Guideway Wealth’s Approach to Service and Fees
Professional services in any industry will attract a fee and the advisory industry is no different. One confusing factor is that in the past the true cost of advice has often been hidden in, or subsidised by product fees and commissions. This can distort the true value of the service and create a focus on the product solution.
Guideway’s approach to client fees is simple. Advisory and product fees are two mutually exclusive fees, each of which are important. For advisory services, Guideway utilises an hourly rate to price services for clients. This system is common to most professions and well understood by clients given its intrinsically transparent nature. Guideway provides all prospective clients with the peace of mind of knowing exactly what their advisory service will cost prior to any commitment on their part through our fixed price service agreements. Our agreements will depend on the service package selected by our clients.
Guideway Wealth’s Service Packages
Guideway Wealth has two approaches for the provision of advisory services. The first is designed as an ‘on-demand’ service while the second is an enduring service. Importantly, all of our packages are premised on our hourly rate approach to provide clients with peace of mind in the knowledge that our fee is determined by the quantum of work performed, and isn’t simply a function of their investment amounts or insurance premiums.
Our simplest package is our ‘Single Guidance’ service. This provision suits clients that have a one off need for guidance which doesn’t require ongoing assistance. As with all our advice, this package is charged according to our hourly rates to prepare, present and implement our recommendations. All prospective clients are provided with a written, all inclusive, fixed price quotation to provide 100% clarity on our fees. Our hourly rate approach, with this fixed price cap, means that clients with complex advisory needs can expect a higher fee than those with simple needs- irrespective of investment amounts. Our Single Guidance package is designed for a single service ensuring that there are no ongoing Guideway fees.
Our alternative package is the ‘Enduring Guidance’ service. This service is designed for those wishing to receive regular guidance, beyond a one-off need, to ensure our advice remains appropriate throughout their lives. This service ensures the challenges of investment markets, strategic and legislative changes as well as changing needs and objectives are regularly revisited. We believe that at the heart of our ‘Enduring Guidance’ package is long-term relationship or guiding partner, to work with our client to ensure the best possible chance of meeting objectives and dealing with life’s uncertainties.
Second Opinion Advice
One of the key benefits of our percentage-free, fee-for-service approach is the ability to provide clients that utilise other advisory firms with an independent second opinion. This service allows clients to maintain their existing advisory relationship, while having the additional the peace of mind of an expert assessment.
Our Second Opinion Advice service comes complete with a ‘Benefits and Issues Report’ that clearly sets out the advantages and disadvantages in adopting the recommendations made by any planner. This popular service provides the guidance individuals require to make an informed choice, and is part of our ‘Single Guidance’ service package.