What Should You Pay For Independent Financial Advice
Independent Financial Advisors are able to offer advice on retirement funds, financial family protection and goal achieving. But how much should you pay for this advise?
In order to get financial advice from an independent advisor who has access to lots of products across the market you will need to pay for it.
The rules that where in place that enabled IFA’s to earn commission where removed at the end of 2012 over fears that advice might be skewed by the payments they received from lenders.
How much should IFA advice cost?
With any service, costs will vary from person to person and location. The data to show average costs can be a good starting point and help to see if the quotes you are getting are reasonable.
Average data suggests that IFA’s typically charge around £175 per hour tho a lot will provide quotes for a fixed price such as setting up a pension or inheritance investing.
In many cases costs will vary but you shouldn’t focus on the cost alone. The cost will not necessarily reflect the quality of the service you are getting.
Here are some of the common costs from ISA’s
- Advice on a monthly pension – £500
- Advice on investment strategy for a larger investment seeking reasonable growth – £1500
- Advice on setting up an investment IDA – £300
- Initial financial review – £500