Bell Financial Group Ltd (ASX:BFG) is a diversified provider of financial products and software solutions within, and increasingly outside, its traditional full-service stockbroking business. BFG has provided a trading update for the four months to April 2025 as part of its AGM presentation. While the combined Technology & Platforms and Products & Services profit before tax (PBT) has increased 15% on a 12% revenue increase, the Retail & Institutional business (traditional broking) has moved from positive $5.7m to a loss of $3.2m, an $8.9m turnaround on a revenue decline of 20%. While market volumes remain solid (ASX reports +30% over the same period), ECM activity has been weaker than forecast (ASX reporting ECM activity down 14% over this period). Overall group PBT is down 49% as a result. We adjust FY25 EPS down 20% but make no change to our H2 FY25 or FY26 ECM assumptions. H1 FY25 to date has been an environment of uncertainty around global trade and domestic elections. ECM activity across the market and for Bell Potter has been remarkably consistent over the past three years with only two soft periods (H1 FY22 and likely H1 FY25). Our valuation moves from $2.53/share to $2.35/share due to lower through-the- cycle PBTA assumptions for the Retail & Institutional business (average FY20-FY25f).