Since the release of the Future of Financial Advice (FOFA) reforms in April, many IFAs have predicted significant changes at their level.
Many have claimed the federal government's involvement in championing the reforms has offered the catalyst the industry needs to effect positive change.
However, as merger and acquisition activity has kicked into gear, the small end of town has become smaller, with the big end of town now dwarfed by a new community of IFAs - the consolidated.
In the past few weeks alone, there has been a spree of purchases within Australia's financial planning space.
Despite Zurich Australia remaining coy over a possible sale of its research division, Lonsec's sale earlier this month to a new unknown group has created much interest, particularly as the new group also purchased superannuation research group SuperRatings.
The sale of Lonsec prompted speculation that Zurich would look to sell down its shareholding of listed financial services firm DKN Financial Group.
Despite DKN chief Phil Butterworth throwing cold water on the suggestion, the firm revealed on 14 June that it had been approached by IOOF and was considering its options.
IOOF's move on DKN was not the first talk of acquisition to spark concern within the IFA sector.
Late last month, yet another listed advisory group, Snowball Financial Group, informed the market it had entered into a deal with Shadforths Financial Group.
The planned merger between Snowball and Shadforths took many by surprise, with naysayers adamant the merger between the two was to appease Shadforths' shareholders' appetite for a company listing.
Regardless of the reasons, what's clear is the independents are building.
In a solid move to protect themselves from the circling institutions, large-scale IFAs are presenting themselves as viable options to the big four banks.
The moves should of course be commended, as long as the individual IFAs within the groups are rewarded too, however, what now for the smaller IFAs out there?
Will the formation of these independent giants be enough to save the IFAs for consumers?
Will they provide enough choice for clients?
Or will they leave smaller players vulnerable to poachers?
On the flipside, in this week's edition, IFA's cover story examines the life of the boutique fund manager and how time outside an institutional owner/parent/employer has progressed.
