My understanding is that there are plenty of egos floating...

My understanding is that there are plenty of egos floating around this sector. So who will be the boss is a critical factor.
My view is that you are correct that at some point it has to happen. Consolidation is critical if all the gaps are to be addressed.
Garry has done well but I really dont understand the logic of that deal - I cannot get a valuation for M as high as the buyer is paying.
I keep hearing that claims for poor advice or no advice may keep arriving.
Read CUP accounts and how much has been paid out and I wonder if more of these claims are going to arrive. A few of the recent deceased estates I have seen and I would be making claims. Fixed deposits at smaller banks, just set and firget for a very long time but take fees. Deposits in Queensland's banks above $50k and then you have to get the probate registered in Queensland...
I invested in this industry thinking it was a no brainer but legacy issues seem a lot deeper thsn I thought. I think the numbers of advisors leaving the industry is a factor of the underkying skills on the industry and the age of the advisor pool. This is purely my opinion.