Should Ed become a financial adviser? Part II

Let us remind ourselves of my dilemma from last week's column - what to say to my 23-year-old nephew Ed who is considering becoming an IFA.

As far as I could see my choices were as follows: a) Say it is great idea and that post-RDR everything is going to be hunky dory as IFA incomes drop to between £50k and £70k based on a percentage charge on AUM; b) Say it is a terrible idea because post RDR his income will drop to £50k to £70k yet he will have to take lots of exams, suffer endless compliance visits and deal with customers who do not want to pay for any advice; c) Avoid the answer and mumble something about Aunt Madeleine’s lovely hairstyle and excellent choice of boyfriend; or d) Tell him to become a teacher. ...