Moving on, page-294

Ok well that 40 clients on average was active ongoing clients. Some clients might get one off advice and not follow it or it might be strategic advice and they might not become ongoing clients.

Secondly I would say that the percentage of people under age 30 who have an ongoing relationship with a financial adviser would be very minimal. Most people don't generate any real wealth until their 40's and the majority of retirement funds are built between 50 (55) - 65. So on that basis I would say you can cut out 1/3rd of Australians population purely on demographics. That gets us down to something more like 16m people. You then have the fact that when I say 40 "clients" you have to remember that a significant proportion of those "clients" will be couples. Let's say at least 50%.

That rounds up your number of clients closer to 1.5m out of a likely target market of say 15-16m. So you are closer to 10% of the population that have an ongoing relationship with a financial adviser. And yeah I would say that is probably fairly accurate.

The financial planning industry is working on it's professional image. The general public has a distrust of planners (some of that rightly so, some not so much) and also feel they are less necessary than say an accountant.

You are correct that the planning market is ripe for expansion. If the industry can alter it's image and public perception then the growth rates could be significant. This could be when someone like IAM really profit for the fact that the industry will be growing significantly (i.e broader target market) but also the sheer work load if we started seeing massive CAGR's would potentially make outsourcing more prevalent.