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Financial Advisory Services Market Size

Report ID: GMI7312
Published Date: Nov 2023
Report Format: PDF

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Financial Advisory Services Market Size

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 the 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.

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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.

Financial Advisory Services Market Report Attributes
Report Attribute	Details
Base Year:	2022
Financial Advisory Services Market Size in 2022:	USD 85.1 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	5.5%
2032 Value Projection:	USD 146.8 Billion
Historical Data for:	2018 to 2022
No. of Pages:	261
Tables, Charts & Figures:	348
Segments covered:	Service Type, Asset Class, Organization Size, End User, and Region
Growth Drivers:	Increasing demand for financial advisory services by SMEs and high-net-worth individuals Rising demand for alternative investments Growing awareness about financial planning Worldwide financial advisory firms are shifting toward digital channels
Pitfalls & Challenges:	High level of services and generation of superior return on investments Building and maintaining long-term relationship

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The global shift of financial advisory firms to digital channels is expanding the financial advisory services market. 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.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of financial advisory services reached USD 85.1 billion in 2022 and is set to grow at a CAGR of over 5.5% between 2023 and 2032, favored by the rising investments in AI.

The large enterprises segment was valued at over USD 45 billion in 2022, as these organizations have a strong position and diverse financial requirements, thus seeking specialized financial advisory services to optimize cash flow, risk management, and financial growth strategies.

North America held a dominant market share of over 40% in 2022 and maintain the position as the region hosts a large number of high-net-worth individuals and corporations with intricate financial needs, which drives the demand for sophisticated financial advice & investment strategies.

Ameriprise Financial, Bank of America Merrill Lynch, BlackRock, Charles Schwab, Citigroup Inc., Goldman Sachs, JPMorgan Chase & Co., Morgan Stanley, UBS Group AG, and Wells Fargo Advisors.