Excellent context. Appreciate the time. Do you therefore feel...

Excellent context. Appreciate the time. Do you therefore feel that it’s likely that the smaller dealer groups are dying, and therefore advisers try to go their own way (advertising training hr compliance etc all sorted by themselves) or be part of a bigger group with scale advantages? Presumably not every adviser wants to spend a heap of time on compliance and training, and therefore I would presume there is still a role for big players with scale?

If you had to estimate the shift from dealer groups to either the big players like IOOF/colonial (amp excluded!) or to individual afsl where would you see the proportional movements?