Why few advice firms will follow AFH's lead on paying platform fees

At first glance the decision of growing consolidator AFH, as a business, to take on clients' platform fees seems brave, pioneering and, not least, really expensive. If a platform costs each client 0.30% on average a year - as AFH itself has said - and the average advice fee is, say 1%, then by taking on clients' platform fees as a business the adviser firm is looking at sacrificing around one-fifth of its revenue. For a public company such as AFH, this would surely be unthinkable. Imagine shareholder reaction if a business voluntarily took a 20% hit on revenues. Luckily for AFH and it...