Categories: Market Research

Financial Advisory Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Financial Advisory Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Financial Advisory Global Market Report 2024, The financial advisory market size has grown steadily in recent years. It will grow from $206.76 billion in 2023 to $215.92 billion in 2024 at a compound annual growth rate (CAGR) of 4.4%. The growth in the historic period can be attributed to economic conditions, demographic trends, market volatility, globalization, increasing wealth levels.

The financial advisory market size is expected to see steady growth in the next few years. It will grow to $261.95 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to evolving regulatory landscape, sustainable and ESG investing, retirement planning services, personalization and customization, fintech collaboration. Major trends in the forecast period include digital transformation, technological advancements, growing emphasis on ESG investments, rise of robo-advisors, personalized financial planning.

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 maintain 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.

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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

Major companies operating in the financial advisory market are focusing on developing innovative solutions such as virtual video studios. A virtual video studio refers to a digital or computer-generated environment that simulates the appearance and functionality of a physical video production studio. For instance, in February 2023, Merrill, a US-based investment management company announced the launch of ‘Merrill Video Pro’. A virtual video studio is designed for financial advisors, enabling them to generate content and engage with clients and prospects on a broader scale. Merrill Video Pro empowers advisors to produce videos utilizing an expanding collection of customizable content. The topics covered include managing retirement goals, implementing wealth transfer strategies, navigating markets in challenging times, and more. Customized videos can be effortlessly shared via email, LinkedIn, advisor websites, and integrated into events and seminars.

The financial advisory market report table of contents includes: