Mergers and acquisitions  

Platform M&A driven by ‘desperate buyers’, says Quilter's Tiller

“It’s not that price will go away, but it will be price alongside: ‘Can I deliver the experience they want? ‘Can we do it consistently and reliably?’

“We will see a rebalancing. It’s going to be a combination of price and what you get for it, and what the customer gets through it. So, there's a value equation which advisers will work out themselves.”

Going forward, Tiller also warned advisers of the need to do their due diligence - a trend fellow platforms have already spotted to be on the rise.

He said advisers should examine what a business thinks will drive shareholder value, a firm’s operational accuracy, execution, integrations, and how financially secure they are.

“If they had a big shock, do they have enough capital to come out the other side?” said Tiller, who referenced what the industry has learnt from the collapse of Lehman Brothers.

“It’s not like buying a widget, it’s more like getting married."

ruby.hinchliffe@ft.com