What AUM? I thought the point was to provide financial consultations/planning without any assets management.
White coat investor writes a lot about this problem: there are hardcore DIY in investing, there are delegators, but there are also validators - people who would like to check from time to time if they are on the right way. They also write how difficult it is to get a fair advice for a fair price, and that many calling themselves financial advisors are selling financial products “designed to be sold, not to be bought”.
And this is in US. In Switzerland, I feel that it is even more difficult for an average person to get a fair financial advice without being scammed. Catch 22: if you need an advice because you don’t have enough financial literacy, you are going to have difficulties recognizing that you are given a bad advice.