According to Defaqto, more than two million people have paid for independent financial advice over the last two years. They claim that one in five clients, which are around 2.1 million people, paid a fee in the past two years, with 7.6 million opting to allow the adviser to take commission. The need for advice was shown in the report, which found that half of adults are confused by financial products, while only 38%, or 17.6 million adults say that they understand investment, pension and protection products.
Our view
has always been a fee based financial adviser and all clients agree a bespokefee agreement to ensure fixed costs rather than huge commissions are taken from policies.
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