Describing the Financial Services Authority (FSA's) emphasis on exam taking as an "insult", one adviser of 45 years has stopped advising and is now offering financial training instead.
Grosvenor Chaundy, who had worked as a IFA and director of Berkshire-based Grosvenor Financial Services until the Retail Distribution Review (RDR) switchover, now offers his bank of regular clients financial training at £250 per day.
The courses are one-to-one and last for one or two days. Chaundy aims to help clients construct a portfolio and manage their risk profile in terms of asset allocations.
He trains them to understand financial products, offers tips on how to use analysis packages, computer tools and execution-only sites, but takes no remuneration from the sites.
Chaundy sold his client bank of approximately 2,500 names and addresses with 250 active clients to a local IFA practice - he does not want to name the firm. If clients need regulated advice he will refer them to the firm.
The deal means Chaundy continues to receive a proportion (a little more than 25% of the total) on the ongoing income from these clients.
He said: "I stopped advising clients and began this training work because I was so angry with the FSA. I am 65-years-old, I have worked as an adviser for 45 years and I found its demands ludicrous.
"I did study for the QCF exams and was almost ready to take them but then thought after all these years in the industry that the whole thing was an insult.
"I expect to be working for three days a week in this new training role. It is a service to clients who've been loyal to me."
Chaundy added that he did not expect to be taking new clients on at this stage.
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