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Australian wealth management clients are significantly less concerned about hidden fees and costs in their advice relationship than their global counterparts according to new research from consultancy Ernst & Young.
Data out of the
2021 EY Global Wealth Research Report reveals that while 83 per cent of Australian advice clients are aware of “trading and products fees”, 29 per cent remained concerned about hidden costs when working with their adviser.
While the domestic figure is high – EY report “there is still some scope to continue to improve transparency and education locally” – a full 42 per cent of global advice clients registered concern about hidden costs.