How much should I expect to pay for a financial adviser?
08 July 2024
Question by John
Answered by Boring Money
The cost of financial advice can vary widely depending on what service you need, who you go for, and the charging model they offer. Financial advice can be charged as any of the following:
An hourly rate (typically between £150 - £250 per hour)
A set fee according to the work involved (e.g. £900 inc. VAT)
An annual or monthly retainer (typically 0.5% - 2.25% per year)
A percentage of the money invested (e.g. 3% of your total assets)
Generally speaking, financial advisers can range from as little as £150 an hour or they can stretch into the thousands of pounds, depending on the value of your assets.
The good news is many financial advisers will offer you an initial consultation for free, giving you a chance to get to know them first. This is a great idea because you really want someone who can relate to your circumstances and understand your goals. If you don’t click, trust your gut and try someone else. Financial advice is rarely a cheap service, so avoid committing to someone you’re not happy with.