Simon Chamberlain, chief executive of Succession Advisory Services, says if anyone had mentioned IFA consolidation in early 2009, it was only as an unintended consequence of the credit crunch...
Today, the concept of consolidation is more widely accepted - but many in the industry have yet to understand the detail. With vague hopes and ideas - including, sadly, far too much emphasis on asset stripping and equating prices crudely to multiples of recurring income - few have fully grasped the concept. Without an end-to-end process that brings all the component parts together; without the certainty of sufficient capital backing to guarantee the delivery of consolidation activity and, crucially, without always putting the client first, the cause is lost before it begins. The ma...
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