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_gac_
Contains information related to marketing campaigns of the user. These are shared with Google AdWords / Google Ads when the Google Ads and Google Analytics accounts are linked together.
90 days
__utma
ID used to identify users and sessions
2 years after last activity
__utmt
Used to monitor number of Google Analytics server requests
10 minutes
__utmb
Used to distinguish new sessions and visits. This cookie is set when the GA.js javascript library is loaded and there is no existing __utmb cookie. The cookie is updated every time data is sent to the Google Analytics server.
30 minutes after last activity
__utmc
Used only with old Urchin versions of Google Analytics and not with GA.js. Was used to distinguish between new sessions and visits at the end of a session.
End of session (browser)
__utmz
Contains information about the traffic source or campaign that directed user to the website. The cookie is set when the GA.js javascript is loaded and updated when data is sent to the Google Anaytics server
6 months after last activity
__utmv
Contains custom information set by the web developer via the _setCustomVar method in Google Analytics. This cookie is updated every time new data is sent to the Google Analytics server.
2 years after last activity
__utmx
Used to determine whether a user is included in an A / B or Multivariate test.
18 months
_ga
ID used to identify users
2 years
_gali
Used by Google Analytics to determine which links on a page are being clicked
30 seconds
_ga_
ID used to identify users
2 years
_gid
ID used to identify users for 24 hours after last activity
24 hours
_gat
Used to monitor number of Google Analytics server requests when using Google Tag Manager
1 minute
Industry Insight Report: Investment Banker & Securities Q2-2025
As we head into the second half of 2025, investor sentiment in the investment banking and securities sector is cautious at best. According to Charles Schwab’s Q2 sentiment survey, 57% of investors are bearish on the market, up sharply from 32% in Q1, driven by persistent market volatility and uncertainty in the political environment. Still, investor activity remains strong, with many planning to capitalize on market dips and increase exposure to individual equities.
Key Trends This Quarter
Bearish Sentiment, But Not Inactive Investors
Despite heightened concern, particularly with the perceived 63% risk of a recession, investors are not staying on the sidelines. Over 60% plan to buy into dips, and nearly half are adding new capital to their portfolios. Energy and utilities are leading in bullish sentiment, while real estate and discretionary consumer sectors are facing pessimism.
Flat Employment, Rising Wages
Employment in investment banking and securities intermediation firms remained largely unchanged year-over-year, with just a 0.3% increase in April. However, average hourly wages rose to $52.61, up 1.8% over the year. Over the past decade, wage growth in this sector (27.8%) has lagged behind the broader private sector, which saw nearly 49% growth.
Long-Term Outlook Remains Positive
Despite near-term market jitters, the industry is expected to grow at a 6.58% compound annual rate through 2029, outpacing overall economic growth. This is a testament to the resilience and adaptability of the sector, especially as firms continue to navigate inflationary pressures and a politically charged climate.
Texas & Local Observations
Across Texas, we’ve seen continued buyer interest in boutique investment advisory firms, particularly those with niche client bases, RIA registrations, or recurring fee income. Many of these firms are exploring exit opportunities due to founder retirement or rising compliance burdens. The lower-to-middle market remains active, with a noticeable uptick in inquiries from private equity-backed roll-up groups seeking bolt-on acquisitions.
Outlook for Q3 2025
The remainder of the year will likely be shaped by continued volatility and shifting investor risk tolerance. As inflation fears persist and political uncertainty unfolds heading into the 2026 cycle, expect increased activity around portfolio repositioning, alternative investment allocations, and demand for advisory services. M&A appetite remains strong, especially for firms with sticky revenue and digital infrastructure.
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Advisors