How much we charge and how we charge is much debated in our business. Should we all work on an hourly rate and send out bills like accountants and solicitors? Is it fair that those with most invested pay most because our fees are a %age of clients’ funds? But then would smaller clients get advice if we did it another way? Failed online advice company Moola is proof that cheap and cheerful is often not so cheerful. £1.35m of costs for £900 turnover? That doesn’t help anyone.
“Record year for annuity sales driven by advisers”
I was asked this week whether annuities are now ‘a good investment’. They’ve been recommended very rarely in recent years, since ‘pension freedoms’ allowed pretty much unlimited drawdown on pension funds and anything left to be passed on to beneficiaries free of Inheritance Tax.