US-based practice management consultant Bill Bachrach said John Trowbridge’s report is a sign Australia is moving to a “completely conflict-free” advice environment.
In an email to various Australian stakeholders yesterday, Mr Bachrach said he welcomes the report, arguing implementation of its recommendations would take Australian advice to a higher level.
“The only conclusion a rational person can come to is to stay far ahead of the inevitable by delivering a comprehensive and powerful client experience, based on the client's goals and values, and charge for that experience in a way that is completely disconnected from investments or any other product,” Mr Bachrach said.
“Don't let government regulators determine your destiny! Instead, skip the FUM-based fee (including the game of setting a fixed annual fee based on a percentage of FUM) and insurance commissions, level or otherwise, altogether.
“Life can be so simple for you and your clients. Make it so.”
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 21 Aug 2018Product design laws could ‘undermine’ FOFABy Tim Stewart
- 20 Aug 2018Carve-outs must be addressed before commissions: AIOFPBy Reporter
- 20 Aug 2018Professional year an opportunity for exiting advisersBy Reporter
- 20 Aug 2018IOOF creates new executive advice roleBy Reporter
- 20 Aug 2018RBA attacks ‘sales’ culture within financial servicesBy Reporter
- 20 Aug 2018Super members ‘readily’ taken advantage of: RCBy Killian Plastow
- view all