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We are different to many other financial planning and wealth advisors for a number of reasons, including:
The methods of remuneration that Banksia Partners receives for the services it provides are dictated by the specifics of the services being provided.
Typically we charge:
Fees are structured in accordance with those disclosed within the Banksia Partners Financial Services Guide and the attached Advisor Profiles. Clients can elect (at their choosing) an agreed annual (flat) fee for ongoing services debited from their nominated account paid on a monthly basis, or to fees calculated as a percentage of assets under management and paid from financial services product providers.
Banksia Partners considers that a flexible fee structure is important because it ensures those clients who are not in a position to pay directly for the advice they receive can still receive the benefit of our advisory services. In many cases (such as implementing life insurance recommendations) Banksia Partners is paid commissions directly from the product provider (i.e. insurance company) at no direct cost to our client.
Fees payable are generally agreed prior to our engagement and are normally formalized in a standard ‘Letter of Engagement’ signed by the advisor and client. All fees, commissions, volume bonuses, ‘soft dollar’ benefits, etc are disclosed in the body of our initial ‘Statement of Advice’
Importantly, each Banksia Partners representative is a salaried employee whose remuneration is not directly linked to the amount of revenue generated for the firm.
We do not have 'typical' client portfolios. Instead, each portfolio reflects the risk tolerance, time horizon, return objectives, income requirements, and personal financial goals of each individual client.
Banksia Partners incorporates nine (9) separate investment Risk Profiles into assisting us (and you) determine your tolerance to investment risk. Investment markets can be volatile and it is important that the levels of risk you undertake are matched to those that you are either (i) prepared to actually accept and/or (ii) are required to achieve your investment goals and objectives.
The scope of Banksia Partners Australian Financial Services License is very broad, allowing us to incorporate managed funds, Australian Stock Exchange (ASX) listed company shares and securities, Australian Government Bonds, Term Deposits issued by banks, property securities, etc within individual client portfolios. The degree to which investments are diversified across various asset classes is determined by your Risk Profile and your investment objectives.
Client meetings and communications vary from client to client, according to a client’s individual preferences and circumstances. After completing our initial planning strategy and implementing agreed recommendations, we maintain ongoing dialogue with our clients on all aspects of financial decision making.
We communicate with our wealth management clients throughout the year, monitoring individual investment strategies and performance reporting half-yearly, together with specific investment related opportunities and ‘corporate actions’ as they arise. Your investments and financial strategy are formally reviewed once a year to ensure they remain current and ‘fit for purpose’. For more complex scenarios we are in closer contact, perhaps quarterly, monthly, or even weekly.
Much of our role relates to more mundane administration matters concerning cash flow management, record management, coordinating activities of other professionals (such as Tax Agents & Accountants) etc.
The benefits of direct share ownership are many and varied. Incorporating directly owned ASX listed securities can assist in ‘designing’ investment portfolio structured for specific purposes, such as (ii) the generation of income streams that carry ‘fully franked’ dividends (i.e. tax credits attached), or (ii) are designed to minimise income – and maximize growth, or (iii) that are weighted towards specific sector categories such as resources, medical, financial services, transport, industrial, etc.
Moreover, direct ownership of investments allows for better management of capital gains tax liabilities. Unlike (most) actively managed funds where the tax circumstances of individual investors are not considered by the manager, ‘dealing’ with individually held share investments can be affected at the time of the clients and advisors choosing – helping to mitigate capital gains tax liabilities.
We might use combinations of ‘sector specific’ managed funds, directly owned shares and property securities, fixed interest deposits, Hedge funds and other ‘alternate’ investments, etc. in order to develop the most cost effective portfolio that is appropriately diversified and in accordance with your Risk Profile.
All clients have a relationship with a senior Banksia Partners financial advisor, as well as a ‘Secondary’ advisor who is well acquainted with your situation, so every client has at least one second point of contact with a Banksia Partners advisor.
Our strongly held view is that clients are clients of the firm, rather than clients of individual advisors. As a consequence, clients can be confident that we are highly motivated to work closely together as a team to serve our clients' needs.
Based on an initial discussion after which we have determined that Banksia Partners can assist you with your financial service requirements, references can be provided if desired. We respect our clients’ confidence and only provided references with the express consent of a client.