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In theory, yes in reality, it makes no difference. In theory all FPs by law must make recommendations based on "how good the product is". I am an FP. If I am prepared to recommend a client invest in a high risk product, it makes no difference to me whether I get paid via a fee or...

Nigel, I'm not sure why you think there is a substantial difference? Either way, the fee or commission must be disclosed to the client. If a FP rebates all the commission and takes a fee direct from the client, and it's a dud investment, the result is still the same. Charging a fee...