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Investors favour fees but only up to £163.72

More than half of investors receiving financial advice now favour fees over commission, according to an Autif survey.

It found 51 per cent would pay fees while 33 per cent prefer commission basis.

But of those who prefer fees, only 2 per cent are prepared to pay the current going rate of between £163.80 and £163.150 an hour. The average person was prepared to pay just £163.41 per hour or a flat fee of £163.72.

The survey, which is run annually, polled 500 callers at random to Autif&#39s consumer helpline last year. On average, the helpline receives around 6,000 calls a year.

Isas were found to be playing an increasingly important part in retirement plans with 22 per cent of investors saying they had bought Isas to fund their retirement, up from just 9 per cent last year.

The profile of investors has broadened, with more younger and female investors. Forty-one per cent of callers were women, up from 34 per cent a year ago, while the average age fell by a year from 52.7 to 51.7.

Past performance was still the most popular reason for selecting an investment, with 33 per cent citing it as the most important factor.

Autif PR Manager Clare Arber says: “People are becoming far more active in getting information from a range of companies and sources before committing themselves to an investment.”

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