The financial advisory market has grown steadily, increasing from $206.76 billion in 2023 to $215.92 billion in 2024, with a CAGR of 4.4%. This growth is attributed to evolving economic conditions, market volatility, and increased wealth levels. By 2028, the market is expected to reach $261.95 billion at a CAGR of 5.0%, driven by sustainable and ESG investing, personalized services, and fintech collaborations. Trends include digital transformation, the rise of robo-advisors, and customized financial planning.
Major Driver In The Financial Advisory Market
The surge in high-net-worth individuals (HNWI) is anticipated to drive the growth of the financial advisory market. Individuals with liquid assets exceeding USD 1 million, categorized as HNWI, often seek the assistance of financial advisors to optimize their wealth for additional benefits and opportunities. As reported in the World Wealth Report 2022 by Capgemini in December 2022, the global HNWI population experienced a 7.8% increase, reaching $22,459 billion in 2021 from $20,838 billion in 2020. Moreover, North America maintained its lead in HNWI population growth (13.2%) and wealth (13.8%) in 2021. Consequently, the rise in HNWI is a key driver for the financial advisory market, with the market size projected to be [2023 Market Size] in 2023, and [2024 Market Size] and [2028 Market Size] in 2024 and 2028, respectively.
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Financial Advisory Market Competitive Landscape
JP Morgan Chase & Co., Bank of America Corporation, Wells Fargo & Co, Accenture plc, Morgan Stanley, PricewaterhouseCoopers International Limited (PwCIL, Goldman Sachs Group Inc., Ernst & Young Global Limited, UBS Group AG, KPMG International Limited, Deloitte Touche Tohmatsu Ltd., Credit Suisse Group AG, Charles Schwab Corporation, Ameriprise Financial Inc., Edward D. Jones & Co., L.P., Boston Consulting Group, BCG Group, McKinsey & Company, Booz Allen Hamilton, RWBaird, Oliver Wyman, Mercer, Protiviti Consulting Pvt. Ltd., Fisher Investments, Alvarez & Marsal Holdings, LLC, Luther King Capital Management, Heritage Investment Group, Eubel Brady & Suttman, Dana Investment Advisors Inc., Leavell Investment Management, Janney Montgomery Scott LLC, LPL Financial, Merrill Lynch Wealth Management, Northwestern Mutual Wealth Management Company, Raymond James Financial, Inc. , RBC Wealth Management, Stifel Financial Corp., Vanguard Group
Key Financial Advisory Market Trend
Technological advancements are becoming increasingly prominent in the financial advisory sector. Leading companies in this field are embracing new technologies to maintain their market position. For example, in March 2022, SRG Financial Advisors, a US-based holistic financial planning firm, introduced the 'Mile Marker Digital Vault Technology' in collaboration with FutureVault, a Canadian provider of secure document exchange and digital vault solutions. This new technology aims to enhance asset management and financial planning for clients while simplifying operations. The SRG team is implementing several next-generation technologies, with Marker Vault being the initial offering. FutureVault provides SRG and its clients with a secure, shared platform to manage documents and information more efficiently, thereby improving interactions between the parties.
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Financial Advisory Market Segmentation
The financial advisory market covered in this report is segmented –
1) By Type: Corporate Finance, Accounting Advisory, Tax Advisory, Transaction Services, Risk Management, Other Types
2) By Organization Size: Large Enterprises, Small And Medium-Sized Enterprises
3) By Industry Vertical: Banking, Financial Services and Insurance (BFSI), IT And Telecom, Manufacturing, Retail And E-Commerce, Public Sector, Healthcare, Other Industry Verticals
By Geography:The regions covered in the financial advisory market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the financial advisory market in 2023.
The Financial Advisory Global Market Report 2024 furnishes information about the global financial advisory market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
