I don’t believe advisers will be forced to direct bill, but I...

I don’t believe advisers will be forced to direct bill, but I can see advantages for society (not ifl) if it does change. Commission payments will almost certainly continue (possibly in part due to the unintended consequences I mentioned before). Having said that, I think ifl will do better than most no matter what happens as they seem to me to be ahead of the banks and amp, and I think there will be a role for corporate adviser groups, whatever the RC outcome. The short term could be painful but I still think direct billing or abolishment of vertical integration is unlikely.