‘Consolidators’ have become a thing in our business in the last few years. These are firms with a cache of (usually borrowed) funds, buying up smaller advisers’ businesses to build big, national businesses. The theory/spin is that this will lead to greater security for clients, economies of scale, continuity of service etc. Thing is, it’s all been tried before, many times and the reality is a cumbersome giant with a big turnover of advisers which becomes a target for the regulators and a compliance nightmare. What’s the answer? In this case, sell out while you can to a Cayman Islands company owned by a Chicago-based private equity firm. Who I’m sure will have every client’s best interests at heart.
Social Media advice won’t get you rich quick
There’s no end of FinTok (it’s a thing) and Insta pundits happy to tell you how they got rich quick and to point your money at a suitable scheme. 56% of those in a recent survey who followed such ‘advice’ lost money – and that’s just those who admit it.
