Third Think Financial Advice is Free
Published / Last Updated on 18/12/2012
Third Think Financial Advice is Free.
Research of over 2,000 consumers by the financial regulator, the Financial Services Authority, has found that a third, 33%, think financial advice is free.
Add to this, another 24% did not know how financial advice was paid for.
Our view
Over 50% think financial advice is free or do not how it is paid for is worrying. This means that commission band wagon is still alive and well with advisers not telling people the real costs of advice or how they get paid.
Given that fees for advice become compulsory in a few days’ time on 1st January, the public may be in for a shock.