Hargreaves opts for fees

IFA firm Hargreaves Lansdown is to switch from charging commission for advice to a fee-based system under which clients will choose from a menu of charging options. Over the next six months the firm will restructure its financial practitioner business to enable it to conduct 80% of its advised business on a fee-based model. Peter Hargreaves, managing director of Hargreaves Lans- down, said clients are increasingly going to discount brokers after receiving advice from intermediaries, leaving the commission-based adviser with no return for their efforts. He believes this threat w...