One IFA is already planning his new catering career after Finance Secretary to the Treasury Mark Hoban said IFAs were no more qualifed than a McDonald's shift manager.
Mark Hoban has an economics degree and is a chartered accountant. These qualifications would NOT be sufficient to give regulated financial advice in the context of the RDR. In fact I bet he's not qualified to flip a burger either, says Viv King, principal at Viv King Professional Financial.
IFAs should think themselves lucky following the private members debate today. We are now de-categorised and no longer linked with those business sectors castigated by the general public....you know which ones........estate agents, solicitors, tabloid journalists etc.
We have now ascended to the professional heights achieved by fast food purveyors. So let's consider our next fact find template and input some additional questions;
1) "Are you eating in or taking away?"
meaning; do you waste your excess income on waiter service when you could be contributing it to your pension
2) "What drink would you like with your meal-deal?"
meaning; So, you've gone for the special offer..that'll mean spare funds to top up your pension contribution
3) "Fries or Salad?"
meaning; Hope you are unhealthy, that'll help with the annuity rate
4) "Would you like to go large!!??"
meaning 1;.....ooh err missus.
meaning 2; lets get all of your surplus income into this pension plan
Breaking News: McDonald's have been regulated and must now show that for every £1.99 happy meal they make £1.69 profit.....this to be disclosed to every nine year old client in the form of a 12 page suitability letter.
Has run Cautious Managed fund since 2011
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Invested from 2006-2011