Advised clients are increasingly asking their financial planners to offer a more flexible fee structure that can adapt to their needs and life circumstances.
Research by Boring Money found that 28% would prefer a one-off fixed-cost model that they can access when they need financial advice, whereas 45% would like to keep the more traditional ongoing advice structure they have in place.
At the same time, there is still a preference for face-to-face meeting (42%) instead of receiving hybrid financial advice (37%).
The survey also found the difference in advice models also seems to mirror asset value, as those who prefer in-person meetings have average total assets of £147,000 ($193,850, €176,360), while those who are happy with a hybrid approach have average assets of £86,000.
Boring Money chief executive Holly Mackay said: “We know that customers do not fit into the neat distribution channels that large firms like to place them in. Life is messy and so people have multiple accounts and have differing needs depending on what life throws at them in any one year.
“Advised clients today remain broadly happy with the service they receive, although three-in-10 say they would prefer to pay a fixed fee for advice as and when they needed specific help.”
