How Much Does Financial Advice Cost in Australia? What You Need to Know

By Matt Gibson, Founding Director and Principal Adviser of Discover Financial Partners

How much is independent financial advice? What should you expect to pay? Can you claim financial advice as a tax deduction?

Matt Gibson, Founding Director and Principal Adviser of Discover Financial Partners, knows these are common questions people ask before seeking advice. Here’s what you need to know.

What Does Independent Financial Advice Cost?

Financial advice costs can vary widely depending on the service, the adviser’s experience, and the complexity of your needs. According to Moneysmart, typical fees include:

• Initial Consultation: Some advisers offer a free first meeting. Others may charge between $200 and $500. 

• Comprehensive Financial Plan: For a full strategy tailored to your goals, you could pay between $2,500 and $5,500. 

• Ongoing Advice: Ongoing service packages can start from $3,000 per year up to tens of thousands but varies depending on scope, scale and complexity of the advice and investment solutions. 

• Hourly Rates: For one-off tasks, expect $250 to $500 per hour. 

• Commission-Based Fees: If you’re buying a financial product like insurance, some advisers are paid via commission instead of upfront fees.

  
  

Are Financial Advice Fees Tax Deductible?

The ATO allows deductions for certain types of advice:

• Deductible: Fees for managing existing investments or tax planning may be tax-deductible. 

• Not Deductible: Initial advice around budgeting, wealth creation, or retirement planning is usually not deductible. 

• Super Advice: If advice is paid from your super fund and relates directly to managing your super investments, it may be deductible within the fund.

Always check with a tax adviser or your financial adviser to be sure.

Why Does Financial Advice Cost What It Does?

Here’s what you’re paying for:

1. Regulatory Requirements: Advisers operate under strict rules from ASIC, which increases compliance costs. 

2. Qualifications: Professional financial advisers complete degrees, accreditations, and ongoing training. 

3. Tailored Advice: Good advice is personal. It takes time to build a plan that actually fits your situation. 

4. Business Costs: Advisory firms manage overheads like software, insurance, admin, and licensing. 

5. Ongoing Service: Many clients want regular updates and strategy reviews, which require ongoing time and attention.

   
   

It’s About Value—Not Just Cost

We understand that financial planning can seem expensive—especially if you’re not yet seeing the value in what’s being delivered. But when you consider the scale of outcomes that quality advice can unlock, the fee often becomes a small fraction of the long-term benefit.

At Discover Financial Partners, we only work with clients where we believe we can deliver more value than the fee charged. That’s because for advice to be worth paying for, it must be valuable in real, measurable ways.

Many people don’t realise the areas in their current financial setup that are quietly costing them money—like not optimising their tax position, missing out on compounding opportunities, or being structured in a way that doesn’t support their future goals. When you consider that compound interest is often called the 8th wonder of the world, the long-term gains from better money management can be substantial.

Our advice is about discovering those value gains—and then helping them grow.

Experience the Value Before You Pay

We also recognise that the value of advice is often misunderstood. That’s why we’ve built our process around discovery. In our initial consultation and Discover Meeting, clients get to experience the value of advice firsthand—before any fees are charged. You’ll walk away with clarity, confidence, and a clear sense of whether advice will make a meaningful difference in your life.

Real-World Example: Laura’s Story

Take Laura, a client who came to us unsure whether she should consolidate her super, invest more, or focus on saving for a home. She’d spoken to friends, Googled endlessly, and still felt stuck.

After a detailed review of her situation, we mapped out a plan that allowed her to invest confidently, claim relevant deductions through her super, and work toward a deposit with clear milestones. A year later, she told us:

"I finally feel like I’m in control of my money. I know where it’s going and what I’m working toward." That’s the power of personalised advice.

Choosing the Right Fee Model

Matt Gibson says: “Some of our clients need detailed, ongoing plans with regular reviews and consultations. For them, fixed annual fees make the most sense. Others come to us with one clear question or need—and an hourly rate is more efficient.”

There’s no one-size-fits-all. The right fee model depends on what you need, and what you want to achieve. It’s why we take the time to understand your goals before suggesting a fee structure.

Let’s Talk About Your Goals

Discover Financial Partners is a team of experienced advisers based in Melbourne, working with clients all across Australia. We offer personalised financial planning with care, clarity, and transparency.

Not sure what kind of advice you need? Start with a free, no-obligation consultation. We’ll listen first, and guide you from there.

Not sure what kind of advice you need? Book a free chat with us.

This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is suitable for you and your personal circumstances.