What's Happening?
First Actuarial, a wealth management and pensions consultancy, has reported record demand, achieving £45 million in revenues for its latest financial year. The firm has experienced three consecutive years of double-digit growth, averaging 17% annually, surpassing the consulting market average. The success is attributed to a client-first approach and a people-centered ethos, with internal happiness survey metrics improving. The firm's administration function, representing 40% of the business, has consistently recorded significant growth. First Actuarial plans to expand its graduate program to maintain growth and attract new talent.
Why It's Important?
First Actuarial's growth highlights the effectiveness of prioritizing client satisfaction and employee well-being in driving business success. The firm's ability to maintain growth across all business areas, despite broader sector challenges, demonstrates resilience and adaptability. The expansion of the graduate program may provide access to new talent, enhancing the firm's capacity to handle increased workloads and compete with larger firms. This approach may serve as a model for other mid-market firms seeking to achieve sustainable growth.
What's Next?
First Actuarial aims to continue its growth trajectory by investing in its teams and upholding its values. The firm plans to increase graduate and junior hiring, potentially gaining access to talent typically recruited by Big Four firms. This strategy may enable First Actuarial to expand its client base and enhance its market position. Other mid-market firms, such as Bishop Fleming, Grant Thornton, and BDO, have also expressed intentions to increase hiring, indicating a broader trend in the consulting sector.
Beyond the Headlines
The focus on administration as a key growth area reflects a shift towards valuing operational efficiency and client service in the consulting industry. First Actuarial's success may influence other firms to adopt similar strategies, emphasizing the importance of internal culture and client relationships. The firm's growth may also impact the broader consulting market, encouraging competition and innovation among mid-market firms.
