I don't think long term investors should be worried about a 5%...

I don't think long term investors should be worried about a 5% movement. All things equal IFL could return 50% or more over the next few years and investors should be focused on that endpoint. I bought more today and it has fallen more since that purchase. As a longer time frame investor you are trying to capture big movements over a number of years. That is probably a retail investor's biggest competitive advantage. Every so often my portfolio goes through periods of underperformance, which would have me out of a job if I were an institutional manager. IFL is just going through one of those periods.

The grandfathering agreement for advice would have an impact on IFL, but the effect is likely to be moderate in my opinion. A breaking up of the vertical integration model would/is worrying the market and no doubt some of the SP weakness can be explained by this.

What is not being said is where these potential outflows from AMP will go? In 2017 IFL benefitted handsomely due to strong flows from a large unnamed manager.....