The roll up of financial advisory firms seemed like such a good deal not too long ago, a way for independents to join forces to lower costs, gain some technological scale efficiencies and expand the pie for all. But Investment News notes that the promise is not being fulfilled at some roll ups. Some units are now separating themselves from the rolled-up entity.

Boston Private Financial says it will sell back Westfield Capital Management to its management team. That follows three other cases where smaller firms were returned to the original owners. Elsewhere, some executives who rolled up are retiring early, after giving up hope for the financial payout they once expected. 

New deals are not being announced and all the while, the big boys at such places as the Thundering Herd are stepping up their game. The truth is that roll-ups in any industry are difficult. I'm not sure why people thought it would be easy in financial advisory services. 

For more:
- here's the article

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