The survey – which polled a sample representation of the public – also revealed that 23% of consumers preferred a mix between commission and fees, while 11% were undecided on how brokers should be remunerated.
Donna Hopton, director of Cherry, said the survey clearly showed that both remuneration options needed to be on the table for advisers, who are ultimately working for the consumer.
She explained: “Some may believe that people do not want to pay fees but the survey shows there is a good proportion that do. The figures also indicate that removal of the commission option would leave some consumers unable to afford advice.”
Andy Pratt, chief operating officer at Alexander Hall, welcomed the results but warned that members of the public might not be as accepting of paying a fee, despite the survey.
He commented: “When push comes to shove in these tough times, a lot of people may be unwilling to pay fees because they may believe it to be too expensive. Brokers have to continue to prove their worth and ability in order to justify charging fees.”
The survey also revealed that when making a key financial decision, 49% of people would contact an adviser while only 21% would contact their bank.
Alan Lakey, partner at Highclere Financial Services, said this proved that faith in the adviser community was still very high.
He added: “One of the benefits of the banking scandal has been that advisers are seen as even more important. Banks have lost a lot of their respect even if their advice is free. This research is very reassuring that brokers are valued.”
