Major players in the financial advisory market are Boston Consulting Group, Deloitte Touche Tohmatsu Ltd., KPMG International Cooperative, McKinsey & Company, PricewaterhouseCoopers International Limited (PwCIL), Bank of America Corporation, Goldman Sachs Group Inc., JPMorgan Chase & Co., Morgan Stanley, Accenture PLC, Booz Allen Hamilton, Ernst & Young Global Limited, Oliver Wyman, Wells Fargo & Co, Protiviti Consulting Pvt. Ltd., Alvarez & Marsal, and Mercer.
The global financial advisory market is expected to grow from $198.09 billion in 2022 to $207.14 billion in 2023 at a compound annual growth rate (CAGR) of 4.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The financial advisory market is expected to reach $239.55 billion in 2027 at a CAGR of 3.7%.
The financial advisory market includes revenues earned by entities by providing financial operations services including accounts outsourcing, payroll services, and fund management.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Financial advisory refers to providing financial advice or assistance to a client in exchange for payment.Financial advisors provide a wide range of financial advisory services, including estate planning, tax preparation, and investment management.
Its main purpose to aid people or organization in creating long-term strategies for building wealth and managing risk.
Asia-Pacific was the largest region in the financial advisory market in 2022. The regions covered in financial advisory report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of financial advisory services are corporate finance, accounting advisory, tax advisory, transaction services, risk management, and others, which are provided to large enterprises as well as small and medium-sized enterprises.Corporate finance advisory refers to expert direction, support, counsel, and solutions with regard to significant financial activities.
These services are used by several industry verticals, such as BFSI, IT and telecom, manufacturing, retail and e-commerce, the public sector, healthcare, and others.
The rise in high-net-worth individuals (HNWI) is expected to propel the growth of the financial advisory market going forward.A person with liquid assets of at least USD 1 million is considered a high-net-worth individual (HNWI).
The people with high HNWI frequently use the help of financial advisors to manage their high net worth for additional advantages and opportunities. For instance, in December 2022, according to the World Wealth Report 2022 shared by Capgemini, a France-based information technology company, in 2021, the number of HNWIs worldwide increased by 7.8% to $22459 billion in 2021 from $20838 billion 2020. Additionally, in 2021, North America will maintained its commanding lead in HNWI population growth (13.2%) and wealth (13.8%). Therefore, the rise in high-net-worth individuals (HNWI) is driving the growth of the financial advisory market.
Technological innovations are a key trend gaining popularity in the financial advisory market.Major companies operating in the financial advisory market are adopting new technologies to sustain their position in the market.
For instance, in March 2022, SRG Financial Advisors, a US-based holistic financial planning firm, launched the ’Mile Marker Digital Vault Technology’ through its partnership with FutureVault, a Canada-based provider of secure document exchange and digital vault solutions.The SRG team is implementing a number of next-generation process and technology changes for their clients, with Marker Vault being the first.
This technology aims to enhance clients’ asset management and financial planning experiences while streamlining operations so they can concentrate on what matters most to them. FuturVault provides SRG Financial Advisors and its clients with a secure, shared platform to more efficiently manage information and documents, which will significantly streamline interactions between the two parties.
In April 2022, Goldman Sachs, a US-based investment banking company, acquired NN Investment Partners for approximately $1.9 billion. The goal of this acquisition is to strengthen Goldman’s capacity for sustainable investment and broaden its asset management presence in Europe. NN Investment Partners is a Netherlands-based asset management company that provides financial advisory services.
The countries covered in the financial advisory market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The financial advisory market research report is one of a series of new reports that provides financial advisory market statistics, including financial advisory industry global market size, regional shares, competitors with a financial advisory market share, detailed financial advisory market segments, market trends and opportunities, and any further data you may need to thrive in the financial advisory industry. This financial advisory market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.