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
12 Dec 2017AZNGA acquires Henderson MaxwellBy Aleks Vickovich
12 Dec 2017Zurich-ANZ deal shows ‘commitment to advice’By Staff Reporter
11 Dec 2017Insurance engagement driven by advisersBy Jessica Yun
11 Dec 2017Kaplan pushes for new CPD regimeBy Staff Reporter
11 Dec 2017AAT upholds adviser ban after successful appealBy Killian Plastow
11 Dec 2017Senate approves AFCA billBy Annie Kane
- view all