Recent commentary on the hiring market has focused on reduced activity. Consolidation, rising costs and uncertain growth have lowered hiring volumes across financial services. Asset management has been subdued for some time. Wealth management presents a more mixed picture, with financial planning remaining busy while other areas move more slowly. On the surface, this points to an employer-led market with greater choice.

In practice, the experience of many firms is more complex. When organisations do decide to hire, they often find it harder than expected to identify, attract and secure the right people.

A defining feature of the current market is job hugging. This is evident across asset management and wealth management, particularly in revenue generating and client facing roles, although it is not limited to them. Many capable professionals are choosing to stay put, even where roles are imperfect. After several years of restructuring, acquisition activity and organisational change, stability has become a priority.

Concerns about being last in and first out frequently influence candidate behaviour. While understandable, this fear is often overstated. Firms do not hire with the intention of reversing decisions shortly afterwards. Headcount approvals are slow, highly scrutinised and generally linked to clear business need. The perception of risk has had more impact on movement than the reality.

This has created a disconnect. Headline sentiment suggests it is difficult to find a role. From the hiring side, firms report difficulty engaging the people they want. Advertised roles generate volume rather than relevance. Direct approaches can fail where opportunities are not articulated clearly or differentiated convincingly. The result is frustration on both sides.

One clear trend across asset management is the absence of senior hiring. Many firms are not replacing departing leaders or experienced professionals. Where hiring does occur, roles are often reshaped at a more junior and lower cost level. National Insurance changes and broader employment costs are a factor. Promoting internally can add around ten percent to cost. Hiring externally often requires market rate plus a further ten to twenty percent to prompt a move. Juniorisation can be effective where firms invest properly in development and oversight. It carries risk where experience, judgement or regulatory awareness are critical, and those risks become more apparent as activity increases.

Uncertainty has also led to greater use of contractors and interims. This allows firms to manage workload, regulatory pressure or specific projects without committing to permanent headcount. It reflects careful resource management rather than inactivity.

Wealth management continues to operate at two speeds. Financial planning has remained active, driven by consolidation, an ageing adviser population and sustained client demand for advice. Acquirers need advisers who can retain existing client relationships, reassure stakeholders and embed quickly. Other parts of the market feel slower, with some investment roles without client responsibility more readily available.

Across wealth management, certain shortages persist. Experienced advisers with transferable clients remain difficult to find. Paraplanners, administrators and compliance professionals continue to be in demand. Experience matters, particularly where client outcomes, regulatory obligations and reputation are concerned. Technology supports advice delivery, but responsibility remains with people.

This is an environment where it is easy for firms to assume they can move slowly and that leverage sits entirely on the employer side. In reality, good talent is selective. When individuals do consider a move, speed of process, clarity of role, culture and purpose carry significant weight. Employee value proposition matters. Firms that delay decisions or rely on headline sentiment often lose strong candidates to organisations that engage earlier and communicate more clearly.

Hiring continues, but it is more selective and more relationship driven. Strong performers stand out across sales, operations, finance and compliance. Access to talent, rather than its existence, is the central challenge.

For firms navigating consolidation, uneven demand and cost pressure, hiring remains one of the few strategic levers available. Thoughtful decisions, clear messaging and timely execution make a meaningful difference.

If you would like to discuss how these dynamics are affecting your own hiring plans or to compare notes on the market, we would be delighted to speak.