There is a myth that the cost of obtaining and maintaining an AFSL is not feasible for a small - medium sized business. However, this doesn't have to be the case. There are many benefits of self licensing and in most cases, the overall cost will be on par with paying a larger dealer group for an authorisation.
Today we break down the estimated initial and ongoing costs of self licensing. Of course, every case is different, so please do get in touch if you would like to recieve a tailored quote.
|Consultant Application Fee||$8,000 - $12,800||Dependant on the authorisation required and the number of proposed Responsible Managers.|
|License Application Fee (Payable to ASIC)||$7,537||Maximum cost for corporate entity providing personal advice to retail clients.|
|PI Insurance||$15,000 - $40,000||Dependant on the authorisations, claims history, business turnover etc.|
|Appointment of Auditor||$3,500 - $6,000||Dependant of size and nature of business.|
|AFCA Annual Base Levy||$350||Dependant of size and nature of business.|
|Ongoing External Compliance Support|
(not including Representative Client File Reviews)
|$8,000 - $12,800 p.a.||Dependant of size and nature of business.|
|ASIC Annual Levy||$1,500 plus $2,426 per adviser.|
|Annual Financial Audit||$3,500 - $6,000||Dependant of size and nature of business.|
|AFCA Membership||$350||Minimum annual base levy for 2018 - 2019.|