unbiased.co.uk reveals 2013 fee levels for common financial advice needs

06 Aug 2013

unbiased.co.uk reveals 2013 fee levels for common financial advice needs

  • Six months into new regulatory regime, unbiased.co.uk publishes up-to-date charging guidelines for consumers seeking financial advice
  • Median fee charged for an initial financial review now at £500
  • Fees for common advice scenarios remain static compared to just 12 months ago
  • Further useful guides and tools for consumers looking for financial advice on www.unbiased.co.uk

unbiased.co.uk, the ‘find an adviser’ search today publishes an up-to-date table on financial advice fees to help consumers understand approximate costs involved in the advice process.  The guidelines look at the most common requirements of advisers’ clients, outlining the median costs charged by unbiased.co.uk’s adviser database for the advice given.

Overall, unbiased.co.uk’s research reveals a small increase in the median hourly rate charged by advisers, from £153 per hour in 2012 to £175 per hour in 2013.  But looking at specific advice scenarios, fees have remained relatively static or even decreased over the last 12 months.  Median fees charged for advice on arranging a £200 per month pension contribution dropped from £595 in 2012 to £500 in 2013.

Advice scenarios and fees charged*:

Advice scenario

Median fee charged 2012

Median fee charged 2013

Initial financial review and report



Advice on a £200/ month pension contribution



Advice and setting up of a £10,000 investment ISA



Advice for investment strategy for a £50,000 inheritance for a 50-year old seeking medium term growth



Advice on converting a £100,000 pension fund into a lump sum and annuity



Advice on setting up a drawdown scheme on a £300,000 pension fund



Karen Barrett, Chief Executive of unbiased.co.uk, comments: “We saw much debate around charging structures in the run up to the Retail Distribution Review (RDR) with a strong focus on hourly rate charges.  The important thing to remember is that the industry may well be interested in comparing hourly rates, for consumers however this is not the most relevant headline cost to look at. The key to engaging consumers in the financial advice process is to make information relevant and useful to them, which is why we have looked at the costs of actual advice scenarios that will be familiar to consumers.

“We are now over halfway through 2013 and advisers are clearly continuing to refine their charging structures.  There has never been a more level-playing field with all advice providers giving information about their services and costs in a more easily comparable format, which helps consumers to compare different adviser firms more fairly.  We believe the changes in advice fees across the different scenarios we looked at are a result of that.  I expect advisers will continue to refine their cost and service offering over the next 12 months and we may well see a further decrease in some of their charges for specific services. 

“However, a focus on cost alone is not necessarily helpful for consumers looking for the best adviser for their needs.  As with any professional adviser, costs are only relevant in terms of the services provided and we urge consumers to bear that in mind when shopping around for an adviser.  To find a whole of market financial adviser visit www.unbiased.co.uk.

unbiased.co.uk lists over 15,000 IFAs and whole of market financial advisers and the site offers a range of tools and information, helping consumers to make sense of the advice choices available to them.  Unbiased.co.uk has produced a ‘Find the right adviser checklist’ which helps consumers to ask the right questions about services and fees when contacting advisers.


 Notes to editors:

*unbiased.co.uk research carried out in Sep 12 (309 unbiased.co.uk advisers) and Apr 13 (166 unbiased.co.uk advisers)

For more information contact:

Anna Schirmer/ Emily Falla/, Lansons Communications: 020 7294 3682

 For expert commentary or case studies from over 200 media-friendly advisers, journalists should visit unbiased.co.uk Bluebook - The Media IFA Network

Twitter: @unbiased_co_uk

LinkedIn: unbiased.co.uk - Online networking for professional advisers

About unbiased.co.uk, the professional advice website

unbiased.co.uk is the UK's most comprehensive free professional adviser search website, focused on empowering users with the resources they need to make better informed financial and legal decisions.  We not only help consumers and businesses find the best adviser for their needs from over 20,000 IFAs, financial advisers, mortgage advisers, solicitors and accountants listed on our search but we also help them research the market by providing relevant information and tools.  At unbiased.co.uk we like to be transparent about what we do and aim to provide the easiest way for consumers to find and compare advisers meeting their requirements.

The unbiased.co.uk website launched in 1998 and rapidly became the UK’s leading online destination for consumers and businesses looking to find an adviser.  Now attracting over one million visitors a year, unbiased.co.uk is the default adviser directory for consumer websites recommending their audience to ‘find an adviser’.

Unbiased Ltd promotes the benefits of financial and legal advice to consumers and businesses and would like to thank the following companies for their support:

Alliance Trust

Opinium Research



AXA Wealth

Royal London 360°

Bright Grey


Canada Life Ltd

Scottish Life

Clerical Medical Investment

Scottish Widows Plc

Legal & General

Standard Life Assurance Limited




Zurich Intermediary Group



Unbiased Ltd - Registered Office: 12-14 Berry St, London, EC1V 0AU.  Registered in England: No. 06775878

Category: Financial Planning Tagged: Cost of advice

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