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... consolidators. Although equity markets have lost huge sums, plenty of cash is still available for investments, and few alternatives exist. Another factor is that investors expect the hard market to drive profits and growth to high levels — levels that greatly exceed what will probably be realized. Investors are expecting a huge chunk of the industry's rate increases to drop to the bottom line. But revenues aren't rising at the same rate as premiums because insureds are buying less coverage and seeking alternatives to insurance. The hard market is also soaking up productivity. There's already evidence that prices are increasing at a much slower pace than last year. These are significant factors that many buyers aren't considering adequately. WHO ARE THE PLAYERS? As in Wall Street's heyday, consultants, buyers, and investors are coming out of the woodwork. Hopefully, they'll bring new ideas and energy to our market. But anyone new to an industry has a significant disadvantage: Not knowing its subtleties. A newcomer doesn't know entirely what to expect. I've seen some professionals make promises that no reasonable person who knows our industry would make. IMPORTANCE OF ADVISERS The active market is a whole new world for many agency sellers, so hiring an adviser can be helpful. Choosing the wrong one can also be a terrible mistake. Consider your goals first, and then decide what service(s ) you need. If you want objective advice, hire a consultant who will represent only you; be wary of "consulting" firms advertising tombstones (notices of done deals), because they've become brokers who might be more interested in closing a ...