Customers are paying less for financial advice this year, a new study from unbiased.co.uk shows.
The site lists over 15,000 financial advisers and offers tools and information to help people make sense of the choices available.
The research, conducted among advisers listed on the site, shows a drop in the median hourly rate charged by advisers from £175 per hour in 2013. That’s down 14 per cent to £150 per hour in 2014.
However, whilst the hourly charge has gone down, fees for various specific advice scenarios have remained largely static over the last two years
Karen Barrett, chief executive of unbiased.co.uk, comments:
“Consumers can have the preconception that professional advice is not applicable to their financial situation and that the cost of advice will be unaffordable for them. It can also be difficult to find relevant information on typical costs for common advice scenarios.
“This research enables consumers to have a clear idea of the cost of advice, and used together with our checklist for consumers who are choosing a financial adviser will ultimately help them find the right adviser for their particular needs at the right cost.”
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