Why We Charge Planning Fees
WealthUp is a professional financial planning practise and we conform to the standards of the FPI (Financial Planning Institute). Given our expertise and considering the time it has taken each CFP® PROFESSIONAL to become suitable qualified, you will understand that in the same way as other professional practitioners we charge a professional fee based on the time and effort we spend in preparing opinions, proposals and research.
We unfortunately cannot merely prepare proposals with detailed solutions and recommendations without compensation. We believe that our solutions and recommendations stand apart from products that can be used to meet the planning requirements and must be remunerated as such. This also prevents the bias to recommend solutions which are tailored to sell products.
How Do We Calculate the Planning Fee
The services we offer our clients vary to meet each individual needs.
Holistic Financial Plan: Includes a Wealth Creation Plan, Wealth Protection Plan, Estate Analysis Plan and Cash Flow Plan. The fee for an all-encompassing financial plan varies on the complexity of the plan and typically starts at R 10 000 (ex VAT).
1. Wealth Creation Plan: Incorporates strategies to ensure that your long term goals in terms of retirement provision, free cash flow provision, investments and lifestyle are met. The fee for Wealth Creation Planning typically starts at R2 500 (ex VAT)
2. Wealth Protection Plan: Incorporates strategies to ensure that you and your family are taken care of if you should lose your ability to earn an income through sickness or injury, or in the event of your death. The fee for wealth protection planning typically starts at R2 500 (ex VAT).
3. Estate Analysis Plan: Includes an audit to establish your estate liquidity, a review of your will and trust and strategies to make provision for any shortfalls. You will receive a report indicating the cost to wind up your estate including all the applicable taxes i.e. estate duty, executor fees, Capital Gains Tax and income tax. The fee for estate planning typically starts at R 2 500 (ex VAT).
4. Cash Flow Plan: Projects your capital value including inflows and outflows towards and during retirement. Cash flow modelling is crucial to determine the longevity of your capital and is also a requirement when we do retirement planning. The fee for cash flow modelling typically starts at R2 500 (ex VAT).
What Happens Next
Once we have provided the above services you are free to do with your plan as you wish. Should you instruct us to implement the recommendations in your plan additional fees will be earned by us on any product or investment solution implemented.
Life assurance products typically incorporate commission in their premiums. We will fully disclose any such commission earned and may apply a discount to the commission at a rate dependent on the quantum of the fees charged for planning. Please note that we do not support any insurance-based investment products.
Where investment strategies are incorporated we typically raise a fee against the assets under our advisement. The fee is an annual fee paid to us on your behalf by the service provider. This fee can be cancelled at any time should you not be happy with our service. This fee will be disclosed in our proposal documents.
Schedule an Appointment
Our first meetings are free of charge. We'd love to meet you at our offices in Durbanville. We will discuss our Wealth Creation process and answer any questions you may have.