Bachrach welcomes LIAWG report

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.”