I have followed this one for a few years and never pulled the...

I have followed this one for a few years and never pulled the trigger. KAM relies on retail channel, while pricing is better, those AUM is less sticky. Drag, do you think they have a distribution problem or this is simply a function of more passive investing?

I advise to stay away until the tide turned. But to be honest, I strongly agree average people can do a LOT better just buying index funds especially in AU. For superannuation, the government should mandate an opt-out clause for those who really do not want to put money in index funds while make passive investing easier and put financial 'helpers' at bay.