fees roughly from memory
I pay - average MER of 0.35
wrap fee of 0.2
advisor fee 0.44 - tho this reduces the more I have * yes I thought about this very hard - and its worth it even tho I could have gone for a strict fee for service planner.
so total is 1% - and that includes MER and advisor and wrap

The great thing about a discounted wrap - is full reporting -
I get up to date reports on profit
an advisor that keeps me on track, that I can throw ideas against him - and he stops me from doing stupid things

With LICs - the hard thing is dollar cost averaging as you pay $30 each time to buy
with the wrap you get automatic rebalancing

You can bpay into the cash account - and have it setup so that all money above $4000 gets allocated to shares in the allocation percentages specified

so if the aus market has been down 5% and property 2%
and I transfer money in - it will automatically add to the australian market
and property for very minimal cost - to make my allocation percentages back to what I had them

LICs and ETFs- mean u have to monitor everything in etrade or comsec, more statements,paperwork , and hard to add to long term
Yes I do still hold them in my 2nd portfolio - but will eventually move away because of this disadvantage