Nearly 4 out of 10 wealthy UK investors aged 40 or above would never pay any amount for financial advice, research has indicated.

The Legg Mason Global Asset Management survey found that 60% in this age group placed little or no value on the services of investment advisers.

This comprised 21% who said they would pay no more than £50 per hour and 39% who claimed they would never pay anything.

This was well below the average hourly rate for a financial adviser, according to a survey by unbiased.co.uk in 2014, which found the average adviser charged £150 an hour.

Of the remaining UK respondents in the survey, 37% indicated they would pay £50-£250 per hour for investment advice, while just 3% said they would pay more than £250 per hour.

Adam Gent, head of UK sales at Legg Mason, said: “More than three years after the introduction of the RDR it appears that the majority of wealthy investors over 40 are not prepared to pay the going rate – if anything at all – for investment advice.

“That is a surprise given this demographic is the best placed to pay for advice in a fee-based environment, suggesting many investors continue to undervalue the services of investment advisers."

UK millennials, however, placed far more value on advice, with more than half (53%) of those aged 18-39 open to paying more than £150 per hour, and just 9% unwilling to pay anything.

They also had more trust in professional financial advice, with 88% saying they had trust in their financial adviser, ahead of the global average of 87% and the European average of 83%.

Mr Gent said: “Interestingly, millennials seem to be far more open to paying for investment advice, with more than half prepared to pay more than £150 an hour and less than one in 10 unwilling to pay any amount.

“Perhaps younger investors, having been in markets for a shorter period of time, are simply less inclined to assume the responsibility themselves, and possibly more accustomed to paying upfront fees. Either way, their willingness to pay for advice bodes well for the long-term health of the advice sector.”