Adviser charges based on hourly rates have largely remained the same as before the Retail Distribution Review (RDR), research commissioned by the Association of Professional Financial Advisers (APFA) suggests.
APFA director general Chris Hannant (pictured) said it was a testament to the industry that the vast majority of advisers had left their hourly rate unchanged since January.
The research, carried out by NMG Consulting among 225 financial advisers in the first weeks of June, showed that 82% of advisers have left their hourly rates unchanged since RDR while just 12% increased their rate and 2% lowered it. The remaining 4% did not know whether their rates had changed.
Hannant said: "Despite adviser numbers falling and firms initiating new RDR ready business models, the majority of advisers have stuck to their initial pricing models.
"Many may have adjusted charges last year in anticipation of RDR implementation, but it's testament to advisers that customers have had widespread stability on pricing so far in 2013."
The research also revealed that the average hourly rate charged by advisers is £156.
The majority of advisers charge £150 or less per hour of service, with 49% charging £101- £150 and 15% charging £51-£100.
Just a third of advisers charge more than £150 per hour, APFA said, with 26% charging £151-£200 and only 8% charging a high end rate of £201-£250.
Hannant said his organisation would track the benchmark rate of £156 to make sure it doesn't get skewed as a result of financial pressures on advisers, such as increasing regulatory costs.
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