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81pc of over 50’s will stop seeing Financial Advisor

A survey carried out by the has revealed that an incredible 81pc of over 50’s say they will no longer be seeking financial advice, as the fee they have to pay upfront is too much. When looking at the total population of over 50’s in the UK, this equates to an astonishing 17 million people.

Charges were introduced at the end of 2012 in a move by the Financial Services Authority (FSA) to try and raise the overall standards of advice, and to make it clearer to those seeking advice what they will actually pay for the service. The commission structure, the method advisors were usually paid through was scrapped, and consumers must now pay an upfront fee which could run into hundreds of pounds for an hour’s service.

So far, the Retail Distribution Review (RDR) as it is called, has sent shockwaves though the advice industry, and has been the cause of a significant amount of debate as to its usefulness.

Dominic Fraser-Smith, Managing Director at the said: “It is clear from our research that advisor charging has had an enormous impact among the over 50’s market, and it appears that being charged a fee will prevent people from seeking independent financial advice”.

It is still early stages in the transformation from commission to upfront payment charges for advice, and time will tell of the success of the switch, but what is clear at the moment is that it is certainly deterring people from seeking the advice they need.

For more information on the RDR, or to ask financial questions for free online, visit our website and our advisors will be happy to help.

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