What is the average annual fixed fee for financial advice in UK?
22 March 2022
Question by Binky
Just wondering what is the average annual fixed fee for financial advice in uk?
Answered by Tim Brienza
It's difficult to say what the average would be as these initial fixed fees are generally not disclosed via firm websites etc. but a recent survey by Which.com* has calculated the average cost of advice, if investing £100,000 and receiving ongoing advice over 5 years is £6,442. This is a combination of initial and ongoing annual costs.
For a £20,000 ISA and ongoing advice over 5 years, this figure averages at £1,359.
The reality is that the difference can be significantly different from one firm to the next, so it's worth doing some research and speaking to a few different options. Feel free to get in touch and I can send you our Service Charter that documents our advice fees.
Hope that's helpful Binky.
Chartered Financial Planner
I started my career wanting to be a lawyer however I soon pivoted into personal finance after university. The eye for detail that I honed while studying law lends itself well to financial planning and now, 7 years later, I am a Chartered Financial Planner and a Fellow of the Personal Finance Society - the highest accreditation possible through the CII.