Where Financial Services Consulting Is Actually Growing

Christopher Graham FCIPD Founder - Managing Partner - CGC

Structural Shifts in Banking, Asset Management and Insurance (2025–2030) - USA

The consulting industry has spent the past two years debating whether demand is slowing.

In some sectors that is true.But within financial services, the picture is more nuanced.

A review of recent consulting firm expansions and acquisitions combined with Deloitte’s Financial Services Industry Predictions 2025 suggests something different is happening: the market is not contracting; it is reorganising around a new set of capabilities.

Across banking, insurance, and asset management, consulting demand is increasingly concentrated in areas where technology transformation, regulatory pressure, and capital market innovation intersect.

Recent industry developments point to four structural growth areas.

1. Regulatory Complexity Continues to Drive Advisory Demand

Financial regulation has expanded dramatically since the global financial crisis and continues to grow in complexity.

Consulting firms specialising in regulatory advisory and financial crime prevention are expanding accordingly.

Recent examples include:

• Huron acquiring financial services consultancy Treliant to strengthen regulatory and compliance advisory capabilities.

• Compliance Risk Concepts acquiring Oyster Consulting, expanding regulatory consulting for broker-dealers and investment managers.

• ACA Group acquiring Global Trading Analytics, adding transaction cost analysis and trading oversight expertise.

• Forensic Risk Alliance appointed by the US Department of Justice as external monitor for Binance.

These developments highlight the growing importance of advisory services related to:

• financial crime compliance

• market conduct oversight

• crypto regulation

• regulatory remediation programmes

Regulatory consulting remains one of the most structurally resilient segments of the consulting market.

While strategy consulting tends to move with economic cycles, regulatory complexity tends to move in only one direction: upward.

(Source: Consulting industry news – Consultancy.org / Consulting.us)

2. Technology Transformation in Banking Is Accelerating

Another major driver of consulting demand is the technological transformation of financial institutions.

Banks and asset managers are investing heavily in:

• cloud infrastructure

• enterprise data platforms

• AI-enabled analytics

• digital banking architecture

Deloitte’s Financial Services Industry Predictions 2025 suggests that artificial intelligence may significantly improve software development productivity within banks, potentially reducing development costs and accelerating system modernisation.

AI tools could automate parts of the software development lifecycle, including:

• code generation

• testing and debugging

• system integration

For institutions operating large legacy technology environments, the efficiency gains could be substantial.

Consultancies are already positioning themselves accordingly.

• Capco recently announced partnerships with OpenAI, signalling growing interest in AI-enabled consulting services for financial institutions.

• North Highland appointed a new leader for its US financial services practice, reflecting growing demand for technology transformation advisory.

• L.E.K. Consulting expanded its global financial services practice, reinforcing sector-specific consulting capabilities.

The implication is clear: financial institutions are no longer simply digitising processes; they are rebuilding core technology architecture.

(Sources: Deloitte Center for Financial Services – FSI Predictions 2025; Consulting.us industry news)

3. Capital Markets Are Being Redefined by Tokenization and New Investment Structures

One of the most significant developments identified by Deloitte is the rise of tokenized financial infrastructure.

Tokenization may fundamentally reshape several areas of financial markets, including:

• cross-border payments

• securities settlement

• commercial real estate ownership

Traditional international payments often involve multiple correspondent banks, creating delays and transaction costs.Multibank tokenization networks could significantly reduce these inefficiencies by enabling near-instant digital settlement.

At the same time, tokenization is beginning to reshape real estate investment.

Deloitte projects that tokenized commercial real estate markets could expand significantly by 2035, allowing fractional ownership of large property assets through digital tokens.

These developments could have profound implications for:

• banking infrastructure

• asset management platforms

• securities trading systems

Consulting firms will likely play a central role in advising financial institutions on:

• blockchain infrastructure

• digital asset custody frameworks

• regulatory structures for tokenized assets

• operational redesign of settlement systems

(Source: Deloitte Financial Services Industry Predictions 2025)

4. Asset Management Is Entering a New Distribution Era

The investment management industry is also undergoing structural change.

Two developments highlighted by Deloitte stand out.

Retail access to private capital

Investment managers are increasingly creating products that allow retail investors to access private market assets.

These structures include:

• interval funds

• semi-liquid investment vehicles

• feeder structures connected to private equity funds

This shift could unlock significant new capital flows into private markets.

Rapid growth of active ETFs

Deloitte estimates that the shift from mutual funds to actively managed exchange-traded funds (ETFs) could represent an $11 trillion opportunity for asset managers.

These changes will require investment managers to redesign:

• product structures

• operational infrastructure

• distribution models

Consulting firms specialising in asset management operations and regulatory frameworks are therefore likely to see sustained demand.

(Source: Deloitte Financial Services Industry Predictions 2025)

5. Specialist Consulting Boutiques Continue to Gain Market Share

While large consulting firms remain dominant, many of the fastest-growing advisory businesses are specialised boutiques.

Examples include firms focused on:

• fintech regulation

• payments infrastructure

• transaction analytics

• financial data platforms

Companies such as FS Vector, The Strawhecker Group, and ACA Group illustrate how specialised consultancies can build strong market positions by focusing on narrow but complex segments of the financial services ecosystem.

At the same time, acquisitions such as PwC’s purchase of fintech consultancy Kunai highlight how larger consulting firms are attempting to acquire these capabilities rather than build them internally.

(Source: Consulting.us / Consultancy.org industry reports)

What This Means for Leadership Hiring

These structural shifts are already influencing hiring patterns across the consulting industry.

Firms are increasingly prioritising senior hires who combine:

• financial services sector expertise

• technology transformation experience

• regulatory understanding

• commercial leadership capability

The most sought-after profiles are no longer purely strategy consultants.

Instead, firms are looking for leaders who can operate at the intersection of:

• finance

• technology

• regulation

Financial services consulting is not declining.

It is becoming more specialised, more technical, and more sector-focused.

The areas likely to drive advisory demand over the next decade are increasingly clear:

• regulatory and compliance transformation

• financial infrastructure modernisation

• fintech and digital asset platforms

• asset management product innovation

Consulting firms that build leadership capability in these areas will be best positioned to capture the next phase of growth.

C Graham Consulting works with consulting firms, financial institutions, and technology companies on Director, Managing Director and Partner-level leadership hires across financial services, consulting and technology.

Sources

Deloitte Center for Financial Services – Financial Services Industry Predictions 2025Consultancy.org / Consulting.us – Financial Services consulting industry news and firm activity

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