Financial advisers should bill like accountants
Charge by the hour if you want to survive, fund manager warns financial advisers
Embracing the billable hour could help financial advisers stay solvent during
the recession, a fund manager has said.
JPMorgan Asset Management head of UK retail sales Jasper Berens told
Investment Adviser that hourly fee income is a lot more predictable –
and lucrative – than commission-based income at the moment.
There has long been debate over whether providing financial advice is a
professional service, like accounting and law.
Buyers of financial advice could be given the option of an hourly rate or an
annual fee based on commission income, Berens said.