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Fees for financial advisors vary, but there has been a move towards more transparency in recent years.
In 2012 The Retail Distribution Review (a review of the UK financial services industry) largely abolished commissions* reversing a trend towards high commission products.
These days financial advisors now charge a fee in return for helping you save money. In most cases, working with a good financial advisor will pay for itself several times over.
- This first meeting is a chance for you to set out your goals and priorities and to answer any questions you may have. It gives your advisor the opportunity to explain how they can work and to allows them to provide a detailed breakdown of any associated costs.
- The fee will depend on what you are hoping to achieve and the resources the financial advisor needs to meet your objectives. Fees usually vary somewhere between £75 to £250 per hour depending on the level of expertise your advisor has and you location may also be a factor. The final fee may be charged in a number of ways.
Percentage fees (where applicable)
- In certain circumstances, like managing your pension or investment portfolio, your financial advisor might charge a percentage of the sums handled. For example, if you were to switch a pension fund of £50,000, your advisor might charge a fee of 3% or £1,500.
- Percentages are often lower for larger amounts, but usually range between 0.5% and 5%.
- Some services carry a fixed one-time fee. These services include things like like handling a re-mortgage, or making an investment.
- Fixed fees should be quoted in advance by your advisor before you commit to anything.
- In some instances your financial advisor may receive a commission on products or services they have recommended to you.
- Life insurance, for example, still remunerates under a commission based system.
- * Except insurance products
While Financial Advisor Direct take every care in making their recommendation, any contract or agreement is between the selected financial advisor and the client. Financial Advisor Direct cannot be held liable for any failure on the part of either of the parties concerned. Financial Advisor Direct offers all types of advisors including restricted advisors who may be limited to fewer options, but they may offer preferential rates. Financial Advisor Direct is not authorised or regulated by the FCA.
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