Fewer than 25% of financial advisers display their fees on their websites, and that’s a problem. Fee transparency is crucial for consumers to make informed decisions. In fact, fee transparency provides clarity that empowers clients.
If I walk past a shop with no price labels, I usually keep walking.
Not because I’m uninterested, but because two thoughts immediately come to mind:
- I probably can’t afford it
- I’d feel uncomfortable having to ask
When it comes to financial advice, the same psychology applies. For this reason, fee transparency is as important in financial services as in retail.
Yet despite this, fewer than one in four financial advisers in the UK clearly show their fees on their website. For an industry built on trust, that lack of transparency creates an unnecessary barrier before a conversation even begins.
Why fee transparency really matters
Choosing a financial adviser is a significant decision. You’re not just buying a service, you’re deciding who to trust with your future plans, your family, and your peace of mind.
When fees aren’t visible:
- People delay making contact
- Assumptions are made about affordability
- Anxiety replaces curiosity
- Good advice is avoided altogether
This matters because research consistently shows that uncertainty about costs is one of the biggest barriers to people engaging with financial advice in the first place. The Financial Conduct Authority, through its Financial Lives research and Consumer Duty framework, has highlighted the importance of helping consumers understand costs clearly so they can make informed decisions. To illustrate, fee transparency has become a core principle promoted by regulators.
Transparency doesn’t mean being the cheapest. It means being clear enough for someone to decide whether you’re right for them.
What clients want to know before they get in touch
When people research a financial planner, they are usually trying to answer a few simple questions:
- What does this firm actually do?
- What does it cost?
- Is this the kind of relationship I’m looking for?
Before buying a car, most of us already know the price, the model, and the running costs. The only unknown is how it feels to drive. Financial advice should work in much the same way.
Behavioural research, including work by the Behavioural Insights Team, shows that when information is unclear or ambiguous, people are more likely to delay decisions or avoid engaging altogether, even when doing so would benefit them.
Why we’ve always been open about our fees
In a previous business I helped build, we made two decisions early on:
- Our fees would be visible
- Our terms of business would be easy to access
We went even further, making our portfolios and fund manager notes publicly available.
Why? Because we asked a simple question:
What would I want to see if I were looking for advice myself?
The answer was clarity. Ultimately, fee transparency helped clients build the trust they needed.
We’re open about the fact that we are not the cheapest firm, and we’re not the most expensive either. What matters is that people know this upfront, so there are no surprises later.
Why annual fees are about more than an annual review
Another area that often lacks clarity is the ongoing fee.
Paying an annual fee is not simply about the cost of a yearly meeting. There are two important components:
- The cost of running a regulated business
FCA oversight, professional indemnity insurance, capital adequacy requirements, secure systems, and compliance all exist to protect clients. - The value of ongoing advice
Advice is not just about products or investments. It’s about behavioural support, perspective, and reassurance — particularly when markets are volatile or life changes unexpectedly.
Regulatory guidance increasingly recognises that good outcomes are driven as much by behaviour and ongoing guidance as by investment returns alone.
Transparency builds better long-term relationships
Transparency removes embarrassment, reduces anxiety, and leads to better conversations.
We might not be the right adviser for everyone — and that’s fine. But making the initial research process easier helps people make confident, informed choices. In conclusion, fee transparency builds trust between advisers and clients.
That’s good for clients, and it’s good for trust in financial planning as a profession.
General disclaimer: We sourced the data from external providers. While we strive for maximum accuracy, we cannot guarantee the reliability of the data they supply. The author writes the introduction from their perspective, reflecting their views, which may not align with those of Manning Gee Investments. Anyone considering a product or service based on this blog should seek professional advice or conduct their own research before deciding. The author bears no liability for decisions made based on this blog. Investments can rise and fall in value, and the return at the end of the investment period is not guaranteed—you may receive less than you originally invested.