Armchair Critic: Why is competition so lacking in financial advice?

Most advisers I speak to tell me they are rarely in competition with other advisers, and that bank or other institutional-type advisers are no real competition either. I've no reason to doubt them, but I'm not sure such lack of competition is a good thing. In fact there are many reasons why lack of competition in the retail advisory space is a very bad thing indeed. Firstly, it indicates a lack of choice for consumers, or a lack of effective choice at least. A prospective client, unless he or she lives in, say, the Shetland Islands, will have a number of advisers within shouting dista...