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Customer service should be valued too: Unbiased

Consumers must not only understand costs but also the level of service they will receive when choosing financial advice, the chief executive of unbiased.co.uk has urged.

Karen Barrett said: “Consumers can have the preconception that professional advice is not applicable to their financial situation and that the cost of advice will be unaffordable for them.

“It can also be difficult to find relevant information on typical cost for common advice scenarios.”

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Ms Barrett’s comments came as research among advisers listed on the website revealed a decrease in the median hourly rate charged by advisers, from £175 in 2013 to £150 in 2014.

The research also found that the fee for an initial financial review and report remained unchanged from 2013, at £500.

Adviser view

Sanjay Badhan, a Wiltshire-based IFA for True Potential Wealth Management, said: “Consumers should look beyond the explicit pounds and pence when they are looking for a financial adviser.”