Focus on clients, not fee structures

financial-planning/financial-planners/financial-advice/bt-financial-group/money-management/

14 March 2014
| By Staff |
image
image
expand image

Financial planners need to focus more on their clients than the way they are remunerated, according to US-based planning specialist Bill Bachrach, who will be back in Australia in coming weeks talking to BT Financial Group planners.

Speaking to Money Management from the US, Bachrach said that while he understood the level of debate which had occurred in Australia around planner remuneration, the planners themselves needed to understand "that your clients don't live in your world" and don't necessarily worry about things such as the Future of Financial Advice (FOFA) changes.

"What your clients care about is their financial security and the security of their families," he said. "That is what is important to them and that is something that has not changed."

Bachrach said that Australian advisers needed to take a similar view of vertical integration and, rather, consider what the client wants.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 3 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 4 weeks ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

1 week 5 days ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 weeks 3 days ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

3 weeks 1 day ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND