Financial advice firms: How are you going to benchmark your costs and charges as part of Consumer Duty? External benchmarks are a key ingredient to evidencing value.

In our Financial Advice Business Benchmarks report, we reported that the average cost of on-going advice is 68bps. But costs and charges varied by region and type of business. Financial advisers in London charge most – but you might have guessed that!

The following table shows costs and charges for each aspect of the supply chain. The full report provides some breakdowns by region and type of firm. Get in touch if you’d like any specific comparison.

You can download the full report here.