LONDON, July 24, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s report on the financial advisory market forecasts that the size of the financial advisory market is expected to grow from $198 billion in 2022 to $207.1 billion in 2023 at a compound annual growth rate (CAGR) of more than 4%. The global financial advisory industry revenue is expected to reach $239.5 billion in 2027 at a CAGR of more than 3%.
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The rising number of high-net-worth individuals (HNWI) is predicted to move the financial advisory business ahead. A high-net-worth individual (HNWI) is someone who has liquid assets of at least USD 1 million. People with high HNWI typically seek the assistance of financial consultants to manage their wealth for additional benefits and opportunities. According to the World Wealth Report 2022 shared by Capgemini, a France-based information technology business, the number of HNWIs worldwide increased by 7.8% to $22459 billion in 2021 from $20838 billion in 2020 in December 2022. Furthermore, North America will maintain its dominating lead in HNWI population growth (13.2%) and wealth (13.8%) in 2021. As a result, the surge in high-net-worth people (HNWI) is propelling the financial advisory business forward.
Major players in the financial advisory market are Boston Consulting Group, Deloitte Touche Tohmatsu Ltd., KPMG International Cooperative, McKinsey & Company, PricewaterhouseCoopers International Limited (PwCIL), Bank of America Corporation, Goldman Sachs Group Inc., JPMorgan Chase & Co., Morgan Stanley, Accenture PLC, Booz Allen Hamilton, Ernst & Young Global Limited, Oliver Wyman, Wells Fargo & Co, Protiviti Consulting Pvt. Ltd., Alvarez & Marsal, and Mercer.
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Technological advancements are a crucial trend that is gaining traction in the financial advisory business. To maintain their market position, major players in the financial advisory business are embracing new technologies. For example, in March 2022, SRG Financial Advisors, a holistic financial planning organization based in the United States, unveiled the 'Mile Marker Digital Vault Technology' in collaboration with FutureVault, a Canada-based provider of secure document exchange and digital vault solutions. The SRG team is introducing a number of next-generation process and technological innovations for their clients, the first of which is Marker Vault. This technology promises to improve clients' asset management and financial planning experiences while streamlining operations, allowing them to focus on what is most important to them. FuturVault offers SRG Financial Advisors and its clients a safe, shared platform for managing information and documents, considerably streamlining interactions between the two parties.
Asia-Pacific was the largest region in the financial advisory market in 2022.
The global financial advisory market is segmented by type into corporate finance, accounting advisory, tax advisory, transaction services, risk management, other types; by organization size into large enterprises, small and medium-sized enterprises; by industry vertical into banking, financial services and insurance (BFSI), IT and telecom, manufacturing, retail and e-commerce, public sector, healthcare, other industry verticals.
Financial Advisory Global Market Report 2023 by The Business Research Company provides insights on the financial advisory market size, financial advisory market segments, financial advisory market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 5,000+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
Financial advisory refers to providing financial advice or assistance to a client in exchange for payment. Financial advisors provide a wide range of financial advisory services, including estate planning, tax preparation, and investment management. Its main purpose to aid people or organization in creating long-term strategies for building wealth and managing risk.
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