Financial Advisory Services Market Size & Share 2023 to 2032
Market Size by Service Type, Asset Class, Organization Size, End User, Forecast.
Report ID: GMI7312
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Published Date: November 2023
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Report Format: PDF
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Authors:
Preeti Wadhwani, Aishvarya Ambekar
Financial Advisory Services Market Size
The global financial advisory services market size was valued at USD 85.1 billion in 2022 and is projected to grow at a CAGR of over 5.5% between 2023 and 2032. The rising investments in AI are significantly boosting market growth. AI technologies enable sophisticated data analysis, predictive analytics, and personalized financial insights. These advancements streamline advisory processes, facilitating more accurate risk assessments, tailored investment strategies, and automated portfolio management.
Financial Advisory Services Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
For instance, in September 2023, Research & Ranking launched AI-driven financial mentors, Vasu and Vidya, with the aim to democratize finance by simplifying complex concepts for a wider audience. Using AI, the company aims to enhance financial literacy across India, making intricate financial principles more accessible and understandable for individuals seeking comprehensive financial education.
The global shift of financial advisory firms to digital channels is expanding the financial advisory services industry. Increased accessibility through digital platforms offers wider outreach, improved client engagement, and cost-effective services. This garners the attention of new clients and enhances the overall efficiency & reach of financial advisory services, driving market growth.
For instance, in February 2023, Wells Fargo launched the LifeSync digital platform (exclusive to wealth and investment management clients), which offers real-time goal tracking, financial metric monitoring, tailored content, and direct links to financial advisors. The comprehensive platform empowers clients with personalized insights, enhancing financial oversight and facilitating seamless communication with the advisors.
Achieving consistently high service levels for diverse clients and producing superior investment returns in varying market conditions can be challenging. This requires constant vigilance, market acumen, and adapting to dynamic financial landscapes. It leads to the challenge of sustaining excellence and ensuring consistent returns across diverse investment portfolios amidst the changing market conditions and client expectations.
Financial Advisory Services Market Trends
Personalization in financial advisory services signifies a shift toward crafting individualized financial solutions. Clients seek tailored advice that aligns with their unique financial goals, risk tolerance, and preferences. Financial advisors employ data-driven insights and technology to create personalized investment strategies, offering a more focused approach. This trend ensures that services are precisely aligned with each client's specific circumstances, improving satisfaction, engagement, and the effectiveness of financial planning.
The rising adoption of robo-advisors reflects the increasing reliance on algorithm-driven advisory services in the financial market. Robo-advisors leverage algorithms to offer automated & cost-effective investment advice, asset allocation, and portfolio management. This trend caters to tech-savvy investors seeking low-cost solutions. It provides efficient & accessible investment guidance while simplifying the investment process. It also appeals to a broader demographic and is reshaping the delivery of financial advisory services.
Financial Advisory Services Market Analysis
Based on service type, the investment advisory segment is set to witness 5% CAGR during the forecast period, due to the evolving investor needs as well as a shifting industry landscape. Increased complexities in investment options and the evolving financial markets drive the demand for specialized advice. Investors seek tailored guidance for their portfolios, retirement planning, and risk management. The rising demand for specialized & diversified investment strategies and the quest for higher returns in dynamic markets are propelling segment growth.
Based on organization size, the financial advisory services market size of large enterprises segment held over USD 45 billion in 2022. With a substantial market presence and diverse financial requirements, larger enterprises are inclined toward seeking specialized financial advisory services to optimize cash flow, risk management, and financial growth strategies, fueling segment growth.
For instance, in September 2023, Morgan Stanley launched an AI-powered assistant to aid financial advisers and their support teams. This technology will provide cognitive assistance, leveraging AI to streamline processes, improve decision-making, and enhance the overall operational efficiency within the market.
North America financial advisory services industry accounted for 40% of the revenue share in 2022. The region hosts many high-net-worth individuals and corporations with intricate financial needs, which drives the demand for sophisticated financial advice & investment strategies. For instance, in April 2023, Kroll launched a property insurance valuation platform to help clients better navigate economic volatility. The platform helps clients navigate economic volatility by delivering comprehensive, timely, and expert-driven insights for property insurance valuation.
Financial Advisory Services Market Share
Morgan Stanley and UBS Group AG are dominant in financial advisory services due to their extensive global presence, robust financial expertise, and comprehensive service offerings. Both firms possess a strong track record in investment banking, wealth management, and strategic advisory services, attracting clients through their established reputations, innovative solutions, and a vast network of skilled professionals, securing their positions as industry leaders.
Financial Advisory Services Market Companies
Major companies operating in the financial advisory services industry are:
Financial Advisory Services Industry News
The financial advisory services market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) from 2018 to 2032, for the following segments:
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Market, By Service Type
Market, By Asset Class
Market, By Organization Size
Market, By End Use
The above information has been provided for the following regions and countries:
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
1. Research design & analyst oversight
At GMI, our research methodology is built on a foundation of human expertise, rigorous validation, and complete transparency. Every insight, trend analysis, and forecast in our reports is developed by experienced analysts who understand the nuances of your market.
Our approach integrates extensive primary research through direct engagement with industry participants and experts, complemented by comprehensive secondary research from verified global sources. We apply quantified impact analysis to deliver dependable forecasts, while maintaining complete traceability from original data sources to final insights.
2. Primary research
Primary research forms the backbone of our methodology, contributing nearly 80% to overall insights. It involves direct engagement with industry participants to ensure accuracy and depth in analysis. Our structured interview program covers regional and global markets, with inputs from C-suite executives, directors, and subject matter experts. These interactions provide strategic, operational, and technical perspectives, enabling well-rounded insights and reliable market forecasts.
3. Data mining & market analysis
Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.
4. Market sizing
Our market sizing is built on a bottom-up approach, starting with company revenue data gathered directly through primary interviews, alongside production volume figures from manufacturers and installation or deployment statistics. These inputs are then pieced together across regional markets to arrive at a global estimate that stays grounded in actual industry activity.
5. Forecast model & key assumptions
Every forecast includes explicit documentation of:
✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
✓ Regulatory assumptions and policy change risk
✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
6. Validation & quality assurance
The final stages involve human validation, where domain experts manually review filtered data to identify nuances and contextual errors that automated systems might miss. This expert review adds a critical layer of quality assurance, ensuring data aligns with research objectives and domain-specific standards.
Our triple-layer validation process ensures maximum data reliability:
✓ Statistical Validation
✓ Expert Validation
✓ Market Reality Check
Trust & credibility
Verified data sources
Trade publications
Security & defense sector journals and trade press
Industry databases
Proprietary and third-party market databases
Regulatory filings
Government procurement records and policy documents
Academic research
University studies and specialist institution reports
Company reports
Annual reports, investor presentations, and filings
Expert interviews
C-suite, procurement leads, and technical specialists
GMI archive
13,000+ published studies across 30+ industry verticals
Trade data
Import/export volumes, HS codes, and customs records
Parameters studied & evaluated
Every data point in this report is validated through primary interviews, true bottom-up modelling, and rigorous cross-checks. Read about our research process →