Ultimately, what these deals are telling us is that for a majority of the industry, regardless of size or where they are in their lifecycle, most are in need of a well-resourced partner that can provide a better client experience, more services, operational excellence, and a growth engine while creating a career path for their loyal staffs and a more client-focused future for themselves. The business of wealth management is simply becoming too complex, competitive and challenging.
As a result, many firms are at an inflection point as to whether they double down on the investment in their firm to get to that next level, adding even more challenges to address with difficult operational and technology decisions to make, longer work weeks with more anxious late-night hours, as well as significant financial risk; or partnering with a firm that already has scale, a similar culture, a strong brand, and an in-demand service model. Ultimately, it comes down to either building it or joining it.