Money advice: We pay our financial adviser $26,000 a year. Is that too much?

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Paul Benson Money contributor September 28, 2025 — 5.01am

My husband and I are retired with about $3 million in financial assets managed by an adviser. Their fees have risen each year and are now $26,000 annually (equivalent to 0.85 per cent of the portfolio).

Is this reasonable? Our funds are split between two pension accounts (formerly super) and a joint investment account. Returns often trail benchmarks, though I’m unsure what benchmark is appropriate. What is the usual range for adviser fees, and how can we judge whether we’re getting good value?

The financial planning landscape is diverse. Some practices focus on strategic advice and engage specialists to manage money on behalf of clients, while others take on full portfoli