Banking royal commission: The revolution in financial advice

The royal commission hearings into insurance starting Monday will no doubt provide even more scandal and drama than the return of Parliament under Prime Minister Scott Morrison this week.

The banks are now well used to playing their roles as the main villains of the piece, including during the last hearings into superannuation. What's less obvious is that underneath the theatrical performance directed by Kenneth Hayne, the revolution in financial advice as well as the banks' role in wealth management generally is already well under way.