Impartial advice

There is a useful role for financial advisers (and insurance advisers) in giving impartial advice to customers. They should be paid a fee for the time spent.

Many people told me that they are willing to pay a fee of $200 for financial advice. The fee of $500 or more that is currently charged by some advisers is too high for most customers.

It is possible for the adviser to reduce the fee to $200, if they are not required to spend too much time with the client. The client can be asked to read a FAQ (frequently asked question) on financial matters before they see the adviser. It will be possible for the adviser to do a good job within 2 hours.

My ideas are set out in this paper.