By Frank Carr, co-founder and CMO, Financial Risk Solutions

Some may feel that the old rules no longer apply in that wealth and investment firms do not need billions of assets under management (AUM) to breakeven with a broker or retail investment platform offering.

Up until recently, finding profitable platforms with a clear strategy was like finding hens' teeth. But things are changing, despite M&A at the upper end of the spectrum such as James Hay and Nucleus Financial Group.

A clear stra...