How Much Does a Financial Adviser Cost in Australia

What drives the cost of financial advice

Financial advice in Australia isn't priced like a tradesperson who charges a flat hourly rate. What you pay depends on what you need, how complex your situation is, and how the adviser structures their fees. That said, there are some reasonable benchmarks that give you a starting point.

The most important thing to understand upfront is that since 2013, financial advisers in Australia are legally prohibited from receiving commissions on most financial products. This means the person giving you advice is supposed to be paid by you, not by the product provider. It doesn't always work out perfectly in practice, but the intent is that the adviser's interests should be aligned with yours. You can read more about how advice works in our guide to general vs personal financial advice.

Typical fee structures

Most advisers use one of three fee structures, or a combination of them.

Initial advice fee: A one-off fee for the first engagement, which usually covers a detailed assessment of your situation, a Statement of Advice, and any initial recommendations. This typically runs between $2,500 and $5,000, though complex situations - business owners, people with significant assets, SMSFs - can be considerably more.

Ongoing advice fee: If you want the adviser to keep managing your situation - reviewing your investments, updating your insurance, adjusting your strategy as things change - you'll pay an ongoing fee. This is commonly structured as a flat annual retainer, often between $3,000 and $6,000 per year, or as a percentage of assets under management, usually between 0.5% and 1.5% annually. If fees are deducted from your superannuation account, our guide on how adviser fees work inside super explains the rules around this.

Hourly rate: Some advisers will work on an hourly basis for specific questions or one-off projects. Rates typically sit between $300 and $600 per hour. This can work well if you have a straightforward question and don't need ongoing management.

What you actually get for the money

A good financial adviser doesn't just tell you which managed fund to invest in. A thorough initial engagement usually involves a detailed look at your income, expenses, debts, assets, insurance, superannuation, tax situation, and goals. From that, they produce a Statement of Advice - a legal document that sets out their recommendations and the reasoning behind them.

The ongoing relationship, when it works well, involves annual reviews, adjustments when your circumstances change (new job, having children, approaching retirement), and access to the adviser when you have questions. Whether that's worth around $4,000 a year depends entirely on your situation. For someone with $800,000 in superannuation, a business, and an investment property, the value of good advice almost certainly outweighs the fee. FFor someone in their 20s with straightforward finances, it may not make sense yet - our guide on when you need a financial adviser explains why. Either way, understanding how superannuation works as a long-term investment helps put the value of advice in context.

How to compare costs

Before engaging an adviser, you're entitled to receive a Financial Services Guide, which must disclose how they charge. Ask for this before any meeting and read it carefully. Our guide on what to ask a financial adviser before you hire them includes a section specifically on fees and what to ask upfront. Some advisers also offer a free initial consultation - use this to ask directly what they would charge for your situation and why.

Don't compare fees in isolation. A cheaper adviser who gives you poor advice, or who doesn't notice that your insurance is inadequate, or who puts you in underperforming funds, will cost you far more in the long run than a well‑priced adviser who does the job properly. If you're unsure what good advice looks like, our guide on life insurance advice and superannuation advice can help you understand the difference.

Does the type of adviser affect the cost?

Yes, though not always in the way you'd expect. Advisers who work for large institutions - banks and their subsidiaries - aren't necessarily cheaper, and may have conflicts of interest around which products they recommend. Independent advisers who aren't aligned to a product provider may actually give you cleaner advice, though their fees are set by the market rather than by any institutional subsidy.

Advisers who specialise in particular areas - SMSF advice, for example, or superannuation strategies - may charge a premium for that expertise, and it's often justified if your situation requires it.

Can you get cheaper advice?

There are some lower‑cost options worth knowing about. If you're a member of an industry superannuation fund, many funds offer basic financial advice through their helpline at no additional charge. This is limited to advice about your superannuation account, but it's a reasonable starting point if that's your main concern.

The government's MoneySmart website also provides free general guidance on financial topics, though it can't give you personal advice about your specific situation.

If cost is a barrier, it's worth being upfront about that with potential advisers. Some will offer a limited scope of advice for a lower fee - helping you with one specific question rather than a full financial plan. This isn't ideal for complex situations, but it's better than having no advice at all.

Finding an adviser

All financial advisers in Australia must be registered with ASIC. You can search for registered financial advisers near you on this directory, which is updated weekly from the ASIC Financial Advisers Register. Each profile shows the adviser's qualifications, experience, authorisations and any disciplinary history. For more detail, see our guides on verifying ASIC registration, checking disciplinary history and how to read an adviser profile.

Before making contact, it's worth using the ASIC register to verify the adviser's registration independently. Anyone providing personal financial advice without an AFS licence is operating illegally - our guide on what an AFS licence is explains why this matters.

If you're in a major city, you'll find advisers across Sydney, Melbourne, Brisbane, Adelaide and Perth, as well as in most regional centres around Australia.