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Thanks HP and Steve. One would have to be very blind to reality miss these changes - AMP is a clear example. IF AMP can pull off the transformation of taking clients from privately owned Financial Planning practice back into institutional/trustee advice of old, then AMP will I suspect have a big advantage to generate investment returns going forward. They are going to consolidate 70 plus products to about 5, so less choice but importantly, less cost to AMP. AMP can then take all the listed property assets and go unlisted - starting at a until price at market value (unit price of 1.00). Then the fun begins - just keep pushing those unlisted values up and up, just enough to keep the Industry Funds pushing their values up even further (and I suspect industry Super has already pushed their values too high). AMP can essentially push the Industry Fund - just enough to get APRA to report Industry Funds as under-performers perhaps. How far can Industry Super push the values - who knows? Will Industry Super fight back - yes, and AMP is a listed company - Industry Super is not. Big disadvantage for AMP.

But one thing is clear, Personal Advice WILL be replaced by employed staff. At least if I am employed by the Trustee I will have no conflicts - as my duties will be made very clear - sell the fund of my employer only.