What do you charge for an initial consultation?
We don’t charge for initial meetings (typically 90 minutes) as they are primarily about ‘data gathering’, that is, collecting your financials, gaining a clear understanding of your goals and, of course, getting to know each other.
At the conclusion of our meeting, we’ll be in a better position to indicate whether we can meaningfully assist you and what the next steps might be, including any costs going forward.
How much do you charge for a financial or retirement plan?
Everyone is different, but typically, we charge $1,900 (plus GST) for a concise, ‘to-the-point’ financial plan (or ‘Statement of Advice’).
Do you receive commissions from investments that you recommend?
No. All new clients pay a simple ‘one-off’ implementation fee (if applicable) plus a flat, dollar based monthly fee for ongoing advice and support. The majority of our clients prefer to have these fees deducted from their superannuation funds, but this is up to you.
Are you owned by a bank or some other financial institution?
No. Since our inception back in 1977, Westmount has always been one of the few privately owned financial planning practices in Western Australia - according to a recent survey, 85% of financial planning practices operating in Australia today are still institutionally owned.
Am I obliged to proceed with your recommendations?
No. Whether you are an existing client or thinking about hiring us, you are never required to proceed with our advice, nor are there any service contracts for you to sign.
If I become a client, how often will we see each other?
That’s entirely up to you. Typically, we see our clients at least once a year for a full review, but we’re happy to meet more or less frequently. In the meantime, we’ll keep you informed of any relevant developments through regular updates.
Are you like stockbrokers?
Not at all. While we can easily buy and sell stocks on your behalf, as part of an overall portfolio, our clients are generally ‘long-term investors’ with little time for speculative trades or chopping and changing strategy.
Can you look after my superannuation fund and insurances?
Yes. We’ll examine your fund (and insurances), and compare them to other available options, and if appropriate, recommend alternatives. However, please note that as we are not remunerated based on ‘funds under management’ we have no financial interest in shifting your funds from one company to another, unless you benefit from such a move.
Is there a minimum amount that I need to have to become a client of Westmount?
No. Your level of income or assets is inconsequential. Our clients range in backgrounds, from sophisticated, high net worth individuals seeking a second opinion they can trust, to younger clients just starting out in life, looking to build a solid foundation.
Will you liaise with family members or business associates?
Yes, we encourage it. Ideally, it's always useful for family members to know who your financial adviser, accountant and lawyers are. That said, unless you give us express approval to meet and/or discuss your affairs with other interested parties, your details will always remain private.