Growing number of advice firms look to change fee structures

The NextWealth Financial Advice Business Benchmarks report, published today (10 October) and based on a survey of 244 financial advice professionals, showed 17% will make a change compared to 11% last year. More advice firms are also exploring subscription-based fee structures, the research also found. About one fifth (18%) use this fee model ‘at least sometimes' compared to 13% last year. NextWealth managing director Heather Hopkins said: "A series of regulatory interventions have put a focus on fee disclosure - the Retail Distribution Review and the Markets in Financial Instruments ...