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Letter to the editor: A second-class profession?

Why are platform charges percentage based?  Is it fair that a client should pay a fee based on the value of assets held on the platform as opposed to the service he receives? 

Come to think of it, why do many advisers still link their charges to the size of assets under management/advice? 

Surely if advisers are providing a service, the value of the underlying asset should be irrelevant to the cost of the advice. 

Does an accountant charge on the basis of how much profit a firm makes or a solicitor charge by the value of an estate within a Will? No, they charge on the basis of the time taken to perform the specified act. 

It is my opinion, that until our industry can truly get to grips with how we are remunerated, then we run the risk of being categorised as a second-class profession.   
Simon Torry
SRC Financial Services



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There are 4 comments at the moment, we would love to hear your opinion too.

  1. Actually, some accountants charge a percentage of the tax saved and A LOT of solicitors levy Probate fees as a percentage of the estate.

  2. Probate fees are always charged as a % of the estate with the solicitors we refer to.

  3. Where you are going wrong :- IFA’s unlike accountants and solicitors are not a profession, you are badly reformed insurance salesmen and churn specialists !

  4. @Anon 9.02
    If you have a problem take it up with FOS, you are sure to get your money back, otherwise buy a daily mail.

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