With Europe mired in a recession, consumers of all kinds are focusing on value for money. But when it comes to wealth management services, trying to work out whether or not you are getting good value is tricky.

Charges usually amount to a matter of percentage points and may be quoted in basis points, or hundredths of a per cent. It can look like small change compared to overall portfolio performance but the steady drip of fees leaking from your portfolio can have a big impact over time.