Scott Gallacher: Why we should be concerned about consolidation

Rarely do I read a trade paper or e-mail without seeing that one IFA or another has been taken over by consolidators or vertically integrated (VI) firms. It's a seeming constant, despite the pandemic. Some might fairly view this as good news: a vote of confidence in the future of our profession. However, I suspect that it's simple economics. The potential cost savings and synergies, coupled with cheap financing, make take-overs a ‘no brainer'. Prices aren't always disclosed, and deals do vary, but from what I've seen a price of 2% of assets under advice (payable in stages over three y...