How Independence Fuels Innovation in Wealth Management

On Monday of this week, news broke that Figma and Adobe, two design and creative software giants, were discontinuing their merger plans.

The decision is set to cost Adobe over a billion dollars due to antitrust concerns and various other issues.

While shareholders of both companies may be feeling disappointed, the broader perspective suggests that the failure of this combination could lead to more choices and a potential boost in innovation for the future.

The dissolution of the Figma-Adobe merger could serve as a breath of fresh air, allowing both companies to remain independent and prioritize creative solutions over defensive strategies.

In our industry, we are all too familiar with consolidation.

And those of us who have personally been through any merger situation know it comes with compromises.

In my experience, teams can become more concerned with defending solutions that existed before the merger rather than continuing to move forward, creating better solutions for our clients.

Maybe it’s the creative in me, but I can’t help but be a little excited when deals like this don’t work out.

Independence fosters creativity and innovation.

In our industry specifically, the increase in mergers and conglomerates tends to lead to more companies focused on the needs of the shareholders and less invested in creating the best possible solutions for their clients. But it doesn’t have to be this way.

Here are a few questions you should be asking yourself to ensure you are maintaining an innovative customer-centric approach:

1. Would you be a client of your own firm?

Acknowledge the complexities and deficiencies within your organization and evaluate whether you would choose your own services.

2. Would you pay what your customers pay?

Reflect on the value of your services and whether the pricing aligns with the perceived value from a customer’s perspective.

3. How are we increasing our value?

Consider the customer’s viewpoint regarding communication, insights, and engagement strategies. Align internal communication with external customer expectations and find new ways to deliver a better experience.

Regardless of our businesses’ transitions, our focus should and must always be on what is best for our clients.