07.How to save thousands in fees
Don’t pay the full entry fee
. It can be as high as 5% or more of what you invest and can go to the financial planner or adviser. But this is negotiable. Wrap and master trust application forms often include a box advisers can tick to rebate the entry fee. Ask them about it or compare what different advisers will charge you. Keep bargaining
. Trail commissions and ‘adviser service fees’ can sometimes be rebated or ‘dialled down’ by advisers.
If you already know the platform you want consider using a discount broker
— they’ll often refund the full up-front commission and sometimes part of their trail.
If you don’t require advice (or you’re prepared to pay for fee-for-service advice separately) and you’re interested in investing direct, it’s worth comparing these and other discount brokers’ fees and services. TIP
: some discount brokers charge a fee to mail Product Disclosure Statements to you.