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11% think advice is free

One in nine people think that financial advice is free, according to research by RJ Temple.

The survey, which questioned 671 members of the public throughout the country, found that although IFAs have been disclosing commission for several years, only 17 per cent realise that advisers can routinely take a percentage of an investment.

However, 15 per cent would expect to pay a fee for advice, 11 per cent would pay a fee if they took out any products and 7 per cent would pay a fee if they were given recommendations.

Just 4 per cent said that they would expect to pay a fee up front and then get it back if they went ahead and made an investment while a further 17 per cent would expect to pay commission on any products taken up.

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