With the commission ban coming into effect at the end of the year, which is a result of the Retail Distribution Review (RDR), hourly rates are some of the options open to advisers implementing adviser charging.
Although 64% of the investors threatened to stop using their IFAs, 34% of the investors have said that their financial adviser influence their investment decisions the most.
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The survey also found out that only 19% of the investors would continue to let their adviser recommend investments after the implementation of the RDR, while 41% said that they would continue to invest directly.
As little as 7% of the respondents said that they will start investing directly as a consequence of RDR, although 24% said that they are still unsure of how they will make investments post-RDR.
About 34% admitted that their financial adviser influences their investment decisions the most.
Simon Ellis, managing director of LGIM, said: "The notion of paying for advice has been one of the main bones of contention for industry and investors alike since the announcement of RDR. Although a fee based model is supportive of a transparent relationship between and adviser and client, the level of consumer aversion to it at this late stage is concerning."
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By GlobalData
