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Global Financial Planning Services Industry

  • January 2012
  • -
  • Global Industry Analysts

The global outlook series on the Financial Planning Services Industry provides a collection of statistical anecdotes, market briefs, and concise summaries of research findings. Illustrated with 21 fact-rich market data tables, the report offers a rudimentary overview of the industry, and highlights latest trends and demand drivers. Regional markets briefly abstracted and covered include United States, Canada, France, Italy, UK, Spain, Australia, China, Hong Kong, Korea, Singapore, India, and Malaysia. The report offers a compilation of recent mergers, acquisitions, and strategic corporate developments. Also included is an indexed, easy-to-refer, fact-finder directory listing the addresses, and contact details of 318 companies worldwide.

Table Of Contents

Global Financial Planning Services Industry



1. OVERVIEW 1
Introduction 1
Industry Scope 1
Industry at a Glance 2
Global Outlook 2
Table 1: Global Current and Future Analysis of Financial
Planning and Advisory Services Market by Geographic
Region-US, Japan, Europe, Singapore, Australia, Korea, India,
China and Rest of World Markets Independently Analyzed with
Annual Revenues in US$ Million for the Years 2010-2015 3

Table 2: Global 5-Year Perspective of the Financial Planning
and Advisory Services Market by Geographic Region-Percentage
Share Breakdown of Revenues for US, Japan, Europe, Singapore,
Australia, Korea, India, China and Rest of World Markets for
the Years 2011 and 2015 4
Major Market Trends 5
Companies Include Financial Planning in Employee Benefits 5
HNWIs Demand Long-term Value from Wealth Managers 5
Table 3: HNWI Population Worldwide (2011): Breakdown of
Number of High- Net-Worth Individuals (HNWIs) by Geographic
Region 6

Table 4: HNWI Wealth Worldwide (2011): Percentage Share
Breakdown of HNWI Wealth Value by Geographic Region 6
Technology, a Boon for Wealth Managers 6
Online Customer Engagement Crucial for Financial Services Sector 7
Weak State of the Global Economy 8
High Volatility and Risk Aversion 8
Financial Future Post Retirement - A Global Concern 9
More Problems for Baby Boomers 9
Brokers Can Survive by Offering More Services 9

2. PRODUCT OVERVIEW 10
Financial Plan 10
Financial Planning 10
Definition 10
Need for Financial Planning 10
Types of Financial Planning 10
Business Financial Planning 11
Personal Financial Planning 11
Scope of Personal Financial Planning 11
Stages Involved in Personal Financial Planning 11
Beginning of Financial Planning 11
Assessment of Personal Finances 12
Establishing Goals 12
Planning Assistance - Financial Planners/Advisors 12
Monitoring and Reevaluation 12
Financing Personal Goals 13
Tax Management 13
Insurance Protection 13
Estate Planning 13
Tools Involved in Estate Planning 14
Will 14
Power of Attorney 14
Living Will 14
Medical Power of Attorney 14
Other Estate Planning Tools 14
Probate 15
Trusts 15
Ownership of Assets 15
Insurance 15
Fee Structure 15
Significance of Financial Planning 16
Regulations, Licensing and Self-regulation 16
Significance of Technology in Financial Planning 17
Financial Planning Using Computers 17
Videoconferencing - A New Avenue 17
Professional Associations 17
The Institute of Certified Financial Planners 18
The Association for Financial Counseling and Planning Education 18
The CFA Institute 18
The Certified Financial Planner Board of Standards 18
The National Association of Independent Public Finance Advisors 18
National Association of Personal Financial Advisors 18
The Registered Financial Planners Institute 18
The Society of Financial Services Professional 19
Retirement Planning 19
Retirement Risks and Financial Planning 19
Longevity 19
Fund Withdrawal Rate 19
Health Care Expenses 19
Inflation Risks 20
Time and Investment Risk 20
Understanding Life Expectancies for Better Retirement Planning 20
Wealth Management 20
Investment Options 20
Life Insurance and Annuities 20
Securities 21
Types of Securities 21
Stocks 21
Mutual Funds 21
Bonds 22

3. PRODUCT and SERVICE INTRODUCTIONS 23

4. MERGERS and ACQUISITIONS 37

5. STRATEGIC CORPORATE DEVELOPMENTS 78


A REGIONAL MARKET PERSPECTIVE 94

1. THE UNITED STATES 94
Market Overview 94
Market Structure 94
Regulatory Environment 94
Market Trends 94
Wealth Management Companies to Increase Focus on HNWIs 94
Recession Driving Demand for Independent Financial Planners 95
Table 5: Certified Financial Planner (CFP) Population in the
United States (2011): Percentage Breakdown of Number of
Certified CFPs by State 95

Table 6: Certified Financial Planner (CFP) Population in the
United States (2011): Percentage Breakdown of Number of
Certified CFPs by Age Group 96

Table 7: Certified Financial Planner (CFP) Population in the
United States (2011): Percentage Breakdown of Number of
Certified CFPs by Gender 96
Federal Government Purchases Shares in Financial Institutions 96
High-Net-Worth Women Represent Profitable Niche Market for
Financial Advisers 97
Small Businesses Present Significant Opportunities for
Financial Services Firms 97
Financial Planning for Small Businesses 97
Financial Planning Industry Shifts Towards Fee-Only Advisers 97
Transition in Financial Advisory Industry 98
Targeting the Middle-Class 98
Focusing on Younger Generation 98
Effective Use of Technology 98
Retirees Returning to Work 98
Regulatory Trends Drive Retirement Planning Market 99
Growing Demand for Wealth Management Services 99
Table 8: US Financial Planning Services Market (2011):
Percentage Breakdown of Number of Investors by Type of
Investment Advisor Frequented 99
Retirement Planning - An Overview 99
Table 9: Equity and Bond Ownership Patterns in the United
States (2011): Percentage Breakdown of Number of Households
by Type of Investments 100

Table 10: Equity and Bond Ownership Patterns in the United
States (2011): Percentage Breakdown of Number of Households
by Income Group 100
Motivation for an Extended Work Life 100
Table 11: US Financial Planning Services Market (2011):
Percentage Breakdown of Equity and Bond Investors by Average
Age of Decision Maker 100
Effects of Departure from Work Life 101
Post Retirement Opportunities 101

2. CANADA 102
Market Overview 102
Effect of Global Economic Crisis 102
Greater Need for Financial Planning 102

3. EUROPE 103
Outlook 103
Table 12: European Current and Future Analysis of Financial
Planning and Advisory Services Market Analyzed by Annual
Revenue in US$ Million for the Years 2010 through 2015. 103

Table 13: European 5-Year Perspective of the Financial
Planning and Advisory Services Market by Geographic Region -
Percentage Share Breakdown of Revenues for France, Germany,
Italy, UK and Rest of Europe Markets for years 2011 and 2015 104
Recession Awakens Growth in European Wealth Management 104

3a. FRANCE 106
Market Overview 106

3b. ITALY 106
Market Overview 106

3c. THE UNITED KINGDOM 107
Market Overview 107
Financial Advice Market Consolidates 107
Independent Financial Advisors Loosing Foothold 107
Declining Rates Draw Attention to Financial Planning 107
More Companies Expected to Exit the Market Space 108
Avoiding Professional Advise May Lead to Inappropriate
Protection Cover 108
Mortgage Intermediary Market Slumps 108
Retirement Planning Scenario in the UK 108
Declining Wealth Management Market 109

3d. SPAIN 109
Market Overview 109

4. ASIA-PACIFIC 110
Regional Overview 110
Asian HNWIs Offer Growth Opportunities for Wealth Management 110
Table 14: HNWI Population in Asia-Pacific (2011): Breakdown
of Number of High-Net- Worth Individuals (HNWIs) by Country 110

Table 15: HNWI Wealth in Asia-Pacific (2011): Percentage
Breakdown of HNWI Financial Assets by Type of Investment 111
Huge Market Potential Owing to Rising Affluence 111
Table 16: HNWI Wealth in Asia-Pacific (2011): Percentage
Breakdown of HNWI Financial Assets by Geographic Region 112
Rise in Ageing Population 112

4a. AUSTRALIA 113
Market Overview 113
Market Trends 113
Budget Announces Major Initiatives 113
Australians Well Equipped for Retirement 113
Australian Investors Urged to Obtain Financial Advice 113
Shift Towards Fee-Based Compensation for Financial Planning
Advice 114

4b. CHINA 115
Market Overview 115
Table 17: HNWI Wealth in China (2011): Percentage Breakdown
of HNWI Financial Assets by Type of Investment 115

4c. HONG KONG 116
Market Overview 116
Table 18: Certified Financial Planner (CFP) Population in
Hong Kong (2011): Percentage Breakdown of Number of Certified
CFPs by Sector 116
Demographics Drive Demand for Wealth Management and Financial
Planning Services 116
Possible Barriers to Market Growth 116
Investment Environment Outlook 117
Professional Standards 117
Availability of Qualified Professionals 117
Consumers Unwilling to Pay Fees Upfront 117
Increasing Consumer Awareness on Advice Quality 117
Increasing Focus on Protection Advice 117

4d. INDIA 118
Market Overview 118
Table 19: HNWI Wealth in India (2011): Percentage Breakdown
of HNWI Financial Assets by Type of Investment 118
Indian Financial Sector Treading Growth Path 118
Table 20: HNWI Population in India (2011): Percentage Share
Breakdown of Number of High-Net-Worth Individuals (HNWIs) by
Age 119

Table 21: Indian Wealth Management Service Market (2011):
Percentage Share Breakdown of Organized and Unorganized
Sectors 119

4e. MALAYSIA 119
Market Overview 119


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