View more on these topics

Editor’s comment of the week: No reference point in charging surveys

Online comments related to article: Deloitte: Half of consumers reject 3% adviser charge

Clients will indeed pay for advice when they perceive a value to be gained. Where they do not perceive a value they won’t and I really don’t see why we should blame them for that.

The problem with a debate about how much they are prepared to pay or indeed if they will pay at all is that most consumers don’t have a good “reference point”. What is the price that they should pay for advice? Who knows?

And what I charge, what you charge and what she charges can all be different because there is no common price for advice we all deliver it slightly differently.

I do worry that so many people seem to think that advice was available for free, it never was (at least the advice that was worth paying for was never available for free).

I suspect that one of the reasons we have the RDR is because the “industry” (whatever that was) perpetuated the myth that advice was for free and trying to recover from that position is going to be really tough for some.

About 50 per cent of the adult population never engaged with a financial adviser of any type anyhow so I suspect that will continue post RDR anyway.

Nick Bamford

Recommended

Investment banker pleads guilty to insider dealing

An investment banker has pleaded guilty to insider dealing in a prosecution brought by the FSA. Former Mizuho International investment banker Thomas Ammann pleaded guilty to two counts of insider dealing and two counts of encouraging insider dealing. Two others, Jessica Mang and Christina Weckwerth, were today acquitted of one count of insider dealing each […]

9

FSA warns firms ‘often fall foul’ of promotions rules on social media

The FSA has issued a warning to companies using social media, saying they “often fall foul” of the financial promotions rules and will face regulatory action. Speaking at the Tax Incentivised Savings Association annual conference in London this week, FSA head of asset management Ed Harley said its rules apply to all media. He said: […]

5

Daniel Weldon: Claims management companies benefit consumers

We never send SMS marketing material and do not cold call. Neither do we employ the services of marketing companies that use SMS or cold calling. We firmly believe that indiscriminate texting is harmful to our industry and hope that the Ministry of Justice can do something to control this. People search for our help […]

ICICI Bank to launch execution-only platform

The UK subsidiary of Indian bank ICICI is launching an execution-only platform. ICICI Bank Investment Services will launch the platform by the end of the year, which Money Marketing understands will be powered by Cofunds. It will give investors access to around 1,500 funds across 90 fund managers. The platform will charge a monthly fee […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    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

    Email: customerservices@moneymarketing.com