Is your financial adviser charging too much?

Extracts from Sunday Times 'Money' article published 17th June

Firms have agreed to open up on what have been complex charges.

Research by the website VouchedFor, which publishes reviews of financial advisers, has attempted to lay bare exactly how much clients are charged.

VouchedFor asked 263 firms to publish their charges. The website found the initial fee was 1.72% and the average annual charge was 0.69%. The website also calculated a “total advice cost over five years” for a client investing £250,000. It found the average cost across the 423 advisers was £12,783.

Firms that charge less than this and are well reviewed include Nottingham-based Veracity Financial Planning, which charges £8,750 for a £250,000 investment and is awarded 4.8 out of 5 stars by VouchedFor; and Griffins Financial Solutions in Newbury (£10,000 and 4.5 stars).

If you have a subscription to the Sunday Times you can read the full article here.

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