PREMIUM SERVICE FEES

Some advisers also package a range of special extra services, such as reviewing your financial plan, monitoring your portfolio, recommending enhancements, and providing investment leads and share market advice.

These premium services are usually charged as a percentage of your investment portfolio - in a similar vein to commissions. However while normal commissions are sales based, premium service fees are service based.

The average premium service fee is 1% per annum of your investment portfolio. This is in addition to the other fees you are paying to a fund manager and so on. Typically a sliding scale will apply the fees charged based on the size of your portfolio. You should be able to negotiate your fees.

Obviously only pay premium fees if you think you will use the extra services. If you're not sure, talk to your financial adviser about it.