The Cocco family holds an investment in a managed fund investing in Australia and global equities. They have told their advice provider that they find the annual statements generated by the fund not easy to understand, particularly for tax reporting purpose. However, this managed fund has achieved very good returns over the past 5 years and the clients believe they will reach their most important goal of having $1 million savings at retirement given the performance of the fund. The clients are a bit concerned with the management fee (2.0% per annum) charged by the fund. The advice provider discusses the statements with the clients and believes that the clients can understand the statements with some guidance, even though it is presented in a complex manner. The advice provider recommends the clients switch to another managed fund which uses a much simpler reporting system that the clients can easily understand. The simplicity comes from the fact that the fund is a money market fund consists of basic short-term investments (such as bank deposits). This type of fund provides a significantly lower return than the clients' current fund. Compared with the fees the clients are currently paying, the management fee for this money market fund is lower by 0.2%. (A typical money market fund charges 0.5% to 1% annual fee) Is the advice in the best interest of the client based on the RG175 standard? Explain your assessment. The Cocco family holds an investment in a managed fund investing in Australia and global equities. They have told their advice provider that they find the annual statements generated by the fund not easy to understand, particularly for tax reporting purpose. However, this managed fund has achieved very good returns over the past 5 years and the clients believe they will reach their most important goal of having $1 million savings at retirement given the performance of the fund. The clients are a bit concerned with the management fee (2.0% per annum) charged by the fund. The advice provider discusses the statements with the clients and believes that the clients can understand the statements with some guidance, even though it is presented in a complex manner. The advice provider recommends the clients switch to another managed fund which uses a much simpler reporting system that the clients can easily understand. The simplicity comes from the fact that the fund is a money market fund consists of basic short-term investments (such as bank deposits). This type of fund provides a significantly lower return than the clients' current fund. Compared with the fees the clients are currently paying, the management fee for this money market fund is lower by 0.2%. (A typical money market fund charges 0.5% to 1% annual fee) Is the advice in the best interest of the client based on the RG175 standard? Explain your assessment