Summary

00:01:11 – From planner to M&A adviser
Victoria Hicks shares her journey from becoming one of the UK’s youngest financial planners to launching an M&A business after a poor sale experience of her own. She explains how that experience shaped her focus on helping sellers navigate deals more thoughtfully.

00:02:35 – Why the UK matters for Australian advice firms
Matt Heine and Victoria Hicks discuss the similarities between the UK and Australian advice markets, including rising consolidation, international capital and firms thinking about growth or retirement. The UK is positioned as a useful preview of where Australia may be heading.

00:06:59 – How buy-and-build deals are structured
Victoria Hicks explains how consolidators entered the market, why retained equity became common, and how deal structures evolved from equity in the local business to equity in a broader topco. She also outlines the growing appeal of minority investment models.

00:10:58 – More options can lead to better matches
She argues that firms make better decisions when multiple deal paths are available, rather than being pushed towards one dominant model. Starting with objectives, not buyer hype, gives business owners more control over the outcome.

00:12:48 – Why private equity was attracted to advice
The conversation turns to the underlying economics of advice businesses: ageing adviser populations, fragmented firms, recurring income and the opportunity to lift profitability. Victoria Hicks explains why that combination drew private equity into the sector.

00:15:11 – Vertical integration, regulation and buyer fit
Victoria Hicks outlines how UK regulation has sharpened the focus on client outcomes when firms sell. She makes the point that vertical integration is not automatically good or bad - the real issue is whether the buyer’s model fits the seller’s client proposition.

00:18:46 – Why sellers need a genuine sell-side team
She explains why Melo works for sellers rather than buyers, and why firms should be wary of advisers paid by the other side. Her message is clear: if someone else is paying your adviser, they are not truly on your team.

00:20:48 – Get sale-ready before meeting buyers
One of the biggest mistakes, she says, is beginning buyer conversations before the business is prepared. Value, data quality, due diligence readiness and clear objectives should all be addressed before firms go to market.

00:23:20 – Internal succession, earn-outs and stakeholder buy-in
Victoria Hicks compares internal and external exits, noting that internal succession can be powerful but is often harder to execute. She also explains why staff and client alignment matter so much when earn-outs depend on retention after a deal completes.

00:27:06 – Equity participation and retaining key people
The discussion covers a range of equity approaches, from direct ownership to option schemes such as EMI arrangements in the UK. The central message is that firms should decide what they want equity to achieve before choosing a structure.

00:31:52 – AI, the advice gap and defending human value
Victoria Hicks says AI is still being used too narrowly and believes it will eventually change service delivery far more fundamentally. Her view is that advisers should not fear the technology, but must sharpen the human value they provide as access and fee comparison improve.

00:37:07 – Building the next generation of advisers
The episode closes with a discussion about where future advisers will come from. Victoria Hicks argues the training pathway needs to evolve so that technical knowledge is balanced with coaching, communication and the psychology of money.