Ann: Investor presentation - IOOF FY 2018 results, page-157

If you think the industry is going to move to a situation where advice is "directly billed" and you own shares in IOOF then you believe that it will not just be good for society you must believe it will be good for IOOF and advisers as that is a big part of IOOF. i.e. you think that "more people will pay $10k for an hours meeting" not less.

And that the clients that are currently paying $10k will keep paying it. Now that is your wording not mine so if I refine it a little I would say that you must believe that the current revenue stream (advice fees) is durable and repeatable and there is enough utility in the service that clients will keep paying it. Do you not see any risks that clients go from "having the fee deducted from super" to having to actually pay the fee themselves that this is a risk to the income stream? I actually don't know the answer or outcome but to me it is a massive risk to IOOF at the moment.

I have seen these business models come under less pressure than that and then they tend to implode (advisers leave disenchanted with the way the corporate is forced to police things and the clients follow).