Unbiased.co.uk’s latest research of advisers listed on the site, shows a fall in the median hourly rate charged by advisers, from £175 per hour in 2013, down 14% to £150 per hour in 2014.

However, whilst the hourly charge has gone down, fees for various specific advice scenarios have remained largely static over the last two years.

Karen Barrett, chief executive of unbiased.co.uk, said: “Consumers can have the preconception that professional advice is not applicable to their financial situation and that the cost of advice will be unaffordable for them. It can also be difficult to find relevant information on typical costs for common advice scenarios.

“This research enables consumers to have a clear idea of the cost of advice, and used together with our checklist for consumers who are choosing a financial adviser ‘Find the right adviser checklist’ will ultimately help them find the right adviser for their particular needs at the right cost.

“As with any professional adviser, costs are only relevant in terms of the benefit realised. We would urge consumers to not only understand costs but also the level of service they will receive, so as to make a judgment on which adviser delivers best value for money overall.

“Our recent Value of Advice research found that those who had taken advice receive an additional income of £3,654 every year of their retirement, based upon a pension pot of £100,000 – a clear demonstration of the benefit of taking professional advice.”