Advice Fee: Minimum of 2 hours for general advice required for financial coaching to clients not on a service agreement.
- Execution Only Administration Fee: Minimum of 2 hours for additional administration costs when providing execution-only services.
- Ad-Hoc Advice Fee: Charged on an hourly basis for ad-hoc advice outside of our fixed-term agreement, with fees agreed upon before undertaking any work.
At Rando and Associates, we are committed to helping you navigate the complexities of financial planning with clarity and confidence. Our fee structure is designed to be fair, transparent, and tailored to your unique needs. We believe that financial success is a collaborative effort, and we look forward to partnering with you on your journey to a brighter financial future.
Rancol Pty Ltd as Trustee for The Rando Family Trust T/as Rando & Associates is a Corporate Authorised Representative of Millennium3 Financial Services Pty Ltd. ABN 61 094 529 987. Australian Financial Services Licensee, Licence No: 244252. Level 3 “IOOF Building” – Level 5, 95 Pitt St, Sydney NSW 2000 02 9248 0422
Any advice on this site is general nature only and has not been tailored to your personal objectives, financial situation and needs. Please seek personal advice prior to acting on this information. Any advice on this website has been prepared without taking account of your objectives, financial situation or needs. Because of that, before acting on the advice, you should consider its appropriateness to you, having regard to your objectives, financial situation or needs.
This site is designed for Australian residents only. Nothing on this website is an offer or a solicitation of an offer to acquire any products or services, by any person or entity outside of Australia.
