How much should a financial adviser cost – and when you should ditch them

SourceThe Telegraph
SectorFinancial Markets
CountryMiddle east

A financial adviser can be worth their weight in gold when making some of life’s most important decisions. After such a turbulent financial period, now more than ever, clients want value for money when managing their money. Yet advised clients are being warned to check they are not paying fees for a service which is now no longer up to scratch.

Your financial needs may have changed post-pandemic or you may be overdue an annual review. Advisers are obliged to assess the suitability of their advice a minimum of once a year, under rules enforced by the City watchdog. Annual reviews can require hours of work and in some cases, after many advice firms furloughed support staff, will have fallen by the wayside throughout the crisis. Neil Moles, of advice firm Progeny, urged clients to check their agreements with advisers to ensure they had not fallen into a “fees for no service” scenario over lockdown. “It takes a lot more...