Not even the institutions are making money anymore hence they...

Not even the institutions are making money anymore hence they are either selling their wealth businesses or looking to do all they can to hide behind 'general advice' to increase FUM. Same goes for the movement toward direct (crap) insurance with no upfront underwriting due to LIF.

The FSC and pollies are in control, just wait until labor gets in the the industry funds will run riot. I contribute to a round table on the recent budget reforms and I can tell you most still don't understand the 1.6m transfer cap and how/when CGT relief is practically applied... let alone the disclosures/SOA's required.

Another kettle of fish is limited licensing for accountants which has near zero take up yet unsurprisingly there are still record levels of SMSF's being established...

I see robo advice being useful to practices for simple advice, complex advice is always going to require human interaction. I'm not an adviser at the moment but will get back into it once the dust settles... if it ever does.