Westpac Financial Planning has rolled out a low cost financial advice by providing access to a financial adviser for under $200.
The new service, $199 Super Health Check, is available through Westpac branches from today.
BT Financial Group general manager advice Sally Herman said the new service is an attempt to demystify financial planning for many Australians.
Herman said until now it has been too difficult for Australians with less than $100,000 of investable assets to access affordable advice.
“During the accumulation phase, the majority of Australians simply require super advice on three things: how much do I have? How much do I need? And, will I have saved enough by the time I retire?” she said.
“Westpac’s $199 Super Health Check is an easy to understand, low cost advice solution to make it simpler and more affordable for investors to answer these questions with confidence and set a plan of action.”
According to a Nielson poll commissioned by ING and released last year it has been suggested that many planners shun investors with less than $100,000 in assets.
Though Herman said the average super balance is around $45,000, which leaves too many ignored by the industry and unable to get the advice they need.
“With four in 10 investors believing they don’t have enough money to make financial advice worthwhile and over 20 per cent thinking it will cost too much,” she said making reference to the FPA commissioned report ‘Consumer Attitudes to Financial Planning’ by Galaxy Research.
“Our $199 Super Health Check aims to remove some of the barriers to receiving professional advice.”
Westpac’s $199 Super Health Check is designed for those with investable assets of between $5,000 and $100,000.
In September last year BT chief Rob Coombe called for a change to the regulatory environment to allow advice for no more than $200.
