One final thought to place with yesterday’s post on bank advisers. Now I don’t want to be glib. These are people’s jobs after all. I am also not solely levelling this question at RBS. But for those banks which are retaining a substantial number of advisers it would be fascinating to see what the criteria will be for deciding who loses and who keeps their jobs. Trade union Unite has complained over the years about bank advisers being put under unfair pressure to meet targets and that feels about right given the levels of misselling.
But what constitutes the best bank adviser in a post RDR world? Not the notorious ”I can tell you are a medium risk investor by looking in your eyes’ bank adviser secretly filmed by Panorama a few years back. But he could well have been top of the charts in the heady days of big commissions. Put it another way, can the best salesmen and saleswomen adapt to selling the idea of paying a fee for bank advice?
I would love to see the internal memos on that and I’m sure most IFAs would too. And one final thought for those unfortuate enough to lose their jobs. They could always considering becoming IFAs themselves.