Now we have covered the services North West Financial Services (Qld) Pty Ltd can provide, it is appropriate to discuss the numerous ways you have available, for paying the service fee/s. We will also explain the different methods, which will demonstrate the flexibility you may gain, with possibly combining some methods. Once you have a clear understanding of this process, you can select the most suitable and appropriate fee payment method.
Please find detailed below the different methods of fee payments and a brief explanation –
ALL Fees for Service
ALL Fees received by North West Financial Services (Qld) Pty Ltd, in respect to any service provided to a client, must be fully disclosed to the client, prior to any transaction/s being completed. Failure to disclose ANY Fees to a client is a Reportable Breach to ASIC. The hourly rate for an Adviser is $330 and for the administration staff it is $110 (Both are GST Inclusive).
Initial Consultation and Establishment Fees
Please refer to the previous section titled – “About the Advice Process”. This section provides a full list of services provided and the fee for each service.
Annual Services and Support Fees
Please refer to the previous section titled – “About the Annual Service and Support”. This section provides a full list of services provided and the fee for each service, including packaged fee arrangements.
Combination of Fee Methods
As mentioned earlier, a Full Disclosure of ALL fees will be contained in the Statement of Advice (SoA). Should the SoA have one or more recommendations, which provides an avenue to pay your service fees, you may elect to use these facilities, instead of paying from your day-to-day budget, or your savings (e.g. Cash at Bank). Please be assured, the NWFS fee will be the same, regardless of the method/s of payment.
The simple reality is – you ultimately have control to agree and approve the amount of the fee, and which account or facility it is paid from – so it will be obvious and very visible!
Fee Consent Forms
If you elect to pay your service fees from the recommended facility/s, you will be required to complete a “Consent Form” to allow the facility provider, to pay your fees. You will need to complete this form, regardless of the services and fee arrangement you have selected to receive from North West Financial Services (Qld) Pty Ltd. The Legislation will require you to renew the Consent Form each year, to ensure you will continue to receive the services you have selected.
Fee Disclosure Statements (FDS)
Depending upon the services and fee arrangement you select, if the arrangement exceeds 12 months, then you will receive a Fee Disclosure Statement, from North West Financial Services (Qld) Pty Ltd. Should you renew this arrangement each year, the FDS will be provided each year, which will set out the fees you have paid to NWFS, the services NWFS contracted to provide, and the services that were provided over that period. It will also include an estimate of services and fees for the next twelve months.
Listed Share Trading Fees
In general, our share market service fee will range from $110 to 0.55% (GST Inclusive) of the trade value.
Consultation / Portfolio Review Service Fee
In reviewing the North West Financial Services (Qld) Pty Ltd fees, please keep in mind, the portfolio review service fee will cost a minimum $550 to a maximum $1,450 (GST Inclusive), unless included in a service package.