Ongoing adviser fees averaging at 0.6%: FundsNetwork

Platform Fidelity FundsNetwork has said the most popular level of fee being agreed between advisers and their clients is 0.6 per cent.

FundsNetwork also said initial fees were settling at approximately 2.4 per cent.

The company said since launch in October, 10,000 clients had been set up on its adviser fees service with 35,000 clients being transitioned from its previous adviser ongoing fee model.

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It added roughly 1,000 clients are being set up on adviser fees on a weekly basis and that the £1m barrier in monthly ongoing fee payments had been broken.

Paul Richards, head of FundsNetwork sales, said the high adoption rate had “surpassed our expectations”.

“Over the coming months, we expect to see a continued move and we’ll continue to offer support in this process,” he said.