A financial advisor provides financial advice or guidance to customers for compensation. In addition, financial advisors can provide many different services, such as investment management, tax planning, and estate planning. Increasingly, financial advisors are acting as a one-stop-shop by providing everything from portfolio management to insurance products. Furthermore, key factors that drive the growth of the global financial advisory services market include increase in demand for financial risk advisory services among SMEs and constant rise in global high-net-worth individuals. In addition, factors such as increasing demand for alternative investments, positively impact the financial advisory services market growth. However, lack of awareness about financial advisory services and higher dependency on traditional methods are expected to hamper the market growth. On the contrary, rising innovations in the Fintech industry and untapped potential of emerging economies are expected to offer remunerative opportunities for expansion of the financial advisory services market trends during the forecast period.
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In terms of organization size, the large enterprise segment holds the largest global financial advisory services market share, as it is helpful for business development and expansion by providing services such as transaction services and risk management services. However, the small & medium-sized enterprises segment is expected to grow at the highest rate during the forecast period, as with the help of a financial advisor, complex financial processes can be completed swiftly, providing business owners and decision-makers more time to make critical financial decisions.
Region wise, the global financial advisory services market size was dominated by North America in 2020, and is expected to retain its position during the forecast period, due to presence of large number of high net worth individuals in North America and high competition among banks such as UBS, Morgan Stanley, and Bank of America Corporation, to offer maximum benefits. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to the start-up culture picking pace, China and India represent the largest opportunity and have the highest proportion of Ultra-High Net Worth (UHNW).
The COVID-19 pandemic has increased the importance of digital transformation systems in financial advisory services. Technology-driven financial advisory services startups are increasingly offering clients with digitized and long-term financial planning through robo-advisors. Following this trend, many investors, especially from the millennial generation, are adopting technology platforms in their financial advisory services strategies. In addition, Capgemini’s ‘World Wealth Report’ found that younger high net worth individuals (HNWI) were willing to transfer their wealth via an automated advisor such as the robo-advisors. Moreover, increased adoption of advanced technologies such as chatbots, IoT, AI, and big data analytics, have led toward the growth of financial advisory services market. In addition, with increase in digitalization, financial advisory services providers are looking forward to quickly invest on client engagement by providing digital and voice-enabled assistants.
KEY FINDINGS OF THE STUDY
- By type, the corporate finance segment accounted for the largest global financial advisory services market share in 2020.
- By region, North America generated highest revenue in 2020.
- By industry vertical, the BFSI generated the highest revenue in 2020.
The key players profiled in the global financial advisory services market analysis are Accenture Inc., Bank of America Corporation, Citigroup Inc., CREDIT SUISSE GROUP AG, Goldman Sachs, JPMorgan Chase & Co., Morgan Stanley, Northern Trust Corporation, PwC, and Wells Fargo. These players have adopted various strategies to increase their market penetration and strengthen their position in the financial advisory services industry.
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