New Unbiased research reveals a ‘fee transparency gap’ in UK financial advice

Unbiased, the leading AI-enabled financial advice platform, today released new research indicating a significant ‘transparency gap’ within the UK financial advice industry.

The findings, based on a survey of financial advisers and consumers, show a significant disconnect between how advisers say they charge and what consumers understand, creating unnecessary pressure on advisers despite the high value they deliver. 

One in five consumers who have received advice are ‘not sure’ how they are charged. This confusion is compounded by a lack of accessible information, as a significant 70% of advisers do not make their fees publicly available on their websites. 

Despite the disconnect, perception of value is strong 

While this initial lack of transparency presents a major hurdle, the research proves the huge value of advice once received. 

Three in four (76%) clients are satisfied with the advice they receive, and 85% report feeling more confident about their financial future as a result. 

The top cited benefits include increased peace of mind (65%), a better understanding of their finances (51%), and a clearer path to achieving financial goals (46%). 

Transparency gap is creating friction for advisers 

This lack of upfront transparency is creating direct friction for the advice industry. 

With many consumers starting their journey in a state of confusion, it’s unsurprising that over a third (37%) of advisers have experienced increased pressure to justify their fees in the last two years. This pressure stems from a communication gap, not a value gap. 

Despite this pressure, advisers remain confident, with 79% believing their fees are appropriate for the value they provide. 

Better communication of value is the path forward 

The research suggests this pressure stems not from a lack of value, but from a breakdown in how that value is communicated. 

The research offers a clear path forward for advisers. 

When consumers actively seek advice, cost is not their primary concern. 

Instead, they place the highest importance on the adviser’s specialist expertise and the sense of a trusted, personal connection. 

Below is a full breakdown of responses when asked what the most important factors were to consumers when initially choosing a financial adviser: 

Response	Percentage
The adviser’s specialist expertise (e.g., investments, pensions, tax)	51%
A sense of trust and personal connection with the adviser	49%
The clarity of their communication and how they explained things	43%
The adviser’s qualifications and experience	41%
Positive reviews or recommendations	31%
The cost and fee structure of the advice	30%
The adviser’s location or proximity to you	26%
The brand reputation of the adviser’s firm	15%

This insight confirms that advisers can win by demonstrating their unique value and building strong relationships, rather than competing on price alone. 

Matt Cockayne, Chief Revenue Officer at Unbiased, said: 

“Our research has uncovered a crucial paradox: consumers are overwhelmingly happy with the advice they receive, yet the industry’s lack of transparency around fees is creating a fog of confusion that puts advisers on the back foot. 

“This isn’t a value problem; it’s a communication problem. For advisers, the path to scaling their business lies in bridging this transparency gap before it costs them a potential client. 

“The fact that one in five clients doesn’t understand their fee structure should be a major red flag for the industry. Advisers are delivering life-changing value, but they are being let down by a failure to communicate it clearly from the start. 

“Advisers who can clearly articulate their fee structure and, more importantly, demonstrate their value through the life-changing outcomes they deliver will have a decisive competitive edge. 

“At Unbiased, we are committed to helping advisers solve this challenge. By connecting them with a steady stream of high-intent consumers seeking their specific expertise, we empower them to focus on what they do best: delivering the invaluable advice that clients are clearly satisfied with.”