Advisers give cautious welcome to commission comparison tool

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Advisers have given a cautious welcome to a new tool claiming to reveal and compare the amount of commission consumers are currently paying through their investments.

Execution-only service Rplan's tool shows the initial and ongoing commission paid through 31 discount brokers, as well as a ‘typical adviser' and ‘typical bank/insurance company'. The company itself, which offers financial planning tools and facilitates investments through the Cofunds platform, takes no initial commission and rebates at least 50% of the ongoing commission, capping this at £15 a month. It claims £10,680 invested in an ISA every year for ten years would result in total commission (initial and ongoing) of £7,561 through a 'typical adviser', compared to £1,228 through Rpl...

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