Revealed – IFAs with transparent fees & charges

We were pleased to read in this weekend’s Independent that a mystery shop exercise identified “independent” financial advice firms – selected by virtue of their advisers’ good client ratings on the VouchedFor website – have embraced new legislation and are being open and transparent about their charges (unfortunately the same was not true of larger “restricted” advice firms).

Moreover, the advisers on VouchedFor had significantly lower fees than the larger firms. In one case, Tower Hill Associates suggested total annual investment charges, including advice, platform and fund costs, should be approximately 1.5% for a portfolio of £250,000. That represents a saving of up to 1.24% compared with the larger firms, or £3,100 p.a. on a portfolio of £250,000.

IFA Transparent Charges Award

Delighted with these results, we are bringing forward announcement of a new “Fee Transparency” award.

This award will be provided to any Independent Financial Adviser who is transparent about their fees. If you are an IFA firm, you can qualify in one of two ways. Either -

  1. Publish fees on your website, then notify us in the comments below
  2. Or, register with VouchedFor. Once three people who have contacted you through VouchedFor confirm you are sufficiently transparent about your fees, you’ll qualify for the award.

Award Recipients

The following firms – who were the ones contacted in the Independent’s study – have been presented with this award

Congratulations to all of the above!

Since first awarding the Transparent Charges Award to the recipients above, we are pleased to announce we have also given the award to:

Find more information about IFA Fees and the Value of Financial Advice, or find and contact a well-recommended IFA

Additional notes: Firms who receive this award are free to publish it in their marketing material. Use of the award is conditional on continued adherence to the qualification criteria above, which VouchedFor will periodically review. You must promptly notify VouchedFor of any material changes in relation to your details or status which may affect your eligibility to use this award.  It is the responsibility of the client to identify and select an appropriate IFA, to agree the fee arrangements and other terms of engagement with the IFA and to assess the suitability of any available financial products. All other General Terms and Conditions apply.

Posted in About Financial Advice
3 comments on “Revealed – IFAs with transparent fees & charges
  1. In our downloads section there is all our documentation to look at. I have been completely fee based since 2004 and haven’t had to hide any of my charges at all.
    I can also say that we are definately lower charging than larger firms and probably cheaper than most small ones aswell.

  2. Yes, I think all IFAs should have their fees clearly marked and accessible from the homepage.

    Not having transparent fees might suggest there is an element of flexibility in the charging, which surely goes against ‘treating customers fairly’?

    Buying a service should be no different to buying a product with the fee and the associated benefits clearly labelled.

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