Consumers expect to pay just £45 per hour for advice

A survey of 2,031 consumers on behalf of BlackRock found only 35% were willing to pay an explicit fee, with an average of £45 per hour. Some were only prepared to pay £10 per hour, a fact head of EMEA product development Stephen Crocombe said was wholly unrealistic. "You can't get guttering cleaned or a haircut for that price," he said. The Retail Distribution Reivew (RDR) may encourage more consumers to pay for advice: 21% said they would be prepared to pay for advice if there was "an open and transparent charging structure"; 21% if their adviser could prove they were sufficiently...