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Two stories in the past week illustrate how the financial advice sector is changing and how, possibly, the days of the small boutique firms are numbered.
Sure two don't make a trend, but there is plenty of anecdotal evidence that change is afoot.
As Good Returns reported, SBS Bank's subsidiary Funds Administration (FANZ) has bought a financial planning business in Invercargill. It makes sense since the bank is headquartered in that city.
But comments from executive director, Graham Duston, that this maybe the first of a number of transactions signals intent.
Duston said industry consolidation is “on the cards” due to a range of factors such as rising and changing compliance factors and an aging adviser force that was beginning to look at their next stage of life.
Perhaps even more interesting is that Mint Asset Management has its eyes on distribution.
As its founder and chief executive Rebecca Thomas told me, the firm is looking to "own the distribution part of the value chain."
Of course bells will ring for some say no to vertical integration where fund managers own distribution. Just look at what happened in Australia when this occurred, they will say.
There is no doubt the Royal Commission in Australia unearthed some shocking behaviour.
But as Thomas says if Mint buys distribution then its products won't automatically be on the recommended product list.
She says we can only get there on merit and if the products are "best of breed."
This is little different to another recent transaction. Earlier this year Alvarium, Pathfinder Asset Management's parent, took a stake in financial planning firm Newton Ross.
Newton Ross did not use Pathfinder funds or its KiwiSaver scheme.
While people have rightly learnt lessons from poor vertical integration, it seems there are ways to do it properly.
But the take out is financial planning firms are looking attractive to fund managers. It's a good sign they see distribution as being a profitable business with a promising future.
There is a place in the market for corporatised businesses, but so too is there a place for the boutique financial advisory firms.
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Oh, it was planned.
Intended.