Rennison warns IFAs' charging approach 'too simplistic'

Too many advisers are working backwards from their goal salary instead of starting by making their client proposition central, he says. Rennison, who chaired the Professionalism and Reputation work stream of the RDR - now the Retail Distribution Implementation Plan (RDIP) - in 2007, says: "Just doing the calculation many advisers do, which is 'I want to earn £100,000 a year so I have to do 1,000 hours of work charging clients £100 per hour', is far too simplistic a view. "If they are operating like this they will have problems and will need to change." Rather than just relying on...