Armchair Critic: The problem with vertical integration

There is talk of a general trend towards vertical integration where all or most elements in the value chain are run within a single organisation. This not-very-new idea has re-emerged in the context of the platform world where, most notably, Old Mutual now combines life wrappers, investment solutions and, through the Intrinsic network, client advice. Of course, the old direct sales forces were vertically integrated. Products were manufactured, investment was carried out, administration and client sales were all conducted within a single organisation. The advantages, in principle at...