Donald Reid

But the question is, well, what's the end game?

Because as those consolidators get bigger, they will become too big for one PE firm and therefore...

We're already seeing PE consortium going in and backing some of those firms.

So Titan Wealth, for example, would be an example there.

They're three PE backers.

Evelyn, they're two PE backers.

But what's the exit strategy for those larger businesses as they grow their assets northwards of Europe?

you know, 50 billion, because the IPO market and the opportunity to go through an IPO is challenging.

And therefore, those are likely to be done at a discount to potentially selling on to either a corporate buyer, and some of the UK banks and some of the foreign banks may actually be active there in the future, or it goes back to another turn of PE and PE consortium,

But for PE Consortium to get value for their end investors, they're then going to have to acquire and bring together larger firms as one.

So it's interesting, but there will continue to be significant activity going into 2026.

Well, a number of these businesses are looking at how they service their lower end clients or their clients with less investable assets.

And what's the model for doing that?

So a client maybe has $50,000, $100,000.

There are some firms that are investing in that in terms of how can we provide a service that is, you don't necessarily have a named advisor, but you have access to those services online, or you have a service center where you can talk to a pool of advisors.

So that is definitely happening to plug that gap in the market.

And there are other firms who are saying, actually, we're actually going to...

transfer those clients to a different provider because we're our focus is you know for our ultra high net worth client for our high net worth clients and we don't want to be in that space so you know dave i don't know if you want to comment on what you're seeing yeah i think i'm really interested to see what happens in the um for the large uh banks matt's the um

I agree with all of that.

I think the other point to flag, looking at the end-to-end operating model, the other area where technology should be delivering some real benefits is around technology investment by platforms and outsource providers.