More than three-quarters (76%) of investors in the UK are unwilling to pay the hourly fee for financial advice, according to a research by Legg Mason.
Only 10% of the investors said that they were willing to the standard advice fee, which currently stands at £150 per hour, while 29% said that they are willing to pay £49 per hour at the maximum.
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The study found 11% of investors keen to pay between £50 and £149 for advice.
Baby boomers were found to the most unwilling in this regard compared to millennials. Among the baby boomers, 52% refused to pay anything for financial advice while only 2% were found to be willing to pay the typical hourly rate for advice.
In case of millennials, 19% were found to be happy paying the hourly fee and 17% were completely against the scenario.
Legg Mason head of Europe and Americas distribution Justin Eede said: “With the rise of robo-advisers and other online platforms, the notion of paying for face-to-face advice could come under further pressure.
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By GlobalData“However, the fact millennials are far more likely to pay for advice than older investors suggests a brighter long-term outlook for a sector that plays a valuable role in society.”
