Cost of advice falls 14pc
The rate fell from £175 in 2013 to £150 in 2014, yet fees for most advice scenarios stayed largely the same since 2013.
Fees charged for initial financial reviews remained static from 2013 at £500, while advice for an investment strategy for a £50,000 inheritance for a 50-year old seeking medium term growth remained unchanged at £1,500.
Karen Barrett, chief executive of unbiased.co.uk, said: “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.
“Our recent value of advice research found that those who had taken advice receive an additional income of £3,654 every year of their retirement, based upon a pension pot of £100,000 – a clear demonstration of the benefit of taking professional advice.”
The cost of giving advice on converting a £100,000 pension fund into a lump sum and annuity has risen from £1,350 in 2013 to £1,500 in 2014.