More than six in ten investors would stop using their independent financial adviser (IFA) if they were to begin charging on an hourly rate, research has suggested.
With the commission ban coming into effect at the end of the year as a result of the Retail Distribution Review (RDR), hourly rates are among the options open to advisers implementing adviser charging, if they have not already done so. A survey commissioned by Legal & General Investments (LGIM) found 64% of investors questioned said they would stop using their IFA if they began charging under this method. Conducted online by YouGov, its also found just 19% of the investors said they would continue to let their adviser recommend investments after the implementation of the RDR, while 41...
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