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Hedware wrote.. "If an industry fund decides to have an authorised adviser give financial advice to a member, then the member picks up the tab and not the fund".

I believe you are wrong on this. I truly believe it is subsidised by other members. Spoke to an Adviser at First State the other month - he manages 16ish advisers giving such advice. Seems to always recommend First State and has no idea on what the team of Advisers cost - as it is all paid for by all members. Conflicted?