September Market Insights

The Hard Truth About Financial Planning. For true growth and maximum results, it carries a cost.

I thought I’d write this as a blog as we’ve just put the finishing touches on the 2024 platinum package. It’s awesome and I am super proud of what we have put together. The package is for those who are after the face to face experience and are comfortable with paying nearly $18,000 per year.

We offer this service to those who really want to maximise their wealth and be a part of a journey. It’s so valuable Phil or myself will fly to meet you wherever you are in Australia. 

So why is our Wealthlab Platinum package priced at about 3x the cost of many other financial planning packages out there? Because its worth it.

This article is a public way on putting together why this package exists and how its so valuable to our small number of Wealthlab clients. 

First off, let’s get one thing straight: if you’re looking for a bargain-basement deal on financial planning, you’re in the wrong place. We’re not here to compete on price. We’re here to compete on value. Now, I know what you’re thinking. “Scott, that’s a lot of cash what can you offer me for that much money?!.” And you’re right. It is. But here’s the kicker: it’s a drop in the ocean compared to what you stand to gain (or lose) over your lifetime.

Let’s break it down:

1. 1. The average Australian retires with about $300,000 in their super.

1. 1. With smart planning and investment, that could easily be $1 million or more.

1. 1. The difference? $700,000. That’s about 39 times our fee.

But here’s the real kicker: that’s just the tip of the iceberg. 

The Million-Dollar Mistake

I’ve seen it time and time again. People think they’re saving money by going with a cheaper financial planner or, worse, trying to DIY their finances. But here’s what they don’t realise: It’s a series of small, single mistakes in your financial strategy that compound to cost you hundreds of thousands, if not millions, over your lifetime. Let me give you a real-world example: John (not his real name) came to us after working with a “budget” financial planner. This planner had set up a seemingly solid investment strategy. But there was one problem: they hadn’t considered John’s specific tax situation. The result? John was paying an extra $20,000 in taxes each year. Over 20 years, that’s $400,000 down the drain. And that’s not even counting the potential compound growth of that money if it had been invested. This is why we charge what we charge. We’re not just giving you a cookie-cutter financial plan. We’re providing a comprehensive wealth strategy that considers every aspect of your financial life.

The platinum package is expensive for a reason. I want you to feel it and I want your mindset to be focused, so we can massively optimise your wealth growth.

But Wanna know the secret? It’s not us, it’s you. The most frustrating part of an advisers life can be, making the most perfect excellent awesome financial plan ever. aaaaannnnnd then to see the client pay for it and never implement the advice to its full extent.

This package is you getting the leverage of our past experiences, mistakes and failures to essentially buy yourself time and expertise. In a super short time frame. 

The Platinum Difference

So, what exactly are you getting for your $17,895 + GST? Let’s break it down:

1. 1. Your Income :A honest conversation about your salary. Are you really earning what you can? Are you pushing as hard as you need to provide for your family in the long term? Is there a business or side hustle that can be acquired to add and diversify your current income? We’ll connect you to a business broker & recruitment expert to speak further and expect some tough question if you’re not doing enough.

1. 1. Bespoke Financial Strategy: This isn’t some template we pull off the shelf. We spend hours analysing your unique situation, goals, and challenges to create a strategy that’s tailored specifically to you.

1. 1. Custom MDA Portfolio: There’s a podcast on this and its not a generic fund. The MDA built for you will be created via our custom Managed Discretionary Account portfolio that’s designed to maximise your returns while aligning with your risk tolerance. 

1. 1. Annual Face-to-Face Meeting: We fly to you. That’s right, we come to your major city to ensure we’re on the same page and your strategy is on track (Melbourne/Syd/Brisbane). Want face to face, cool this is your option. 

1. 1. Exclusive Network Access: Need a top-notch accountant? A jet of a lawyer? We’ve got you covered. Our network of professionals is at your disposal. We will being them with us for this meeting if schedules match up.

1. 1. Priority Adviser Support: When you need us, we’re there. No waiting in queue, no chatbots. Direct access to your dedicated financial planner.

1. 1. Wealth Protection Suite: Comprehensive insurance review, cybersecurity consultation, and identity theft protection. Because what’s the point of building wealth if you can’t protect it?

1. 1. Next-Gen Wealth Planning: We’re not just planning for you, but for your kids and grandkids too. Financial literacy programs, future work place placements, and inheritance planning are all part of the package.

1. 1. Philanthropy and Social Impact: We help you make a difference while growing your wealth. Personalised charitable giving strategies, impact investment opportunities, and more.

The Real ROI

Now, let’s talk about Return on Investment (ROI). Because at the end of the day, that’s what matters, right? A study by Vanguard found that working with a good financial advisor can add about 3% to your portfolio’s value annually. Let’s do some quick figures:

• • Let’s say you have a $1 million portfolio.

• • 3% of $1 million is $30,000.

• • Our fee is $17,895 + GST, let’s round up to $20,000 for simplicity.

• • Net benefit: $10,000 in the first year alone.

But here’s where it gets interesting. That 3% compounds over time. After 10 years, the difference could be over $300,000. After 20 years? We’re talking over $1 million. And remember, this is just on your investment portfolio. It doesn’t account for the tax savings, the estate planning benefits, the business growth opportunities, and all the other aspects of your financial life that we optimise.

The Intangible Benefits

But you know what? The numbers, as impressive as they are, don’t tell the whole story. There are intangible benefits that are hard to quantify but are incredibly valuable:

1. 1. Peace of Mind: Knowing that your financial future is in expert hands is priceless. No more sleepless nights worrying about market fluctuations or tax changes.

1. 1. Time: How much is your time worth? With us handling your finances, you’re free to focus on what really matters to you – your family, your business, your passions.

1. 1. Confidence: There’s a certain swagger that comes with knowing your finances are rock-solid. It affects everything from your business decisions to your personal relationships.

1. 1. Legacy: We’re not just planning for your retirement. We’re helping you create a lasting legacy for your family and the causes you care about.

The Hormozi Principle

Now, let me channel my favourite business coach Mr Alex Hormozi for a moment. Alex often talks about the concept of “Price Elasticity of Demand”. In simple terms, it means that as you increase your prices, your demand doesn’t necessarily decrease proportionally. Why? Because when you charge premium prices, you attract premium clients. Clients who understand the value of what you’re offering. Clients who are serious about their wealth and are willing to invest in the best. By charging $17,895 + GST, we’re signaling to you (and others) that we’re not just another run-of-the-mill financial planning service. We think we’re the best of the best. And we’re looking for you, somebody who wants to work with the best.

The 2x Promise

Here’s a promise made to our platinum clients: 

If you sign up for our Platinum package, we will work tirelessly to deliver at least 2x the value of what you pay us. That means if you’re paying us $17,895 + GST, we’re aiming to add at least $35,790 of value to your financial life. How do we do this? Well by following the clear principles we have build. The framework is ready and we are super confident in the process we have ready for you. How? 

Well by scrutinising your financial life and improving it. By bringing opportunities to you that you wouldn’t be aware of otherwise. By protecting you from costly mistakes. By setting your family up for long-term, sustainable wealth growth.

The Bottom Line

Look, I get it. $17,895 + GST is a lot of money. It’s not a decision to be taken lightly. But if you’re serious about your wealth – if you want to maximise your financial potential, protect your assets, and create a lasting legacy – then this is the best investment you can make. 

Remember, the cost of not optimising your finances is far, far greater than the cost of our services. Every day that goes by with suboptimal financial strategies is a day of lost opportunity. So, are you ready to take your wealth to the next level? 

Are you ready to join the ranks of our Platinum clients who are seeing growth in their wealth? If so, give us a call. Let’s chat about how we can transform your financial future. 

Because at the end of the day, it’s not about the cost. It’s about the value. And I promise you, the value we deliver is off the charts.

with passion,
Scott Jackson
Wealthlab Director