The median hourly fee rates charged by advisers have dropped to £150 per hour this year, down 14% compared to £175 per hour in the previous year, according to a survey by adviser search website Unbiased.co.uk.
The survey, which involved response from 615 advisers, also found that fees for specific advice scenarios have remained largely static over the last two years such as initial financial reviews where median fee charged in 2013 and 2014 was £500, and median fee charged in 2012 was £492.
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Median fee charged for advice on setting up a drawdown scheme on a £300,000 pension fund, and for advice for investment strategy for a £50,000 inheritance for a 50-year old seeking medium term growth also remained static at £3,000 and £1,500 respectively for 2012, 2013, and 2014.
Karen Barrett, chief executive of Unbiased.co.uk, said, "This research enables consumers to have a clear idea of the cost of advice, and will help them find the right adviser for their needs at the right cost.We would urge consumers to not only understand costs but also the level of service they will receive, so as to make a judgment on which adviser delivers best value for money overall."
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By GlobalData
