Brits unwilling to pay the going rate for financial advice

Baby boomers less willing to pay than millennials

Hannah Godfrey
clock • 2 min read

More than three quarters (76%) of Brits would refuse to pay the typical hourly fee for financial advice, a survey from Legg Mason has found.

According to unbiased.co.uk, the average hourly fee in the UK for financial advice is £150, which the survey found a mere 10% of Britons were willing to pay. Just more than a third (36%) of the 900 UK investors asked in Legg Mason's fifth annual global investment survey said they would refuse to pay anything at all. Of the remaining respondents, just less than a third (29%) said they would pay a maximum of £49 per hour, while a further 11% said they would pay between £50 and £149. Baby boomers unwilling to pay The survey found baby boomers were the generation least willing to pay...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Investors caution Reeves' ISA reforms 'would need to strike a careful balance' to solve UK investment crisis

Investors caution Reeves' ISA reforms 'would need to strike a careful balance' to solve UK investment crisis

‘A significant shift’ but not unprecedented

Sorin Dojan
clock 21 February 2025 • 2 min read
Advisers urged to encourage philanthropy as UK's wealthiest donate £8bn

Advisers urged to encourage philanthropy as UK's wealthiest donate £8bn

CAF report highlights untapped philanthropic potential among high-net-worth clients

Sahar Nazir
clock 21 February 2025 • 2 min read
Feel Good Friday: MKC Invest 'do things differently' with GAIN partnership

Feel Good Friday: MKC Invest 'do things differently' with GAIN partnership

The DFM partnered with GAIN last year

Professional Adviser
clock 21 February 2025 • 1 min read