@MarsC
I do agree that dysfunctional incentives are at the root of the problem.
Have a read here, though, I personally found this article quite interesting:
https://www.professionalplanner.com.au/2018/09/the-case-for-and-against-vertical-integration/
The main point it makes is that the abolition of vertical integration
per se wouldn’t necessarily get rid of conflicted remuneration (note that the author is
not a supporter of vertical integration).
What I would add to it is that conflicted remuneration can be removed without abolishing vertical integration, i.e. without affecting the cost structure of the industry.
Whilst not the ultimate solution, I see (among other things) IOOF’s consolidated support of open architecture as being a positive step in that direction, and one that can be easily replicated across the industry.
Cheers
(20min delay)