What's the point in being secretive about what you charge your customers?
Money Marketing asked me for some comments after surveying the largest financial adviser firms and struggling to get answers from all of them about what they charge for their services.
Financial advice charges have been in the press following an article in the Sunday Times which was critical about the fees charged by tied financial adviser St James's Place.
Money Marketing found a widespread lack of fee transparency, with less than half of the firms approached providing clear details of their charging structures.
Here at Informed Choice, we are quite happy to publish our fee structure and typical fee levels; after all, we've got nothing to hide.
Whilst I can understand why some firms only want to share these details with their clients on a one-to-one basis, for reasons for commercial sensitivity, it would help with transparency and trust if firms in our profession were more open about what they charged.
“I’m a huge fan of fee transparency and believe it’s an important part of making our profession better trusted with consumers. Those that choose to go public with fee details, and that includes Informed Choice, are likely to make it easier for prospective clients to engage.”