Our Approach to Financial Advice

 

At Prosperity Wealth Management, our approach to financial advice and investment management differs slightly from conventional financial planning offerings in several ways. 

No Investment Commissions....Ever

Firstly, and very importantly, unlike many older financial planners, when it comes to Financial Planning, Superannuation or Investment Advice:

  • Prosperity Wealth Management is a Fee-For-Service company.  This means we set and agree on a flat fee for the service we provide you.
  • We Never accept commissions or sales incentives on investment products from any financial suppliers we deal with.
  • We Never Charge a commission on Investment Fees,
  • We charge for the Design, Research and Construction of your Financial Plan,
  • We charge for implementing the strategies and products recommended in the Financial Plan.
  • We charge for the Ongoing Services we provide to you for the ongoing management, review, administration, and monitoring of your financial and investment strategies. (These changes are clearly explained to you at the first meeting and in our (Financial Servies Guide, which can be found here)

 

We believe in transparency.

Unfortunately, in the past, the financial services industry has had a reputation for hidden charges, inflated fees and translucent payment arrangements.  However, thankfully, this has now changed, and we ensure that:

  • All our fees are transparent, come with no hidden charges, and
  • Every year, we provide you with a customer Service Agreement that outlines the services you will receive and the cost for the provision of those services.

 

We believe in having a plan to invest your money.

We wouldn't be good financial advisors or planners if we didn't have a plan for how we will invest your hard-earned money, would we?

We very much believe that having a plan on how we invest sets you and us up for success in the future.

That's why we have a structured Investment Philosophy that guides how we invest every client's money every time.  You can learn more about Our Investment Philosophy here.

That's why we only use the latest and most technologically advanced Investment platforms that give you one dedicated place to access all the information you need to stay in control and informed about your wealth journey, including investments, Superannuation, Pensions and /or insurance.

While effective for many, the old-style master trust structures that most Super funds ( especially industry funds such as (HESTA, REST, Host Plus, CBus and Australian Super) still use have become expensive, clunky, limited in client-facing options and have quickly become obsolete due to older-style infrastructure and technology.

For many years now, these structures have been superseded by the introduction of new structures, particularly new technology platforms such as WRAP Platforms. 

These platformers have been designed to be simple and flexible so you can manage your wealth in your own way.  We also select them as they enable us to provide advice quicker, more accurately, and cost-effectively than ever before.

While effective for many, old-style master trust structures have become expensive and quickly obsolete due to older-style infrastructure and technology. For many years now, these structures have been superseded by the introduction of new fund structures, particularly new technology platforms such as WRAP Platforms. 

Depending on the client's need, funds under management and objectives, we now encourage most clients to hold their assets in a WRAP Platform.  By using these modern platforms, third-party fees are minimized or eliminated.   

It also provides the opportunity for much greater diversification and choice of investments, with some WRAP Platforms having up to 600 investment options.  This provides us with the ability to have multiple managed portfolios that can include Exchange Traded Funds, (ETFs) Term Deposits, and Direct Shares in the (ASX100, 200 & 300) all on the same platform, which, in many cases, provides significant tax benefits as well as consolidated tax reporting. 

 

How we measure success

Finally, and this may surprise you, we don’t measure our success by the amount of money we make for you.

We measure success by how well we have helped you achieve all of your lifestyle and financial goals. 

Because it is only through measuring this success that we can determine your true achievements.

Yes, achieving the financial outcome is important, but it is just one of several factors we use to determine success.