Financial PR Firms Post Strong Gains as Sector Navigates Volatility
The top ten independent financial PR firms earned more than $371 million in finance-related fees in 2025, up $46 million from the prior year. Eight of the ten firms posted gains, compared to five in 2024, signaling sustained growth despite market turbulence driven by tariff policies, geopolitical crises, and Federal Reserve rate cuts.
ICR expands lead at number one
ICR retained the top spot after earning $131 million in finance-related net fees in 2025, a $30 million increase from 2024. The agency has grown $42 million over two years.
CEO Anton Nicholas said the firm's model-pairing Wall Street analysts with senior communications professionals-continues to attract clients facing complex transactions, crises, and activist pressure. He emphasized that companies no longer benefit from siloed investor relations and PR efforts with competing priorities.
"When we are in the room with management teams facing consequential moments, they are not looking for a firm that handles one piece and hands off the rest," Nicholas said. "They need advisors who understand both what needs to be said and how the market will receive it."
Nicholas identified three areas shaping the sector this year: AI adoption among financial companies, a potential rebound in initial public offerings, and intensified scrutiny of mergers and acquisitions. He noted that narrative strategy now influences M&A outcomes in ways it did not previously.
"For CEOs and their teams today, it really comes down to one thing. The clients who are winning in this environment are those treating narrative as a material variable in their business strategy, not a function that gets called in after a decision is made," he said.
APCO grows by connecting strategy to global context
APCO Worldwide retained the number-three position with nearly $46 million in finance-related net fees, up $12 million from 2024. Benjamin Faull, the firm's North America Financial Communications Practice Lead, attributed the growth to its ability to contextualize business strategy within geopolitical risk and global transformation.
"Communicating to investors requires putting the business strategy into the context of the complexity and transformation happening in the world," Faull said. "As a leading advisory firm with a highly integrated global team, APCO is able to do this in ways pure-play IR teams cannot."
Faull said demand for this type of advisory work will accelerate as businesses adapt to changing trade policy, capital flows, supply chain shifts, and shareholder activism.
Gregory climbs to number six after BackBay acquisition
Gregory, the Ardmore, Pennsylvania-based agency, moved to number six with $14.6 million in finance-related net fees, up nearly $3 million from 2024. The firm acquired financial communications agency BackBay Communications in 2024, creating one of the country's largest financially focused strategic communications firms.
Partner and President Joe Anthony said the firm also benefited from hiring financial media talent and investing in staff education to deepen ecosystem knowledge. He predicted the financial services sector will remain cautious due to geopolitical uncertainty and midterm elections, but expects asset managers and wealth management firms to increase PR and marketing budgets once those pressures ease.
Highwire enters top ten after Bliss Group acquisition
Highwire appeared in the top ten for the first time, posting $8.4 million in finance-related net fees. The San Francisco agency acquired The Bliss Group at the beginning of 2025, bringing combined staff to more than 250 professionals.
Greg Hassel, Financial Services EVP, said the firm grew by targeting areas still moving in 2025: fintech innovation, consumer financial services, and wealth management. He credited the agency's ability to serve clients across the entire financial ecosystem and help them navigate complex narratives across multiple channels.
Hassel identified three trends reshaping financial communications. Direct-to-consumer financial tools are forcing traditional banks to compete like consumer tech brands. Earned media success is shifting from top-tier business publications to Substacks and AI Overviews. And recovered M&A activity is creating demand for 360-degree communications support before, during, and after deals.
"From rebranding and investor narrative integration to employee communications and regulatory messaging, agencies are expected to do more," Hassel said. "Those that can step into a post-merger environment and immediately build a coherent, credible narrative will be in high demand."
AI strategy becomes baseline expectation
Multiple executives highlighted AI as a critical factor for financial companies. Nicholas said firms that fail to implement an AI strategy will face scrutiny and lose credibility. Hassel went further, saying AI has become a baseline expectation.
"Firms that invest in communicating their AI strategy with simplicity, reliability and humanity will build stakeholder trust that translates directly into market position," Hassel said. "Those that don't should expect a worse return on their AI investments, regardless of how innovative their platform is."
For PR professionals working in financial services, understanding how to communicate AI initiatives to investors and other stakeholders is becoming essential. AI for PR & Communications and AI for Finance are two areas where professionals can build relevant expertise.
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