Around half of investors expect to pay less than £500 for retirement planning advice, according to research from Platforum.
In a survey of 252 active investors, Platforum found little evidence of an appetite to pay for advice, with 49 per cent saying they would pay less than £500.
Some 21 per cent expect to pay between £500 and £1,000, while just 9 per cent said they would pay between £1,000 and £2,000. A further 2 per cent said they would be happy to pay up to £5,000.
Platforum says: “This is a rather large gap to the fees charged by most advisers. Investors expect fees to be broadly similar to what is paid to an accountant and that a financial plan for retirement should take no more than one hour.
“The challenge will be to educate consumers about the value of advice and the complexity of the task of creating a financial plan.”
Of the investors surveyed by Platforum, 32 per cent said pensions savings would provide the large majority of income in later life, with 55 per cent expecting their pension to provide some income, with other assets also contributing.