Good point, although I disagree with the resounding yes. I’d say it’s not the vertical integration of platforms with providers that’s the issue. It's the incentives that are the problem. The advisers (in house or independent) were/are getting paid to do no work.
The in house bank providers were the worst offenders because the banks funnelled people into these ‘advisers’. I don’t believe IOOFs non-independence contributed.
Ann: Investor presentation - IOOF FY 2018 results, page-154
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