Moving on, page-291

Most Australians do not get advice, yeah. Not sure on the 4% figure but isn't high.

As binwood has explained, many clients paying an 'advice fee' are legacy clients from the pre-opt in commissions days where they are paying a fee to basically receive nothing. It's just a fee to adviser built into a product they set up, for this reason they aren't actively serviced ongoing (something I don't agree should be legal but anyways).

Many practices simply bought books with this type of clientele and do very little new business, they just service existing clients where required. They may have hundreds of clients but generate very few SOAs... on the other hand you have practices that are 100% annual ongoing service packages very actively advising each client with new SOAs for each client most years, sometimes multiple.