Very interesting...

A 15 to 17 per cent of revenue estimate.

This becomes higher I suspect if new adviser modeling is taken to account.

This is because of fixed overheads in induction; fspr, complaints authority, FAP costs to practice and advise, PI cover again for both, induction costs, CRM, Research Tool Box, report writer (if not in CRM), Level Five, Professional Development on going. Harder as many costs not transferable which is exasperated when not every new professional succeeds .

Nice article...

Not sure where administrative expenses not related to compliance fit in this

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