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Financial Advisory Services Market Analysis
Based on service type, the investment advisory segment is set to witness 5% CAGR during the forecast period, due to the evolving investor needs as well as a shifting industry landscape. Increased complexities in investment options and the evolving financial markets drive the demand for specialized advice. Investors seek tailored guidance for their portfolios, retirement planning, and risk management. The rising demand for specialized & diversified investment strategies and the quest for higher returns in dynamic markets are propelling segment growth.
Based on organization size, the financial advisory services market size of large enterprises segment held over USD 45 billion in 2022. With a substantial market presence and diverse financial requirements, larger enterprises are inclined toward seeking specialized financial advisory services to optimize cash flow, risk management, and financial growth strategies, fueling segment growth. For instance, in September 2023, Morgan Stanley launched an AI-powered assistant to aid financial advisers and their support teams. This technology will provide cognitive assistance, leveraging AI to streamline processes, improve decision-making, and enhance the overall operational efficiency within the market.
North America financial advisory services market accounted for 40% of the revenue share in 2022. The region hosts many high-net-worth individuals and corporations with intricate financial needs, which drives the demand for sophisticated financial advice & investment strategies. For instance, in April 2023, Kroll launched a property insurance valuation platform to help clients better navigate economic volatility. The platform helps clients navigate economic volatility by delivering comprehensive, timely, and expert-driven insights for property insurance valuation.
Who are the main financial advisory service providers?
Ameriprise Financial, Bank of America Merrill Lynch, BlackRock, Charles Schwab, Citigroup Inc., Goldman Sachs, JPMorgan Chase & Co., Morgan Stanley, UBS Group AG, and Wells Fargo Advisors.
What factors are fueling the growth of North America financial advisory services market?
North America held a dominant market share of over 40% in 2022 and maintain the position as the region hosts a large number of high-net-worth individuals and corporations with intricate financial needs, which drives the demand for sophisticated financial advice & investment strategies.
How are large enterprises influencing financial advisory services industry dynamics?
The large enterprises segment was valued at over USD 45 billion in 2022, as these organizations have a strong position and diverse financial requirements, thus seeking specialized financial advisory services to optimize cash flow, risk management, and financial growth strategies.
How big is financial advisory services market?
The market size of financial advisory services reached USD 85.1 billion in 2022 and is set to grow at a CAGR of over 5.5% between 2023 and 2032, favored by the rising investments in AI.