Interesting article from The Sunday Times last week.
We would never endorse that sourcing the cheapest adviser cost is the recommended route for clients seeking reliable, professional and honest advice. It seems that in every other walk of life whether you are buying a car or choosing a restaurant is aligned to the “you get what you pay for” rule of thumb.
For a highly experienced, qualified and Independent Adviser, why would the fee be the cheapest out there? Before we pass unnecessary comment on what some of our peers/competitors approach may well be, let’s state Astute Financial Planners approach to initial fees.
As the article suggests we would concur with an initial consultation to be met at Astute’s cost and this is a chance to evaluate the client’s overall situation to establish their needs. In most cases its challenging to accurately predict what we will propose charging a client after one meeting, however once the fee is calculated this will be put in writing to the client via an agreement and requires to be authorised before we can proceed or indeed charge – a fair and consistent approach.
Now to the fee itself, we have developed a menu based approach that carries flat fees for the advice required. Charging a fixed percentage, based on the overall funds/capital being invested, has never sat well with us as on many occasions the client may require a simple consultation which does not always require money being moved or a new financial product being recommended.
What you can you be assured is that we will always be 100% upfront and honest about our fees and you will know exactly what you are receiving for your money.
#astutefinancial #adviserfees #transparent #edinburgh #sundaytimes #advice #consultation
https://www.thetimes.co.uk/article/cost-of-advice-from-an-ifa-can-vary-by-1-000-9hbjdxgbw
