Ann: AEF Results to 30 June 2017, page-12

Number of members is not my guide stick for company performance. Telstra has many customers - doesn't make that a good investment. Sold those shares at $8 at a time when I thought growth was stalling and yield was very low 2% with payout ratio extremely high.
Yes, fees are still high and Phil Vernon will reduce fees over the next 5 years. The company has the ability to reduce fees when FUM grows but this year the board decided to increase expenses by putting on staff and maybe sometime next year if staff expansion has slowed then fee reductions can recommence. I understand the fees charged is likely to be a moderate barrier to entry but data suggests in-flows are strong. However, I think they can do better once fees are reduced by 30% with steady incremental reductions.
Although I sold Telstra at similar yield and PE ratio, the big differences are the massive growth potential in ethical investing, internet based promotion/processing that significantly staffing costs and rental on office space and the loyal base of investors that stand by their investment with the trickle top ups of superannuation monies. Ooooh yes, the investment performance is superior to most, negating some of the additional admin/entry/annual fees.