Fee-only independent financial advisors in the UK have a higher net worth and more corporate business leads, according to IFA Promotion, ref...

Fee-only independent financial advisors in the UK have a higher net worth and more corporate business leads, according to IFA Promotion, reflecting a rise in the proportion of online enquiries about fee-only IFAs of almost one third in the last year, from 13 to 17 per cent.

Presently, only two per cent of IFAP's member firms offer advice on a fee-only basis, giving them a disproportionately large share of new leads, especially those dealing with high net worth and corporate clients, according to the network.

"Whilst only a small fraction of IFAs have adopted a fees-only payment approach, consumers and businesses clearly have more appetite to pay for an IFA’s services on this basis,” said David Elms, chief executive of IFAP.