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Yes, but how many people are taking a cut... Financial Advisor (takes a cut) hands money to Bank Funds Management Arm (takes a cut) who then invest with Funds X, Y, Z (who all take a cut) who then invest (quite often) in other funds (who also take a cut) etc and so on...

While I pretty much agree with that, imho the industry does have a lot to answer for. I am pleased that, as of January 2013, my days as a financial adviser (financial salesman, lets be honest) with one of the major banks are over. Personally it always irked me the way the funds managers...