No, that's not it at all; rather, it is the application of technology which is removing a significant human effort element out of the process.
So, yes, fees are declining, but so are the costs across the industry. Not for all the operators, mind; only those that are proactive and nimble enough to drive down cost-to-income ratios... such as IOOF.
Many of the slow-moving, unfocused players (notably those owned by major financial institutions who have other larger core businesses, such as commercial banking) have been unable to adjust their cost bases to keep ahead of fee reductions, as IOOF has been able to do.
With IOOF being an net acquirer of wealth management assets, this margin squeeze experienced by some sector participants is playing nicely into IOOF's hands.
"What is noticeable is the leveraged impact small commission and fee changes have on the bottom line."
Expect that it this is not at all borne out by the facts.
IOOF's operating margins have increased over time:
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