"Consolidation”, or more pertinently, “more consolidation” has tended to dominate conversation about the future evolution of the asset management and wealth management sectors to the point at which it has almost become a default term.

Yet the proponents of consolidation rarely provide any evidence to back up their contention. At best they typically refer to the most recent merger and acquisition, such as today's Smith & Williamson and Tilney deal, or a prospective merger and acquisition.

At worse ...