The IFA label represents an "irretrievably damaged brand" and should be "consigned to history", according to a pensions report released today.
The report also has some specific recommendations for the fund management industry.
It argues for the publication of industry-standard Total Cost of Investment (TCI) details to tackle excess renumeration and low returns.
This TCI would include all up-front transaction costs and, crucially see the bid-offer spread deducted as if it were a front-end charge. It said that the TCI should be included in the Disclosure Tables published by the Investment Management Association (IMA).
Fund managers should also provide an Indicative Net Return (INR), using a
standardised range of conservative (gilt-based) assumptions for fund return.
The report also argues for the creation of a Super ISA to help foster a widespread savings culture. This product would merge rainy day and retirement savings.
The Super ISA would be provided to all new-borns and run by default provider such as the post office. The account would be identified by the owner's National Insurance number.
In the meantime, today's ISAs could be linked to future NEST accounts (to become Super ISAs), capable of accepting lump sum and regular savings.
The Super ISA would access a range of investment options automatically differentiating between discretionary and retirement savings for the purpose of allocating tax-based incentives.
This product would provide UK-born citizens with a single life-long savings vehicle.
The report was sponsored by Fidelity Investments.
