Taking financial advice can be an invaluable, but costly, exercise.

Last month digital wealth manager Nutmeg launched what it called a “low-cost” advice service, priced at £350.

But is this good value or can savers and investors find cheaper ways to get help with financial planning?

It is notoriously difficult to compare advice fees, as services vary widely. For a start, not all providers actually offer advice.

Confusingly, financial “advice” is different from “guidance” and subject to stricter regulation. When you receive “advice” you will be given a personalised recommendation; being nudged towards making your own decision is only “guidance”. 

Should anything go wrong after you receive guidance,…

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