Old leader points out alternatives (7)
I believe the answer is:
options
'alternatives' is the definition.
('option' can be a synonym of 'alternative')
'old leader points out' is the wordplay.
'leader' indicates taking the first letters.
'out' is an anagram indicator (out can mean wrong or inaccurate).
The initial letter of 'old' is 'o'.
'points' anagrammed gives 'ptions'.
'o'+'ptions'='OPTIONS'
(Other definitions for options that I've seen before include "Alternatives, choices" , "Choices, ways to go" .)