When a firm goes to the wall the pain is felt by everyone: the advice profession suffers because it reflects badly on the market as a whole; the advisers see all they've worked to achieve for many years slip from their grasp.
But the ramifications go further still when you consider the impact on those advisers’ clients.
There has been a frenzy of speculative media activity around the latest victim, Park Row, and its negotiations to find a suitable home for its 240 advisers.
For customers of Park Row, the collapse of the deal with 2plan has probably left many wondering where their investments are, and who is looking after them. This is not at all reassuring when many might have only just started to glimpse positive returns following the collapse of the markets.
Never has size mattered more to so many people than it does now. As the large ‘favourite' firms go under by the day, the smaller firm is left to clear up the mess and attempt to restore confidence in the IFA business model by maintaining its own client relationships to the highest possible standard.
It is easy to forget amidst the upheaval of a merger or acquisition, or indeed a firm simply being wound down, that this is a people business.
We need to be concentrating on those without whom we wouldn't have a business to run, sell or acquire.
Considering the failure of Park Row, and the narrow avoidance of that 'armageddon scenario' Honister Capital CEO Mark Lund said would have occurred had The Money Portal not been acquired, it makes one think there should be more prescriptive policy in place to protect those affected by these failures, and less discretionary decision making from the regulator.
Let's not forget the reason we're all here after all: the client. Any action, decision or change must be made with them in mind, and not, as seems to be happening, as an after-thought.
Contract withdrawn from Standard Life Aberdeen
Third completed acquisition of 2018
March sales figures revealed
Three big drivers
No easy answers