Fees and charges for financial management
We want our clients to be as independent as possible. When we welcome a new client, one of our tasks is to work out the level of service they need.
It may take a few months to identify a new client’s ongoing needs. Once this has been done and the level of support that best suits them is determined, we set an appropriate fee.
However, as part of our community service obligations, our services are provided to all Queenslanders, even if they can’t afford the actual cost.
If someone’s circumstances change during the year and they require more or less support from us, then our fee will be reviewed and adjusted so that it fairly reflects the level of support we provide.
How is the fee calculated?
The fee has two parts and reflects the level of support and services provided.
1. Personal Financial Administration
This reflects the level of support and personal contact required.
Support activities may include:
- receiving income
- paying bills
- keeping financial records
- negotiating with agencies such as Centrelink regarding benefits
- day-to-day administration.
Broadly speaking, the fee charged is determined by where the client lives and how their income is paid. For example, if the client lives in a government- funded care facility or hospital and the income is paid directly to that organisation, the amount of contact with us may be quite small and so the fee for services will be lower.
On the other hand, if the client lives in the community and requires more assistance, they may need to be in touch with us on a regular basis. In this case, when the level of assistance and the frequency of contact is higher, the administration fee is also likely to be higher.
2. Asset Management Fee
This fee applies when we are responsible for the administration of assets. This may involve the management of cash or investments. Our fee is based on the value of the assets (excluding the person’s home, personal and household items, and motor vehicles).
If the person has real estate, which is not classified as the client’s principal place of residence (where they live), an annual realty fee is charged for each property. This fee applies regardless of the value of each property.
(A principal place of residence is where the client, their spouse, de facto or financially dependent child lives.)
Occasionally there may be situations where a person needs our help to attend to complex financial matters, such as dealing with overseas authorities, buying or selling assets outside of Queensland, or administering complex assets and liabilities such as a business. For this additional work, service fees are charged at the hourly rate.
These charges relate to specialised work carried out on the persons behalf. These costs may include:
- professional fees for tax agents, valuers and stockbrokers
- the cost of any legal actions or activities necessary in the sale of real estate or other personal possessions
- expenses such as photocopying, postage, or phone calls.
Estimate of cost
Every person’s situation is unique. However, if you can explain your planned living arrangements and anticipated needs, we will be pleased to provide you with an estimate of fees.