A survey of 150 financial firms has revealed the typical financial advice charges that will be levied onto investors by financial firms.
The Telegraph reports that it has seen research from a combined effort between Standard Life and Unbiased, that revealed the following charging structures:
- Initial review cost of £500
- Subsequent hourly consultation rate of £150
- A monthly retainer of £30 to provide regular updates on investments
- Seeing a senior financial planner may cost £225 per hour, while a less qualified trainee could command £40 an hour.
The change in charging across the industry comes as a direct result of the Retail Distribution Review (RDR) which bans commission being paid back to advisers from investment firms. It is hoped that it will eliminate any possible bias within the industry and ensure consumers understand that advice is not free.