So what's the backdrop for 2010? A general election is guaranteed, but uncertainties about the health of the economy will persist.

The government appears optimistic that the economy will return to growth early next year, but with volatile investment markets, a stagnant housing market and unemployment likely to continue increasing—albeit at a reducing rate—a full recovery looks some way off.

As for our profession, I expect consolidation within both IFA firms and distributors to be a running theme throughout next year.

Meanwhile, the FSA's final RDR rules will be a defining moment and will provide an impetus to everything that follows. It will be pivotal to the future decisions that many firms take, including whether people join the industry or leave it. The final RDR rules will also have a big impact on the business models that firms adopt going forward.

Next year we will finally receive more clarity on qualifications and how QCF Level 4 is defined, which will help us to determine what people need to do to achieve the new higher standard.

From Sesame Bankhall Group's perspective, we have been actively supporting the need for a work-based assessment route that enables us to retain the experience, expertise and knowledge of thousands of competent financial advisers. When we receive the final FSA rules we can only hope that common sense prevails.

Whatever happens, we are facing the prospect of fewer IFAs going forward, which is why our profession needs a long-term vision and a willingness to step forward and invest in recruiting and training a new generation of IFAs. Expect to see more in this area next year from Sesame Bankhall Group.

Whilst RDR is the hot topic right now, the wider regulatory environment will not get any easier. It is clear that the FSA has reduced its risk appetite and is pursuing a more intrusive and punitive regulatory agenda that plays to the pro-consumer lobby.

But don't be fooled into thinking everything is lost, because that is far from the case. Sesame Bankhall Group for one has a deep commitment and belief in the future of professional independent advice and, in 2010 and beyond, we will be investing millions of pounds to develop support to help advisers make the transition to the new world.

With the retreat of the State from benefit provision, ordinary people need the expert guidance of our profession more than ever before, particularly in the absence of any evidence that banks can step up to the challenge.

Our profession has a long and successful history of resilience and innovation that is built on our ability to continually meet our customers' changing needs.

The next few years are going to require a tremendous amount of hard work and dedication from advisers and distributors, but I believe that for those who rise to the challenge the future for both their firm's prosperity and their customers' financial well being look very bright indeed.

Stephen Young
Chief Operating Officer
Sesame Bankhall Group