Some quick, useful, and free resources

1. Fram Webinar: Key takeaways from the FCA’s approach to the Financial Advice Sector
   Quick registration here: https://framexec.com/webinar-the-fcas-approach-to-the-financial-advice-sector/

Salary surveys:

1. Financial Advice Salary Survey: https://framexec.com/wealth-management-salary-benchmarking-report-may-25/
2. Venture Capital Salary Survey: https://framexec.com/uk-venture-capital-salary-survey-june-25/
3. Asset Finance Salary Survey: https://framexec.com/debt-capital-solutions-salary-benchmarking-may-25/

Please bear in mind with any salary information, there can be real variables and outliers, but we’re happy to field questions if you have anything specific, you’d like to discuss. The more info you give us, the more accurate we can be.

Three listed recruitment firms have posted trading updates in the last few weeks. While they are multi-sector, multi-geography, many are active in financial services. All three are white collar recruiters and I feel their results very pertinent to those working in financial services.

Hays - are expecting a 13% drop in permanent fees in the UK & Ireland (year-end pre-close trading statement). They expect the challenging conditions to persist in 2026.

PageGroup - “In the UK, Q2 gross profit declined 14.3%. The market remains tough but stable, having delivered a similar growth rate as the previous three quarters. The conversion of accepted offers to placements remained a significant area of challenge. Our fee earner headcount decreased by 56 in the quarter.” (Abridged from second quarter 2025 trading update).

Robert Walters – net fee income down 8%. Specialist professional recruitment down 14%. London (-3%) continued to outperform the Regions (-27%, -16% excluding office closures). Recruitment outsourcing down 6%. (Second quarter trading update 2025)

You can read below the results in more detail:

Hays: https://www.londonstockexchange.com/news-article/HAS/pre-close-year-end-trading-update/17093481

PageGroup: https://www.londonstockexchange.com/news-article/PAGE/second-quarter-2025-trading-update/17127419

Robert Walters: https://www.londonstockexchange.com/news-article/RWA/q2-2025-trading-update/17133997

The financial services market has been consolidating for some time, and this comes with its own hiring challenges. Most people only think of hiring and retention through the lens of a fast-growing firm or economy. However, economies stop and start, and some firms grow rapidly via acquisition. We’ve seen this in the wealth and asset management sub-sectors of financial services, and no doubt there will be more to come. In the months after a deal completes, leadership teams often find themselves with a new set of talent challenges.

Acquisitions are about speed and integration, and often about speed of integration. Post transaction, firms are under pressure. Often the aim is to merge propositions, systems, teams, and cultures, to create a seamless internal and external “one firm” offering. With so many distractions, systems and propositions, often receive more management time than people. The natural instinct is often to pause hiring while things settle. In practice, the opposite is often required.

Once the immediate operation tasks are complete, gaps tend to appear. Skills and people who were well suited to the original firms, no longer align with what’s needed to transform two entities into a more powerful being. Roles that were duplicated can be overcut and then feel stretched. Managers previously responsible for one office are now overseeing two or three. At the same time, the firm is expected to present a unified culture and deliver consistent service, even as internal distractions compete for attention.

In wealth management, where deals include buying adviser books or retiring founders, new client facing talent is often needed. Clients will judge the success of the merger not by the deal announcement, but by the first six months of service. The ability to recruit credible, confident client facing people has a direct impact on retention and long-term value.

Behind the scenes, infrastructure matters. Many firms that grow through acquisition reach a point where their operations no longer scale. Hiring in areas such as compliance, finance, and middle office becomes essential, particularly for firms under FCA scrutiny or preparing for the next transaction. Mastering the ability to digest one acquisition after another is crucial to success if your strategy is buy & build.

What we see is that firms who approach hiring as part of the integration plan tend to recover faster. The sooner they can get a talent plan in place, the better. They are more likely to retain key people, more able to embed culture, and more confident in delivering on the commercial promise of the deal.

If you are considering a merger or acquisition, it may be worth reviewing where the firm is today and where the next pressure points may arise. We are always happy to share market insight or support discreet conversations around talent planning.

I hope you’ve enjoyed this newsletter and that you’re able to join us on our webinar. We’re ticking along fine here at Fram, and thank you to everyone who works with us. However, we’re always keen to meet new clients and candidates and so we’d be grateful if you could mention us to anyone who maybe hiring or looking for a new role.