Hourly rates charged by advisers have fallen by 14% over the last year, research by adviser search website Unbiased suggests, putting rates in line with those charged before the Retail Distribution Review (RDR).
The median charge for financial advice per hour fell from £175 per hour in 2013 to £150 in 2014, according to a latest poll of 140 advisers conducted in October. It was £153 in 2012. Fees for various specific advice scenarios remained largely static over the last two years, Unbiased added. For instance, an initial financial review and report stood at £500; advice on a £200 per month pension contribution was £500; advice for an investment strategy for a £50,000 inheritance for a 50-year-old seeking medium term growth remained charged at £1,500; and advice on setting up a drawdown schem...
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