Leadership transitions in financial services are moments of opportunity, but they also carry real risk. Whether following a planned succession or a more abrupt change in direction, the arrival of a new CEO or senior leader creates a natural period of uncertainty. For firms built on trust, client continuity, and deep institutional knowledge, the challenge is not just to establish a new strategic direction - but to do so without losing the very people who keep the business stable and performing.

It is not unusual for incoming CEOs to bring a familiar team with them. In the same way, football managers often bring assistant coaches and analysts from previous clubs, financial services leaders may want trusted colleagues by their side during a period of high visibility and pressure. There are clear benefits to this. It can accelerate alignment and reduce risk at the very top. However, it also introduces tension into existing leadership structures - especially if long-standing managers feel they are being moved aside, overlooked, or left uncertain about their future.

In financial services, these individuals are not simply names on an org chart. They often carry decades of firm-specific knowledge, strong internal relationships, and credibility with clients. They may be the informal leaders who teams trust. Losing them weakens not just operations, but culture. Even when a leadership change is well-intentioned and strategically sound, the perception of change can trigger questions, disengagement, and ultimately attrition.

The first step in retaining top performers is recognising who they are. Not everyone who is senior is indispensable, and not everyone who is indispensable is senior. Top performers are often defined as much by their influence as their output. They may be the people who hold a team together during busy periods, who carry corporate memory, or who translate strategy into action on the ground. Their departure can unsettle entire departments, particularly when junior colleagues look to them for reassurance.

Retaining these individuals requires both structural and human solutions. Financial incentives - whether in the form of retention bonuses, deferred equity, or participation in long-term incentive plans - can help lock in key people during critical periods. These tools are particularly effective when tied to clear expectations, timelines, and visibility of how the firm intends to move forward. However, financial retention alone is rarely enough. Most top performers want to understand where they fit into the future, how their contribution is seen, and whether they still have the autonomy, voice, and purpose that motivated them in the first place.

Communication plays a pivotal role. The first 90 days of a leadership transition are critical. This is the time when existing talent is watching closely - listening to what is said, assessing what is not, and drawing conclusions about where the firm is heading. It is also the moment when new leadership has the best chance to listen. Taking time to speak to senior managers, understand the current culture, and ask open questions does more than gather information. It signals respect, openness, and a willingness to lead with context.

The pace of change must also be considered. While new leadership brings energy and ideas, these need to be implemented at a speed the organisation can absorb. Many financial services firms are relationship-driven, heavily regulated, and reliant on trust-based working models. Shifting direction without acknowledging this reality can erode confidence. It is possible to pursue change while still recognising what has worked. In fact, building on internal strengths - rather than sweeping them away - is often the more successful route.

Boards also have a part to play. Supporting the incoming CEO while ensuring continuity and safeguarding key talent is a balancing act. It requires thoughtful succession planning, honest appraisal of the leadership team’s current makeup, and a willingness to challenge assumptions about who should stay and who should move on. In some cases, new leadership teams do bring much-needed renewal. However, retaining high performers already within the business can act as a stabilising force - and avoid the hidden cost of unnecessary disruption.

Leadership change in financial services is rarely just a change of faces. It is a shift in tone, culture, and direction. The firms that navigate it best are those that combine strategic ambition with emotional intelligence. They plan, they listen, and they make space for new ideas without discarding the value of those who have delivered consistently. Retaining top performers during a leadership transition is not simply about protecting the past - it is about building a bridge to a successful future.