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.”
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