How much does it cost to see an independent financial adviser - and what would you be happy to pay?
A new survey shows that independent financial advisers charge £150 an hour on average.
New figures show that independent financial advisers charge £150 an hour for their time, on average. The average fee for someone who wants advice on what to invest a £50,000 lump sum on was £1,500, while someone who wanted an initial financial report or review could expect to pay £500. However, research from NFU Mutual shows that most people were only prepared to pay £25 an hour.
How much should you pay for independent financial advice?
How much should an independent financial adviser (IFA) charge for financial advice?
If you asked a financial adviser for advice about what to do with a pension, you'd expect to pay for their time. But how much should you pay? Hourly fees charged by independent financial advisers (IFAs) vary widely, and some charge a percentage fee rather than an hourly rate.
The regulator, the FSA, has found some banks and building societies aren't giving good financial advice
The FSA carried out a mystery shopping exercise and found some advisers weren't getting enough information to advise clients.
The latest mystery shopping exercise by the Financial Services Authority (FSA) found that banks and building societies still weren’t giving good financial advice in all cases. The FSA carried out the mystery shopping last summer (between March and September 2012) and found that, while advisers were giving good advice in three quarters of cases, some weren’t.