About two out of three financial advice clients receive ongoing services but only half understand what they are actually paying for, research from NMG has found.
Retail Investment Advice Assessment of Ongoing Services urged advisers to be more confident about explaining ongoing service charges to clients as the majority are happy to pay them. The report, commissioned as part of the Financial Conduct Authority's Retail Distribution Review analysis, found a "sizeable proportion of advised consumers who are unaware and unclear about how their adviser is remunerated for ongoing services". NMG said the mismatch meant advisers had more work to do on communication in this area. The report said: "As April 2016 and the fund rebate ban looms, the nee...
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