Financial Firms Navigate Uncertain Future

The top ten independent public relations firms ranked this year by O’Dwyer’s for financial PR and investor relations were responsible for a combined total of $325 million in finance-related net fees in 2024, almost unchanged from 2023’s $326 million yet still a far cry from the $377 million those firms accounted for in 2022.

Half of the firms in the top ten made gains in 2024—ICR, Cognito, Gregory FCA, Lambert and Dukas Linden Public Relations—compared to six the year prior. While the U.S. economy in 2024 ended on an optimistic note, much of the year was characterized by stubborn inflation, rising debt, sluggish job growth, geopolitical instability and a skittish investor climate, all of which had a deleterious effect on financial brands’ PR and marketing budgets.

While 2024 wasn’t the comeback year that financial PR agencies may have hoped for, there were notable bright spots, with some agencies even revealing tremendous growth. We asked executives at some of the top-performing financial PR and investor relations firms what factors attributed to their success last year and what challenges lie ahead as they navigate the economic uncertainties of a second Trump administration.

View ranking of 48 PR firms specializing in financial public relations and investor relations.

ICR takes #1 spot

Tom Ryan

The biggest gains in O’Dwyer’s rankings of financial PR agencies this year came from ICR, which surged ahead of Edelman for the first time in 2024 to claim the number one spot with $101 million in finance-related net fees, revealing an astounding $12 million gain from 2023’s $89 million.

ICR co-Founder and CEO Tom Ryan said his agency weathered “two relatively tough years” in 2022 and 2023 but then witnessed “green shoots” in 2024, reaping the rewards of “relentless new business activities and targeted follow-up” as well as a steady focus on financially oriented communications.

Historically, the agency’s growth has been almost entirely organic, but Ryan said several small acquisitions in 2023 helped boost its 2024 results. Finally, Ryan said ICR also benefited from a broader bundling of communications and advisory work around special situations and transactions.

“We believe we are the premier Wall Street and capital markets-oriented agency and offer investor communications, PR integration and unique insights for chief communications officers on the capital markets and how it ties to their company’s valuation,” Ryan said. “We also offer liquidity communications for PE-backed portfolio companies, many of which have to go public over the coming years."

Ryan noted that 2025’s volatility and unpredictability bear echoes of the COVID years. That crisis obviously abated over time, and Ryan said he believes our current economic environment eventually will as well.

“During times of stress and uncertainty, we find our clients need us more. Aggregating information, developing strategies about how to talk about the future, even when that future is uncertain. On the one hand, these policies could be inflationary due to tariffs, onshoring, etc. On the other hand, they could be deflationary as the economy slows. The latter would likely end in more frequent and deeper interest rate cuts, which would be very beneficial to the stock market and equity issuance—ICR’s power alley,” Ryan said. “If the former, companies will have a lengthier period of uncertainty and will need a broader perspective from an agency like ours regarding financial exposure, supply chain movements—all the things public shareholders and the media will try and quantify. Financial communications will be absolutely critical to either scenario, as companies will need advisors who understand their industry and also fully grasp the art of the stock market.”

Cognito climbs on content

New York-based Cognito retained the #6 spot in O’Dwyer’s rankings of financial firms this year, bringing in $13.2 million in finance-related net fees in 2024, which translates to gains of just under $1 million from the $12.3 million the agency netted in 2023.

Andrew Marshall

Andrew Marshall, Cognito’s New York Managing Director and Vice Chairman, attributed the agency’s success to its continued focus on fintech, capital markets, banking and crisis management—along with an added emphasis on content and owned media.

“It’s really become a barbell of high-quality media relations—including non-traditional commentators—combined with solid corporate counsel,” Marshall said. “We added to that more content and owned media work than ever, powered by our strong backgrounds in banking, the law and journalism—and we are pacesetting in terms of using the best AI wisely to make our efforts more efficient and impactful.”

Doug Hesney, Cognito’s Senior Vice President and U.S. Head of Financial Communications, told O’Dwyer’s that the agency remains focused on helping clients communicate effectively in all markets, especially during the current period of economic headwinds and market and policy recalibrations under Trump 2.0.

Doug Hesney

“We’re not expecting the volatility to slow down anytime soon,” Hesney said.

That said, Hesney noted that beyond the significant policy shifts taking place under the new administration, the agency is also witnessing unprecedented audience fragmentation, even among traditionally cohesive finance and business audiences.

“Financial brands that succeed in this environment are those prioritizing authenticity and clarity, with executive voices stepping up as direct channels to stakeholders while still leveraging traditional media relationships,” Hesney said. “We’re helping clients navigate this evolving landscape by identifying where their specific audiences are gathering and developing content strategies that resonate in those spaces. The bottom line? Finding and meeting audiences where they actually are is the key to effective financial communications today.”

Gregory FCA breaks into top ten

Gregory FCA turned in one of the strongest performances in O’Dwyer’s financial rankings this year, seeing finance-related net-fee gains of more than $3.9 million for a total of $11.8 million in 2024, compared to 2023’s $7.8 million. This growth caused the agency to crack O’Dwyer’s top 10 this year, taking the #7 spot, a big jump from the #13 spot last year.

Joe Anthony

Gregory FCA Partner and President Joe Anthony attributed the firm’s growth to a number of factors. The agency last year acquired financial communications agency BackBay Communications, effectively establishing one of the country’s largest financially focused strategic communications firms. The agency’s newly expanded platform of services has allowed the BackBay team, which maintains offices in Boston and London, to introduce more services to its own financial services clientele, allowing the agency to deliver more value to its clients as well as new revenue opportunities. Finally, the integration of both agencies’ expertise and depth translated to additional business and accelerated growth, which Anthony said the agency continues to see this year.

Anthony said the uncertainty brought on by the Trump administration hasn’t challenged the agency’s business so far in 2025. Anthony posits that for some clients, relying on the outsourced capabilities that Gregory FCA delivers is a safer bet than hiring to support initiatives, given the uncertainty some may find currently weighing on their business. In the near future, Anthony said it will be more difficult for upstarts to compete, given that the cost of new funding has gone up and will likely remain difficult to get.

“The largest firms, with the most ballast, can contend with the choppiness a bit better. There likely will be a slowdown in revenue growth for ETF issuers focused on single stocks and leverage, while traditional lenders will be challenged,” Anthony said. “There will be winners too. Risk managed products—buffer ETFs, annuities, bank savings vehicles, etc.—should fare well.”

Anthony said the coming trends to look for in the financial PR world include the need for agencies to diversify their revenue, both in terms of client base and services offered. We’ll also see that AI and tech-enabled services will have to supplement where the cost of hiring might preclude growing headcount.

“Firms with a genuine grasp of the verticals within financial services they serve will separate from the pack as financial firms want agency partners that can be consultative as well as simply generating media coverage or creating content for them,” he said.

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