Ann: Investor presentation - IOOF FY 2018 results, page-16

Well the structural decline in fees appears to be moving in the direction of too many players chasing too few clients. Maybe this industry is different? I don't remember financial planning and funds management ever competing on fees before, but I have never been a financial planning customer - so maybe I was not paying attention. Fidelity recently did their zero fee thing. Panorama did some cutting of fees. Platinum had a trim not so long ago. Depends if some key market players decide they are willing to lose profits to have magic FUM figures or not (and then try to take advantage of the bigger FUM somehow - maybe bait and switch - a favourite of the banks). What is noticeable is the leveraged impact small commission and fee changes have on the bottom line.