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Post Info TOPIC: How much does it cost to get financial advice?


Billy

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How much does it cost to get financial advice?
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This is a frequently asked question



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Billy

Status: Offline
Posts: 98
Date:
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How much does it cost to get financial advice?

The short answer is the cost of advice depends on the complexity of advice given and the time spent by the adviser and support team in giving the advice.

I know you will think this is a cop-out because what you want to hear is how much advice is going to cost in real money.

All adviser must set out the basis for charging fees in clear terms before starting any chargeable work. Hopefully you know that since 2013 advisers cannot take commission. However, be aware because no-advice brokers can still get paid commission – I think this is outrageous but this a rant for another day.

I am not going to duck the issue of the cost of advice so I will refer you to a brilliant Cost of Advice tool at www.unbiased.co.uk .

For example, someone with £100,000 wanting advice on converting their pension pot into cash and income can expect to pay a fee of around £ 2,000.

Don’t forget, this fee may be able to be taken from the pension pot so you don’t have to make a personal payment

I have written about the cost of advice and I make the important point that Advice is not expensive if you consider how much added value you get from good advice. I am passionate about giving clients the best possible advice and service. I work on the principle that the fee for our advice = our business costs + the value we add.

The added value is measured in both monetary and personal terms. For instance, good advice may result in the highest income option, a competitively priced pension plan or superior investment solutions, but it will also provide peace of mind and security.

As most of my clients will testify, “you can’t put a price on peace of mind and security.



-- Edited by William Burrows on Thursday 27th of February 2020 05:21:02 PM

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Billy

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Posts: 98
Date:
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Top Tip

If you agree that financial advice is important, you shouldn’t be put off by the cost of advice because in most cases, the benefits outweigh the costs.

A good adviser will allow “you to dip your toe in the water” and give you a free advice consultation without charge or commitment.

If you are still not convinced about the benefits of advice read my online guide to financial advice.



-- Edited by William Burrows on Thursday 25th of June 2020 08:47:34 AM

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