With chief executive Tony Hobman announcing his departure from the Money Advice Service (MAS) at the end of the year, we give a few pointers to his successor...
Here, IFAonline correspondent Rahul Odedra pencils a letter to an imaginary applicant for Hobman's role, with a few suggestions of what he should do if hired...
We outline what the new Money Advice Service CEO must do
The fact you have applied for this demanding role shows you do not see it as a road to riches. Your predecessor may have started on a pay packet of £350,000, but you're going to be earning much less. However, we think you should just about get by on your six-figure salary.
We've noticed that the service has recently put up a few interesting tools on its website, directing consumers to providers and, in the case of Saga, a tied intermediary for annuities. We think this is a big no-no and we're pretty sure advisers will not be impressed.
If you keep heading in this more commercial direction, you will get eaten alive by your new competitors and cause even more resentment.
Now by the time you take this job, retail distribution review implementation will be just days away, and we would have hoped the Financial Services Authority (FSA) and MAS will have done plenty to publicise the changes.
Nevertheless, over the next few years it will be important for you to point out how consumers can access financial advice and, crucially, to dispel myths that it will only be available to the richest in society.
Another thing: we get that it is the 21st century and that obviously a strong web proposition is important. We know a lot of your £46.3m money advice budget has gone on this, but we also think it is crucial that the face to face remit of the service is boosted. People like human beings, not robots.
Be humble. Your predecessor seemed to have good intentions, but the service has just gone about things the wrong way in its early years.
Finally, talk to advisers. You might be surprised by how many people out there actually want to see you guys succeed.
Has been cold-calling consumers
New shares admitted to London Stock Exchange
Slow and steady growth
Missed funding target by £240,000
Denies any wrongdoing