AFAs are no longer peripheral, but execution is still the weak point

Citi Hildebrandt reports that AFA revenue share rose from 19.9% in 2019 to 23.5% in 2024, with 74% of firms expecting more AFAs by 2027. The shift matters because firms are no longer debating whether alternative pricing exists; they are being tested on whether scope, margin, staffing and change control can be managed well enough to make AFAs profitable.