Can you negotiate financial adviser fees?

01What is usually open to discussion

• The initial charge, particularly on a large sum, or when the work is simple, such as consolidating pensions into one.
• Tiering. A lower percentage on the part of your money above a set amount.
• A cap in pounds on the initial or ongoing fee.
• The service level. A lighter ongoing service at a lower price, or advice on one question for a fixed fee.
• Implementation. Whether putting the advice in place is included or charged separately.

Firms differ: some publish one price for everyone and do not negotiate. That is a legitimate choice, and it makes comparison easier.

02How to ask

1. Get the quote in pounds. The firm must agree the total adviser charge with you and disclose it (COBS 6.1A.24R). Ask for the first year and each later year in pounds.
2. Get a second quote for the same job, from a firm you have checked on the FCA Register.
3. Ask a specific question. "Would you cap the ongoing fee at £X?" or "Is there a fixed-fee option for this?" gets a clearer answer than asking for a discount in general.
4. Get any change in writing, in the client agreement, before you sign.

03Compare like with like

A lower adviser charge with higher platform or fund costs can cost the same overall. Compare the total cost in pounds, alongside what each service includes. The quote calculator on our advice fee benchmark page converts a percentage into pounds.

04Common questions