Happy New Year and welcome to 2026.

For many across asset management, the Christmas break will have been a welcome chance to pause after an extended period of pressure. It has been a demanding market for over two years, and for many distribution teams the challenge has not been effort, but conditions.

Generically speaking, the Sales space has been difficult unless firms have been able to offer genuinely differentiated or consistently high-performing products. Advisers have had limited capacity, asset flows have been uneven, and competition for attention has intensified. These dynamics have affected both the intermediary and institutional markets, the latter becoming increasingly global and competitive. Talent is more mobile than ever, with jurisdictions such as Dubai now a credible alternative for experienced distribution professionals considering their next move.

As we move into the new year, it is clear that things must change to affect new outcomes. The firms that make progress in 2026 will be those that sharpen their focus and improve how they engage, rather than simply increasing activity.

Focus starts with deeper client understanding. Advisers and institutional clients expect a high level of personalisation. That means understanding how they construct portfolios, how decisions are made internally, and where friction exists in onboarding, reporting, and ongoing service. It also means investing in your junior sales teams, giving them a deeper & wider understanding to effectively hold conversation with potential clients. Clear, timely reporting, responsive client service teams, and proactive communication now sit alongside product performance as key differentiators. Distribution success increasingly depends on how easy a firm is to work with, not just what it offers.

Team structure also deserves renewed attention. Hybrid distribution models are now the norm, but effectiveness varies. The most successful teams are clear on roles, responsibilities, and purpose. Office-based professionals play a critical role in managing pipelines, coordinating activity, supporting events, and ensuring consistency of follow-up. Field-based professionals focus on senior relationships, strategic partnerships, and regional coverage. These roles work best when aligned behind shared objectives, supported by accurate data, and reinforced by strong internal communication. Where that alignment is missing, productivity and morale suffer.

There are also early signs of movement in the hiring market. Recruitment slowed noticeably in the run-up to the UK Budget in November 2025, reflecting wider uncertainty. Activity picked up again as the year drew to a close, and we are seeing increasing openness among sales professionals to explore new opportunities. Frustration has built within some teams as growth has stalled, and individuals are reassessing where they can make the greatest impact.

This environment calls for flexibility and creativity in how firms resource their distribution efforts. Alongside permanent hiring, there is a place for interim or contract support in certain situations. Targeted expertise can help firms cover key regions, support product launches, strengthen client communications, or manage periods of change without long-term commitment. This should not replace core teams, but it can provide focus and momentum where capacity is stretched.

Morale and development remain central. After a prolonged period of challenge, maintaining engagement requires more than targets. Clear direction, investment in skills, and visible leadership all matter. Setting personal objectives for the year, reviewing how teams operate, and recognising contribution can help rebuild energy and confidence.

2026 is unlikely to be straightforward, but there are reasons for cautious optimism. Firms that invest in understanding their clients, aligning their teams, and supporting their people will be best placed to capture opportunity as conditions improve. Distribution has always been about trust and relationships. The methods continue to evolve, and expectations have risen.

We start the year with renewed focus and a belief that thoughtful change now will lead to stronger outcomes ahead.

I look forward to working with you in 2026 and am always happy to share perspective or support where appropriate.