What does ongoing financial advice include?
The important question is not whether an annual review exists. It is what the adviser is actually responsible for between one review and the next.
What can an ongoing service include?
Services vary materially between firms
There is no single standard package called ongoing advice. Two firms charging similar percentages can include very different levels of planning, contact and investment oversight. Ask for the service in writing.
When might the ongoing fee be worth it?
Ongoing advice can be valuable where circumstances change regularly, retirement income needs active review, investments need oversight or the client wants to delegate financial planning. It may be less compelling when the situation is stable and the client is comfortable managing the plan after one-off advice.
Translate the fee into pounds
Percentage charges scale with the amount under advice. Compare the annual cash cost with the recurring work delivered and ask whether the rate is tiered, capped or subject to a minimum.