View more on these topics

Should advisers publish more info on fees online?


The transparency of adviser fees is in the spotlight once again as new research suggests only a third of advice firms publish their charges on their websites.

Working with adviser marketing consultancy The Yardstick Agency, and based on a sample of around 200 advisers, Money Marketing’s survey found roughly 35 per cent declared their fees online and only 6 per cent published their figures on their homepage.

Sample client agreements were provided on the websites of 17 per cent of respondents, of which just 8 per cent put it on their home page.

Just over a third of advisers displayed ongoing service details on their website, for example, frequency of reviews and communication from the adviser. However, none did so on their homepage.

Charging with confidence

Advisers were given the opportunity to explain on an anonymous basis why they chose not to disclose fees, client agreements or service levels online.

For the most part, there were concerns publishing fees could give a misleading impression to clients and detract from the value of the service.

One respondent says: “I have put fees on our site before. While I have some sympathy for the idea, it still tends to focus a prospect on cost rather than the long-term relationship and value we add and see as more important.”

Another adviser says: “Simply listing your fee structure can be a risky business without the context of conversation to put charges into perspective in terms of the client’s needs.”

Cervello Financial Planning director Chris Daems says his firm has gone “full circle”, initially deciding not to publish fees, then disclosing them online before removing them again. The firm does not have a copy of its terms and conditions on its website or show its independent status.

Daems says: “The reality is I want to include stuff on the website our clients care about. If you’re looking for high quality advice and want to select the right adviser, cost might be an issue. But there are a number of factors which we believe clients focus on before cost, like trust, reputation, authority and personality.

“Cost is an important conversation to have but if I’m honest, if there is a potential client looking on our website to ‘cost compare’ we’re probably not right for them in the first place.”

Addidi Wealth managing director Anna Sofat says when someone makes enquiries to her firm, they will be contacted by phone or sent a more detailed fee breakdown on request. But she believes publishing figures on websites can give a misleading impression of value. She says: “The issue about disclosure is how do you make it like for like?”

She cites examples of firms which will quote ongoing fees of around 0.5 per cent, but outsource their investment management, thus adding an extra layer of costs.

Sofat adds: “We can talk through platform charges, advice charges, investment charges, and give clients a figure they can actually use to compare.”

Regulatory consultant Esrar Moitra says as long as the cost and nature of the service is explained before the client starts the service, there is no formal FCA requirement for public disclosure.

He says: “If firms don’t publish fees you could argue they are not being transparent, but you need to think about how consumers buy financial services. It’s not like going on eBay and buying a book.

“With that you can really compare the price for the same goods. For the investment advice market, consumers don’t make decisions like that because the range of propositions and services is vast.

“Buying decisions aren’t just about scope and cost of the service because the relationship is as important. When buying financial services, clients will also be asking, ‘do I like this person, do I trust this person, do I feel comfortable?’ as part of that process which you won’t get from publication of fees online.”


Some advisers are realistic about the competitive advantage fee disclosure offers, as well as giving customers a better idea of which advisers are better suited to them.

In their response to the MM survey, one adviser says: “The clarity of displaying my fees has won me a few clients compared with other advisory firms in my area.”

Rose & North Financial Planning and Wealth Management adviser Hayley North says: “We currently display our minimum charge of £750 online. We plan to add more details of our most common fees as we feel this is a good way to prepare a new enquiry and also to enable someone to shop around, having a clear idea of what to expect to pay in each case.”

The research also examined the extent of online disclosure of a firm’s independent or restricted status.

It found 83 per cent of independent advisers put their independent status on their website compared with 38 per cent of restricted advisers.

Simply listing your fee structure can be a risky business without the context of conversation to put charges into perspective in terms of the client’s needs

Nearly 80 per cent of the independent advisers that declared their status did so on their homepage, whereas no restricted advisers said they put their regulatory status on their homepage.

Advisers were also keen to promote their charted or certified status, with 85 per cent of IFAs and 100 per cent of restricted advisers doing so on their website.

Sofat says some firms may recognise the benefits of promoting their qualifications, but may not think it is an important way of judging their firm.

Sofat says: “We’ve got qualifications, awards, great ratings on sites like VouchedFor. Qualifications alone is not necessarily how we  benchmark ourselves. We set out to be one of the best in our industry, but we don’t have a concept of what best looks like and, apart from the exam perspective, no one has that kitemark.”

Keeping up appearances

On adviser websites overall, while 57 per cent of advisers said they use Google Analytics to track the performance of their website, a quarter had not logged in the last three months.

A quarter included video on their site, but one site only had an average viewing time of 34 seconds, according to Yardstick research.

Forty-four per cent of adviser website traffic came from search engines, while fewer than one in 10 visits came through social media.

Yardstick says the average adviser website receives 449 visits per month from 331 unique visitors. On the worst-performing sites, users read an average of 1.16 pages, rising to 3.26 for better performing ones.

Yardstick director Phil Bray says: “We all know the best clients come from referrals and recommendations. A website is vital when you’re designing a referral strategy.”

This article is the latest in Money Marketing’s series on adviser charges and pay. To read the full series click here

How far do advisers need to go on disclosure?


Rose & North Financial Planning and Wealth Management adviser Hayley North

Adviser fees are always a sensitive topic. New clients are wary of not being ripped off, advisers are worried about pricing themselves incorrectly, and the FCA worries about overcharging.

Pricing models are not only many and varied but they change a lot.

We regularly discuss our charges with other advisers, and are always open to suggestions and keen to ensure we are all competitively and fairly priced. It is imperative we can justify our charges to our clients,
old and new.

We take into account all our fixed costs, the nature of the work involved, the risk level and how much time it will take us when we design our pricing structures. We adapt where we need to and when we can.

There is a balance to strike between too much detail which might confuse a prospective client and too little which then does not give someone an accurate idea of what to expect.

However we display our fees, there will always be room for improvement and we actively seek feedback from clients and other advisers. We find  clients like transparency and we have nothing to hide.


Yardstick Agency director Phil Bray

Following our adviser survey, there may be a tendency to focus on the fact most advisers do not publish their fees online.

I remain on the fence; I can see as many arguments for online fee disclosure as against. I have always believed fees should be disclosed at the earliest opportunity they can be estimated accurately. If that is online, great, if it is over the phone on an introductory call, or at a face-to-face meeting, so be it.

Advisers may be accused of a lack of transparency for not publishing client agreements, and associated documentation, on their website. I can see why advisers do not do this. My research tells me where they are published, they are rarely read. But prospective clients do want to know whether or not the adviser has the experience  to solve their financial problems. This is where advisers must start when considering the content on their website.

Really good websites, and those which are most effective, will also help educate visitors through high quality content like guides, blogs, videos and podcasts. Content is king. Not only does it educate and inform, it engages visitors, something our survey shows advisers need to get better at. It also demonstrates knowledge and expertise and, of course, Google will love you for it too.



Carl Lamb: Advisers need to charge fees that keep them afloat

I am always saddened by the apparent wish to knock advice firms for trying to deliver profits as well as excellent standards. Most of us are just trying to make an honest buck. The recent report from the Personal Finance Society highlights adviser firms are worried about the future because of the cost of running a […]


News and expert analysis straight to your inbox

Sign up


There are 11 comments at the moment, we would love to hear your opinion too.

  1. Like Chris Daems we’ve gone full circle for the reasons he and Anna Sofat mention and will probably shortly revert to doing what Hayely has done and quote minimum fee for our service as if someone isn’t willing or able to pay the minimum they need to know we are not for them. Our client agreements only quote maximum charges anyway as everything below maximum charges is agreed and discounted on an individual and bespoke basis as I don’t think we have one client we could say is the same, they are all different, so are their needs, our advice and the cost of delivery of the advice and service.

    • Oh and forgot to say, the cost for delivery varies every year too, hence a client knowing the maximum and that we operate with mental “decency” limits and apply discounts unbidden/requested where we believe it appropriate. As others said, it is about TRUST. We agree a max charge and the clients trust us to discount where appropriate.
      We quoted and agreed a charge for two different clients at £6k for our work last year and before the year end, we’d reduced BOTH to £4K unbidden and unrequested. It’s exactly the same as what my builder does/did, I.e. Quote for job £16k, final bill £11k.

  2. Of course we should, otherwise Client trust and perception of honesty is affected

  3. Fees and other costs of an adviser’s service need to be presented in the context of the value being delivered. That value is not what the adviser firm thinks it is, but what THE CLIENT thinks is of value. Different clients will value different things. Therefore, the way that services are presented, together with the adviser’s likely fees for providing that service, are as much about speaking to the needs, concerns and language of the target client, as it is about being transparent. The issue isn’t about whether fees should be shown on the adviser’s website (they should) but how advisers promote their offering in a compelling, engaging and client centric way. If advisers think the client really values the personal interaction then why don’t more of them have some short videos of the advice staff explaining why they love their job and also client video testimonials to bring out the real difference that people will pay well for – personal advice & service from real people that the client feels they can trust.

  4. All this assumes that the adviser firm has a website to begin with. Many do not.

  5. I think Jason has it. This will only probably work if you have an hourly charge (presuming you don’t work on the transactional quasi commission route). Hourly charges are also far from ideal, because the client won’t know how many hours they are in for up front.

    So if you charge for the job you can’t very well publish your charges until you know what the job is. I’m not saying what I did was ideal, but perhaps it’s a start.

    My website said that I charged for the job. The price is quoted before you commit yourself and then is adhered to. (If I estimated wrongly – I lost).

    Of course the big boys can’t do this because their drones are not permitted to set their own tariffs. SJP would probably have a stroke at the suggestion.

  6. Should builders display their prices for a single storey extension ? NO, why not , because each single storey extension is individual , priced accordingly

  7. I’m happy in the spirit of transparency to publish our fees on our website. We also describe in some detail what it is we do for our clients

    We think what we do is valuable but I agree with Jason the client is the ultimate judge of value.

    Even after all these years I continue to commit the cardinal sin of undercharging!!

    Witness this email from a client this morning

    “I am afraid we cannot accept your invoice for your recent work on Xs pension.

    We value your input greatly but you are undercharging.

    Please reconsider and revise upwards”

    I suspect that most clients of most financial planners are quite content with the fees they pay

  8. South London IFA 3rd March 2017 at 11:57 am

    As mentioned by Mike Hunt; every case is different eg if a clients main driver is cost, we will have one recommendation, if it is flexibility or funactionality, we will have another, final salary advice is different once again.
    If you can set out your costs in such a simplistic manner, it begs the question of whether you are really tailoring your advice to the individual and if you are, there must be some big subsidies, as we all know not all clients require the same level of attention.

  9. Simples: My fee is £999 upwards. VAT may or may not apply.
    I will quote and agree the level of the actual fee with an actual client (ie not the faceless interweb) once we have: identified the client’s actual objectives/needs; accessed the actual complexity of the matter; taken into account the actual regulatory risks to our business in advising in this area; agreed the actual total work entailed; calculated our actual costs in delivering the advice….and factored-in a margin of actual profit & taxes.

  10. It is funny really how we all perceive different things in different ways ….. now what I charge my clients is nothing to do with any-one else but me and them, like most tradesmen, I am not a bloody supermarket… , now I don’t have an “online presence” I don’t advertise in any way shape or form, every new client comes by way of personal recommendation.

    Now I have done this for the past 10+ years or so and always kept busy, you see the very second you start to focus on cost, or make any future client focus on cost, you will end up with tyre kickers, time wasters and future clients who will always be cost driven !

    Does this mean I am embarrassed, or secretive about what I charge….no but I do believe, if it is open for public viewing, finger pointing and ridicule (look at the SJP debate) will muddy, what in truth, really has got sod all to do with anyone else but adviser and client !

    All this will lead (and we are seeing it now) to tacky gimmicks vouchers, free consultations, special deals, etc etc etc

    We struggle enough with being devalued, by the press, government and regulator don’t fuel it !

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm