In a report in industry news paper Financial Adviser, Paul Smee, director general of the Association of Independent Financial Advisers has said that the new "menu system" could cost financial advisers up to £150 per client.
Our view
For those who have not heard about the new menu system, this is where financial advisers will soon be required to give you a menu of products and services and what the average fee based charge is for this service.
On Smee's comments, we have to disagree. A consumer should have every right to be able to visit one financial adviser and look at their "menu" of fees for certian types of works and then visit the adviser around the corner and compare their menu.
How is it that a financial adviser already has to explain their status and how they will be paid for any advice that they give - introducing a simple menu will do exactly the same.
has been offering every client fee based options and quotations for advice since the day we started trading - this means that you, the consumer, get a great deal.
What is the difference here? None - it is just that many financial advisers may find it difficult to deal with having to justify costs or commissions before proceeding with advice.
For a fee based advice quotation contact us.