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Gday Marty
I mean ALL the financial advisors, accountants, traders, lawyers, govt depts, bankers etc who "run" any of the systems.
Self managed funds might be good ( choice of investment wise ) for some wealthier people, but the yearly compliance costs are way over the top ( for whats involved ) for many to make it work.
When i got made redundant, i parked my super in a cash only holding account ( ie super equivalent of a bank bill ) till i found a better deal.
The "fees" each year were equivalent to half the after tax income?????
How much overhead is there for managing a bank bill?????
I reckon a lot of it comes down to a simple economic fact
Skimming 10$ off 10million people each year wouldnt be noticed
but try taking $10million off 10 people and they will fight tooth and nail
The system runs on the fact that there is so much money there, and its moving around so fast, that "most" people dont notice when a bit gets removed along the way.
Andrew
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