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Supporting Clients / Finding answers for your clients questions

Our commitment

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Affordable

Less than $300 for single topic advice

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Convenient

Accessing advice in your own time on a platform that suits you

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Targeted

Providing advice only on topics that are specifically relevant

Frequently Asked Questions

Who is Fiduciary?

Fiduciary Financial Services is a licensed provider of financial planning and advice services, operating under an Australian Financial Advice license; AFSL 247344. Fiduciary was created to transform the way Australians receive affordable and accessible financial advice that is ’s cost effective and relevant to working Australians. Our mission is to help your clients access professional financial advice, at each point of need, in order to secure their ongoing financial well-being.

What is the relationship between H&R Block and Fiduciary?

H&R Block have partnered with Fiduciary to ensure that its clients have access to a full range of financial services at very competitive rates. 

What is Fiduciary’s advice proposition and how do we work with referral partners?

Fiduciary provides financial advice to everyday Australians on single topics at an affordable price, when they need it – one topic at a time. We work with trusted referral partners to ensure clients we refer receive advice based on their needs and objectives, accessing or referring to specialists in their field to obtain services and expertise appropriate to the needs of the client.

How much is advice through Fiduciary?

Fiduciary provides single topic Advice for less than $300 including GST. Fiduciary is one of the first providers that offers advice based on Artificial Intelligence (AI), which allows every-day Australians to have access to affordable and valuable financial advice.  As an example, typically financial planning advice can cost up to $5,000 and $4,000 each year for ongoing advice, where-as with AI Fiduciary is able to gain significant cost and efficiency advantages through computer-generated functions (including research, compilations, simulations and reporting) instead of being carried out through labour intensive and high-cost human beings. 

Single Topic Digital only Advice $165 including GST
Single Topic Adviser Led Advice $297 including GST - with a client spending 30 minutes with qualified financial adviser
Annual Ongoing Review  $297 including GST (i.e. $24.75 / month) tax deductible
Comprehensive Advice $1,320 - $3,300 including GST for multi-topic needs or complex topics
Why would clients want to access our Digital Single Topic Advice services?

The advantages of Digital Single Topic Advice services include:
Affordable: Less than $300 for single topic advice
Convenient: Accessing advice in your own time, at your own pace
Flexible: Advice is provided online, with and you have the option to speak to an adviser
Targeted: Advice provided on specific for the topics that are relevant to you right now
Safe: All advice meets the requirements of all regulatory bodies, including the Australian Securities and Investments Commission (ASIC).

What type of services does Fiduciary provide?

Fiduciary provides advice on single topics; called “scaled-advice”. So if a client only requires advice on a particular area, or a single topic (such as insurance or superannuation or refinancing their loans), Fiduciary will be able to provide this advice without the client incurring fees on other topics that may not be particularly relevant or not a priority for them at the moment.

Fiduciary provides 3 types of financial advice services

Service Description Cost
Digital-Only-Advice providing advice on a single topic through clients completing an online questionnaire and, based on their responses, receiving a computer-generated report that provides appropriate recommendations. $165 per topic including GST, per topic
Digital-Adviser Led-Advice providing advice on single topics with a qualified financial planner assisting clients with explanations on the appropriate recommendations outlined in the in the Digital-only computer generated Advice report. $297 including GST, per topic
Comprehensive-Advice providing advice on range of topics or for more complex advice needs, rather than a single topic, with a financial plan developed by a qualified financial planner based on the client’s personal circumstances, with an option for ongoing advice. $1,320 - $3,300 including GST for multi-topic needs or complex topics

 

A summary of financial services and the relevant client groups are summarised here

If the client is interested in finding out more, complete the Referral Form on Henri.

 
What type of advice does Fiduciary provide?

Fiduciary provides a range of financial planning and advice services including:
• Superannuation 
• Retirement Planning
• Insurance & Risk 
• Complex Estate Planning
• Aged Care
• Comprehensive Advice
Clients must be an Australian citizen or resident and over 18 years old.

What type of services does Fiduciary not provide?

Fiduciary is not licensed to provide advice relating to Centrelink matters or foreign pensions (including UK pensions). 
Fiduciary does not provide advice on overseas property investments and does not provide advice on client’s taxation matters.
Any referrals for tax advice and SMSF set up are redirected back to H&R Block.

What is the process once you send Fiduciary a referral?

Confirm to the client that you are making the referral to H&R Block’s financial planning and advice partner, Fiduciary and to expect contact by Fiduciary within the next few business days, which will either by phone or email.

(1) An email will be sent to the client to acknowledge enquiry and to confirm that an Adviser we will contact them within the next one to two business days, providing Fiduciary’s email and telephone details for the enquirer to contact Fiduciary if there matter is urgent.

(2) Fiduciary will attempt to contact the client via a phone call.

(3)If we cannot connect with the enquirer by phone, we will leave a voice message and send an email with a link to allow the client to book a time for the call, when it’s convenient for them.

No advice is provided over the phone. Our direct number is 1300 268 061.
 

How do you identify who needs advice?

If your client is under 45 years of age

The key items of interest for this group are debt and lending, savings and investments, insurance and superannuation.

The questions you could ask your clients in this age bracket could be:

Have you thought about:

  • Consolidating your superannuation, to pay less fees?
  • Topping up your super, to pay less tax?
  • Consolidating your loans or paying down your mortgage, by refinancing?
  • Making sure your family is protected, if you were unable to work?
  • Saving to buy your first home?
  • Starting a savings or investment plan?

 

If your client is over 45 years old – Planning for Retirement

The key items of interest for this age group are retirement plans, to make sure they have enough assets and income, while still managing their debt and loans, superannuation, savings and investments.

The questions you could ask your clients in this age bracket could be:

  • Have you thought about:
    • Whether you will have enough super to retire?
    • What income you will need when you retire?
    • Whether your super is invested properly?
    • How you will fund your retirement income needs?
      • If property is the right investment for your needs?
      • How to invest a lump sum like an inheritance or family settlement?
      • Getting a Will – making sure your assets are distributed according to your wishes, when the time comes?

If the client is interested in finding out more, complete the Referral Form on Henri.

How to identify a client’s potential needs or interest

The best way to identify whether a client might be interested in obtaining financial planning advice is to ask a question, to identify their potential needs or interests.

Remember that neither H&R Block or its tax consultants are licensed to provide financial advice, so your conversations should not be perceived in any way to providing advice.

Keeping questions generic will provide a better chance of engagement with your client, without taking up too much time of your time or your client’s time. For example:

  Consultant: “I can see you are earning interest from an investment.

   When was the last time you had that reviewed by a professional?”

   Client: “Not since I set it up a few years ago.”

   Consultant: “Okay. Well H&R Block have partnered with a financial services provider who are quite experienced with helping people get the most out of their finances

    I think it could be really worthwhile having a chat to them and would be happy to pass on your details if you like?”

If the client is interested in finding out more, complete the Referral Form on Henri.

Fiduciary can assist tax consultants if a client begins to ask for more information, without crossing the line of providing advice. For example:

     Client: “I haven’t reviewed my insurance needs for quite a while.

      What other insurances are out there?”

     Consultant: “Well, there are a number of different ways to protect your family.

The best thing to do would be to speak to our Advice Partners, Fiduciary,

who can let you know what would work best for you given your circumstances”.

If the client is interested in finding out more, complete the Referral Form on Henri.

Start a conversation

Examples of conversation starters are listed below. If your client is interested in finding out more, please complete the Referral Form on Henri.

Contributions to Super

The client may have claimed deductions for extra contributions to super which can lead to the following:

I can see you are making extra contributions:

  • Have you looked into whether you could get government co-contributions?
  • Have you reviewed your superannuation arrangements in the last 12 months?
  • Have you considered spouse contribution splitting?
  • Do you have a strategy in place with some goal or target or are you just contributing extra?
  • Are you aware of the maximum amount you can contribute, to add more to your superannuation?
  • Have you considered a self-managed superannuation fund?
Interest Income

The client may be declaring income earned as interest on investments which can lead to the following:

I can see you are earning some interest from an investment:

  • When was the last time you had that investment reviewed by a professional?
  • Are you planning on making further investments?
  • Are you happy with the performance of those investments?
  • Have you ever considered building an investment plan to make sure you get the best outcome?
Deductible Interest

The client may be claiming deductions for interest paid on investment loans which can lead to the following: 

I can see you are paying interest on some investment loans:

  • When was the last time you had that investment reviewed by a professional?
  • Are you planning on making further investments?
  • Have you considered using equity in your home to help you build more wealth?
  • When was the last time you had that loan reviewed?
  • If you could reduce the amount of interest you’re paying, is that something you would want to explore?
  • Have you looked around at what different providers are offering now given the low rate environment and cash back offers?
Rental Income

The client may be declaring income earned from a rental property which can lead to the following questions.

I can see you are receiving income from a rental property:

  • When was the last time you had that investment reviewed by a professional?
  • Are you planning on making further property investments?
  • Have you considered using your equity to help you build more wealth?
  • Are you happy with the way your investment property is performing?
  • Do you have a loan over that property? [if yes]
    • When was the last time you had the loan reviewed?
    • If you could reduce the amount of interest you are paying, is that something you’d want to explore?
    • Have you looked around at what different providers are offering now, given the low rate environment and cash back offers?
Income Protection

The client may be claiming deductions on income protection premiums which can lead to the following questions.

I can see you are claiming premiums for your income protection insurance:

  • When was the last time you reviewed your policy?
  • Has there been any changes to your income since you set this policy up?
  • Are you working with an adviser to ensure that this policy is still appropriate for your circumstances?
  • Have you reviewed your full insurance needs for other insurances, such as life or temporary and permanent disability?

If a client does not have income protection insurance (especially if they are a small business owner) you could ask:

I can see you don’t currently have any income protection:

Have you thought about protecting your income in case you were unable to work and earn income?

  • Have you ever reviewed your insurance needs?
  • Would you like to speak to someone about your needs?
High Income

The client may have a high and expendable income which can lead to the following questions.

I can see you are earning quite a good income:

  • Have you thought about putting some extra away for your future such as investing or topping-up your super contributions?
  • Have you thought about speaking to someone to help make the most of your income?
  • Have you spoken to anyone to look at ways to help you reduce your taxable income?
Small business owners

The client may be a small business owner which can lead to the following questions.

I can see you are a business owner:

  • Do you have vehicle or equipment finance? [if yes]
    • when was the last time you had this reviewed?
  • Have you taken advantage of the 100% equipment write off the government is offering until December 2020?
  • Do you need help setting up a new loan for your business?
CGT Event / Windfall / Irregular return

The client may be declaring a particularly high income that is inconsistent with previous returns, they may be declaring a windfall gain or a CGT-event which can lead to the following questions.

I can see your return is much higher than usual and that you have received a lump sum of money:

  • Have you spoken with anyone to help make sure you make the most of this?
  • Have you thought about what you are going to do with this lump sum?
  • Have you made any investments in the past? Are you confident in doing so?
  • Have you thought about the best place to put these funds e.g. super vs. mortgage vs. investments?

HAVE YOU GOT QUESTIONS?

Talk to our expert team at Fiduciary now

TALK TO ABEL