Fees For Advice

For many years the way in which most financial planners were paid for their advice was through the payment of commissions and brokerage from product providers. This approach to remuneration creates a potential conflict of interest as the adviser is not paid by the client, but by the product provider e.g. a life insurance company or a fund manager. Whilst the vast majority of financial planners like Roderick J. Runco and Associates have always put the interests of their clients first, unfortunately, as the media highlights from time-to-time, a few other advisers have not.

As part of our commitment to avoiding any potential conflicts of interest, and to demonstrate that our remuneration is fully transparent, we have developed a fee-for-advice approach to financial planning. This approach focuses on delivering the best outcomes for clients and as their trusted adviser; we receive remuneration agreed to and paid by the client and not solely the provider of the financial service. As many existing clients are content with the current commission based model we will be offering the new fee-for-service model to existing clients at review time. All new clients will only have access to our fee-for-advice service and packages.

When providing financial planning advice and services to our clients Roderick J. Runco and Associates charges a flat dollar fee agreed with the client before any work on a file begins.

For those clients that wish to review their financial strategy on a regular basis we have developed three ongoing advice packages tailored to needs of our clients. These fees are agreed with the client and then charged based on a flat monthly dollar fee.