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Financial Advisory Services Market size was valued at USD 85.1 billion in 2022 and is projected to grow at a CAGR of over 5.5% between 2023 and 2032. The rising investments in AI are significantly boosting the market growth. AI technologies enable sophisticated data analysis, predictive analytics, and personalized financial insights. These advancements streamline advisory processes, facilitating more accurate risk assessments, tailored investment strategies, and automated portfolio management.
For instance, in September 2023, Research & Ranking launched AI-driven financial mentors, Vasu and Vidya, with the aim to democratize finance by simplifying complex concepts for a wider audience. Using AI, the company aims to enhance financial literacy across India, making intricate financial principles more accessible and understandable for individuals seeking comprehensive financial education.
Report Attribute | Details |
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Base Year: | 2022 |
Financial Advisory Services Market Size in 2022: | USD 85.1 Billion |
Forecast Period: | 2023 to 2032 |
Forecast Period 2023 to 2032 CAGR: | 5.5% |
2032 Value Projection: | USD 146.8 Billion |
Historical Data for: | 2018 to 2022 |
No. of Pages: | 261 |
Tables, Charts & Figures: | 348 |
Segments covered: | Service Type, Asset Class, Organization Size, End User, and Region |
Growth Drivers: |
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Pitfalls & Challenges: |
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The global shift of financial advisory firms to digital channels is expanding the financial advisory services market. Increased accessibility through digital platforms offers wider outreach, improved client engagement, and cost-effective services. This garners the attention of new clients and enhances the overall efficiency & reach of financial advisory services, driving market growth. For instance, in February 2023, Wells Fargo launched the LifeSync digital platform (exclusive to wealth and investment management clients), which offers real-time goal tracking, financial metric monitoring, tailored content, and direct links to financial advisors. The comprehensive platform empowers clients with personalized insights, enhancing financial oversight and facilitating seamless communication with the advisors.
Achieving consistently high service levels for diverse clients and producing superior investment returns in varying market conditions can be challenging. This requires constant vigilance, market acumen, and adapting to dynamic financial landscapes. It leads to the challenge of sustaining excellence and ensuring consistent returns across diverse investment portfolios amidst the changing market conditions and client expectations.