Advisers appear divided on the issue of the value of financial advice, with almost half (47%) of the opinion clients are being overcharged for advice services, according to research from the New Model Business Academy (NMBA).
The research found the other half (53%) of the 139 advisers surveyed did not believe clients were overpaying, with many arguing many charging structures do not fully reflect the amount of behind-the-scenes work which goes into bespoke advice propositions. Among those who thought clients were being overcharged for advice services, on the other hand, the main concerns centred on high fees for initial and ongoing advice, excessively charging wealthier clients and charging for outsourced work. For NMBA managing director Tom Hegarty, the issue could well stem from the regulator because, he...
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