EPISODE 227 - "Fee to Engage" vs "Fee for Service" vs "Report Fees"

Show Notes

In this episode, Minh sits down with Ian to discuss fees charged for SDA advice. This can take the form of either a Fee to Engage, a Fee for Service or Report fees.

Firstly, the guys talk about the Fee to Engage concept. This is where a marketing firm charges an upfront engagement fee before providing SDA investment advice and property recommendations. This can vary quite significantly from a minimal amount of $1,000 or $2,000 upwards to $30,000 or more.

Minh & Ian discuss what is offered for that upfront fee and what is the tangible benefit to the investor.

They then talk about the Fee for Service offering which is a more understood concept in the market, being the fees charged on an hourly rate, such as an accountant or lawyer would charge.

The third type of fees are those for reports to give the buyer more data to determine whether they wish to proceed down the track of an NDIS Property investment.

EXAMPLES OF DIFFERENT TYPES OF PROFESSIONAL FEES:

"Fee for service" refers to a payment model where clients pay a set fee for each service or consultation provided by a professional, such as a lawyer, accountant, or financial advisor. This differs from other payment models, like hourly rates or retainer fees, where the cost may vary based on the time spent or ongoing relationship.

An “Engagement Fee” is an upfront payment made by a client to secure the services of a professional advisor or consultant. It's typically a portion of the total fee for the services rendered and is often paid at the beginning of the engagement. This fee helps ensure the commitment of both parties to the project or consultation and may cover initial costs or preparations by the advisor.

A “Retainer Fee” is a regular, recurring payment made by a client to retain the services of a professional, such as a lawyer, consultant, or freelancer, for a specific period. The client pays the retainer fee upfront to secure the availability of the professional's services as needed throughout the agreed-upon period. The professional then typically sets aside a certain amount of time or resources each month to attend to the client's needs, whether they require ongoing support, periodic consultations, or access to expertise on an as-needed basis.

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