Advisers who undercharge make it worse for others to do business as they skew consumer perceptions of the value of advice, according to Bradbury Hamilton managing director Sheriar Bradbury.
Bradbury could not put a price on how much advice should cost but said undercharging means charging a fee that doesn't cover the cost of the work and time involved. Bradbury Hamilton charges between £250 per hour and £395, depending on the complexity of the case. Some cases get levied a risk premium on top. Alternatively he charges between 1% and 5% upfront depending on the value of the assets, and between 0.5% and 1% for an ongoing service. Advisers who undercharge create a sense that the work involved in giving advice is cheap, leading consumers to believe they are being ripped o...
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