British IFAs could face a bleak year in 2009.

UK independent financial advisers are pretty much unloved by the regulatory body FSA.
Comments on the retail distribution review focus on the appearance that the banks have had a pretty easy ride. However, IFAs have got to consider the here and now. 2009 could be a bleak year but there has been so much change in the financial landscape that clients would need more advice rather than less.
For instance, the popular investment house New Star has seen the creditor banks take control while some of its high flying funds have closed for redemptions. You do recommend now? M and G or Fidelity.
Can you recommend structured products? The collapse of Lehman Brothers as a counter-party has made supposedly low-risk products into very high risk ones to put it mildly. Supporters of structured products point to their defined return and
low cost.
The collapse of the Icelandic banks have put the spotlight on the deposit guarantee schemes in offshore territories and have made a lot of British councils look stupid.
There is an area of advice in offering recommendations on where to
put deposits.
www.searchifa.co.uk
Another area is pensions. The forthcoming introduction of a higher tax rate of 45 pct
will probably lead to an increase of pension contributions. SIPPs will continue to grow.
Finally, quite a few potential clients will be planning to leave the United Kingdom. They will need help in navigating the tax codes of countries such as Australia and the United States. The collapse of sterling against the euro might make moving to eurozone countries less attractive.