Advice May Cost £500 an Hour

A report from E&Y has claimed that investors will have to pay £500 an hour for financial advice from next year when the ban on commission is introduced. This could be a problem, another report from CoreData suggests that the most investors would be prepared to pay for a full financial review was £150 in total, and were expecting charges nearer £40 an hour. Local IFAs, with lower overheads than banks and other big names, who can afford to charge lower hourly fees, may benefit.