Only 7% of advisers have gone fee-only: Defaqto

A survey of 500 advisers by Defaqto found 78% now use a mix of commission and fees. Of these advisers, nearly two-thirds receive less than 25% of their income through fees while only 11% earn over 50% of their income via fees. The proportion of IFAs with a fee-only structure has only crept up marginally from 4% in 2009 to 7%. However, 55% of those who deal in individual pension products are now planning a move to a fee-based structure, compared to 34% in 2009. Matt Ward, wealth management consultant at Defaqto, says: "Although our survey identified an increase in the number of IFAs...