Fee-Only Planning

What we do

Fee-Only Planning provides books and self-study courses for the individual in the UK and Europe (home).

What this Book will do for you

3 Guaranteed Ways This book accompanies the first of our three briefs. The cost of the book also covers marking the quiz questions.

This book will give you confidence. Second it will make your money grow faster. Third, it will reduce the fees and commissions you pay to your advisers.

About the Author

Rob Noble-Warren won the first Financial Planner of the Year competition in the UK, is one of three people to be qualified in financial planning at the CFP™ level in both the USA and the UK, and he is also a Chartered Tax Advisor with the Institute of Taxation in the UK.

Writing for the consumer magazine 'Bloomberg Money', and with a tax column in 'Real Adviser', Rob has provided a consistently high standard of work, combining writing skills with in-depth experience. Other financial planners have called him a 'purist' (and he still doesn't know what that means) and say that he is '10 years ahead of his time'.




Press Briefing

The Fee-Only Network exists to support the provision of fee-only financial advice through marketing, software and educational services. Fee-Only Planning Ltd. currently has plans to move the educational part of their service into a registered charity.

Fee-Only financial advice is defined by us as that delivered by a firm with no 'agencies', by which we mean no 'sales agreements with financial institutions'.

Why are there so few of you?

In the USA, there are about 2,000 NAPFA members (the USA trade association for fee-only advisors) and about 200,000 financial advisors. In Holland there are about 30 fee-only firms and about 30,000 financial advisors. In the UK, fee-only firms include wealth managers, private banks and stockbrokers, and there are aproximately 200 of these firms, 50 of which work without agencies. The business model to sell packaged financial products has until recently been profitable and simpler to organise.   

Why does the fee-only sector have a future?

Debate from the Financial Services Authority about independent advice does not go away - there is clearly a political desire to see a fee-only sector.

If there are no agencies, how can an IFA do business?

An IFA cannot simply substitute fees for commission and continue to give the same advice - the two are different business models. One is a sales operation designed for the mass and affluent markets, and aimed at the majority of people who want a 'packaged solution' with no input from them: and the other is wealth management aimed at delivering a lifestyle. These businesses have different standards, different training, and end up giving different advice. The Fee-Only Network provides a MasterClass for planners and principals wishing to create a fee-only business.

Why are you teaching people how to avoid paying commission?

The Fee-Only sector does not compete for the same market as the commission-based and fee-based advisors do. Some members of the public want to control and engage with their money, and many do not. Those who do have always found it difficult to seek out advisers that suit them. The Registry is a source of advisers that suit those people who want to control their money. The online course is designed to brief these people on what they need to know, including an understanding of what they give up in exchange for paying less in annual charges.

Isn't it ridiculous to expect people to engage in a six hour course?

About a third of people starting the course complete it. Those that do are well pleased.

How does an individual know if they will benefit from the course?

Start it. If it appeals to you, you'll find out in the first few pages. There are 50 pages.

Are you expecting IFAs to sell only products that earn no commission?

No. Clearly not, and this question is common but nevertheless surprising. We are not offering an improvement course for IFAs. This is a different business. We have no complaints about IFAs selling commission-paying products. About two thirds of the affluent market prefer that model. The one third that do not pay less in annual charges, but take a greater interest in running their money.

What about the argument that fee-only advice is more expensive than fee-based or commission-based?

We recognise the point made by IFAs, "one of the biggest arguments put forward by the pro-commission camp is in the case of pensions. They argue that if commission is taken rather than a fee the advice costs as much as 40% less due to tax relief on pension contributions. We tend to agree with this, which is why the "fee only" camp is missing a trick on behalf of their clients."

Our answer is, once again, to point out that these are different businesses. The IFA business and IFA client will commonly earn £2,000 in initial commission from a personal pension and renewal commission on top. The Fee-Only client will pay nothing in advisory fees (since he or she will have taken the course), and simply open an account for £150-£250 with one of the wrap accounts mentioned, with no ongoing commission.

Media and press members who would like a comment or briefing should contact Rob Noble-Warren on +44 (0)870 922 0421.