Yep all makes sense, thanks.
I think it would be great for our society if all advice was directly billed (I’d get financial advice if that were the case) however the unintended consequence would be that overall less people would get financial advice, as not many could afford or would think it worthwhile, to spend 10k for one hour with an adviser (which someone who invests 500k might pay) which would probably result in less wealth accumulation overall, as people would be investing in all sorts of dodgy things with their spare savings.
Without wanting to harp on about my largely irrelevant example, but again my point is that vertical integration brings with it efficiency and costs savings. Ie the primary path lab gets a lot of easy work so they don’t have to spend a fortune on marketing and can bulk bill instead of the independent path provider across the road who charges a gap. In this instance the efficiency is passed onto the end user which is what I think the rc will want (but obviously I could be wrong).
IFL Price at posting:
$6.90 Sentiment: Buy Disclosure: Held
(20min delay)
