Ongoing Financial Planner Fee

I wanted to get peoples views on the yearly fee FPs charge and whether it is worth it.

To give some more details setup is predominantly vanguard through MLC. It was setup through the FP who then recommended we retain their services for an annual fee.

Now I am all ok with paying any fee however the question is I don't see any value add atm that the FP is providing. When we go to them they just say investment outlook is long term so no need to change anything now even if money is trending downwards like it is as present.

I am doubtful as to the value as I believe we are already probably paying MLC / Vanguard to reduce risk so dont see why we pay the FP as well so it worth keeping them in the chain? Keen to hear peoples thoughts and also we have a review meeting with FP soon so if any questions we should be asking them etc.

 

Investment advice only

 

What advice do they give?

 

Setup of vanguard basically which is all ok and we paid the one off fee which im ok with. Just not sure if the ongoing yearly fee has any value

 

It doesn't sound like it would.

 

I would liken a financial planner is to what your personal finances are as a personal trainer is for your physical fitness.
In the same vein - do you need someone to keep an eye on you and your personal finances to stay on track? Do you need someone to keep an eye on you and your finances and tell you when you need to shape up financially when necessary or do you have the organisation and discipline to do so already on your own?
If you need someone to do so then yes keep seeing them and pay the yearly fee, if you don't then no you won't get value from it.