The Davids can beat the money management Goliaths — as long as they stick to their strengths

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The business world is in a constant state of consolidation. Customers that used to have multiple options now have two or three. In many cases, the options are owned by the same company (Fido and Rogers; Tangerine and Scotiabank, Swoop and WestJet).
Consolidation increases economies of scale, meaning costs get spread over more units or customers. In wealth management, Canada has achieved scale because of the large role the banks play in all aspects of financial services. During my career, they’ve gone from being nowhere in wealth management to dominant players.
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