Dave Mason

So looking to make an acquisition to add a proposition to a portfolio that a business doesn't already have.

So for example, an investment manager that may not have a financial planning team or vice versa.

Whilst there's the step up in AUM that happens at the point of an integration or a

transaction, you're then building a platform for future organic growth by being able to ideally cross-sell those propositions and offer a richer and deeper relationship with clients.

That's a big driver too.

Yeah.

I agree with that.

I think I'd just add a few things.

It's a great question in terms of who does it well and get asked that all the time.

I think lots of firms do bits of the process well and when you put them all together, there is a good way of doing things.

I think what I would pick up from the themes of having some of the discussions is

It's very easy to become very internally focused on an A activity.

Everyone gets very excited about the deal and doing the transaction.

And if you think about it in their day job, these people are really good at looking after clients.

I think it's important in that process not to forget that's the main reason.

So almost thinking in the same way you might spend a lot of time and energy thinking about what's the client experience when they use us as a wealth manager.

Really think about what's the client experience going through that process of integration and what are they going to see, feel, receive before, during and after?

Because if you have that in mind, then the advisors and relationship managers will be thinking of that top of mind and that should inform the best way to do that integration.

By definition, that process, there's two CEOs in an M&A.

So it's really important that they join up very quickly.