DUBLIN, June 6, 2023 /PRNewswire/ — The “Financial Advisory Global Market Report 2023” report has been added to the ResearchAndMarkets.com offering.
This report provides strategists, marketers and senior management with the essential information they need to assess the market.
The global financial advisory market is expected to grow $198.09 billion in 2022 to $207.14 billion in 2023 at a compound annual growth rate (CAGR) of 4.6%. The financial advisory market is expected to reach $239.55 billion in 2027 at a CAGR of 3.7%.
Major players in the financial advisory market include 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, Boez Allen HamiltonErnst & Young Global Limited, Oliver Wyman, Wells Fargo & Co, Protiviti Consulting Pvt. Ltd., Alvarez & Marsal and Mercer.
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Financial advice refers to providing financial advice or assistance to a customer in exchange for payment. Financial advisors provide a wide variety of financial advisory services, including wealth planning, tax preparation, and investment management. Its main purpose is to help people or organizations create long-term strategies for building wealth and managing risk.
The main types of financial advisory services are corporate finance, accounting consulting, tax consulting, transaction services, risk management, and others, which are provided to large corporations as well as small and medium-sized enterprises. Corporate finance consulting refers to expert direction, support, advice and solutions related to major financial activities. These services are used by various industries such as BFSI, IT and telecom, manufacturing, retail and e-commerce, public sector, healthcare and others.
The Financial Advisory Market Research Report is one of a series of new reports that provide financial advisory market statistics, including global financial advisory industry market size, regional stocks, financial advisory market share competitors, detailed financial advisory market segments, market trends and opportunities, and any further details you may need to thrive in the financial advisory industry. This financial advisory market research report provides a complete perspective of everything you need, with an in-depth analysis of the industry’s current and future scenario.
Technological innovations are a major trend gaining popularity in the financial advisory market. Large companies operating in the financial advisory market are adopting new technologies to maintain their position in the market. For example indoors March 2022SRG Financial Advisors, a US-based holistic financial planning firm, launched the “Mile Marker Digital Vault Technology” through its partnership with FutureVault, a Canadabased provider of secure document exchange and digital vault solutions.
The SRG team is rolling out a number of next-generation process and technology changes for their customers, with Marker Vault being the first. This technology aims to improve clients’ wealth management and financial planning while streamlining operations so they can focus on what matters most to them. FuturVault provides SRG Financial Advisors and its clients with a secure, shared platform to manage information and documents more efficiently, which will significantly streamline interactions between the two parties.
In April 2022Goldman Sachs, a US-based investment banking company, has acquired NN Investment Partners for approx $1.9 billion. The purpose of this acquisition is to strengthen Goldman’s sustainable investing capabilities and its asset management presence in Europe. NN Investment Partners is one The Netherlandsasset management company that provides financial advisory services.
Asia Pacific was the largest region in the financial advisory market in 2022. The regions covered in the financial advisory report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East And Africa.
The countries covered in the financial advisory market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South KoreaUK, USA.
The increase in high net worth individuals (HNWI) is expected to drive the growth of the financial advisory market in the future. A person with liquid assets of at least 1 million dollars is considered a high net worth individual (HNWI). The high HNWI people often take the help of financial advisors to manage their high wealth for additional benefits and opportunities.
For example indoors December 2022according to the World Wealth Report 2022 shared by Capgemini, a Francebased information technology company, the number of HNWIs worldwide will increase by 7.8% by 2021 to $22459 billion from 2021 $20838 billion 2020. In addition, in 2021, North America will maintain its leadership 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.
The financial advisory market includes revenue earned by entities by providing financial operations services, including account outsourcing, payroll, and fund management. The market value includes the value of related goods sold by the service provider or included in the service offering. Only goods and services traded between entities or sold to end users are included.
Market Value is defined as the revenues that companies earn from the sale of goods and/or services within the specified market and region through sales, subsidies or donations in currency (in USD, unless otherwise specified).
The revenue for a given region is consumption values which are revenues generated by organizations in the specified region within the market, regardless of where they are produced. It does not include resale income in the supply chain, downstream, or as part of other products.
2. Market characteristics for financial advice
3. Financial Advisory Market Trends and Strategies
4. Financial Advisory Market – Macroeconomic Scenario
4.1. COVID-19 Impact on the Financial Advisory Market
4.2. Impact war between Ukraine and Russia on financial advisory market
4.3. Impact of high inflation on financial advisory market
5. Market Size and Growth for Financial Advisory
5.1. Global Historical Financial Advisory Market, 2017-2022, $Billion
5.1.1. Drivers of the market
5.1.2. Market Restrictions
5.2. Global Financial Advisory Forecasting Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers of the market
5.2.2. Market Restrictions
6. Market segmentation for financial advice
6.1. Global Financial Advisory Market, Segmentation by Type, Historical and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
Corporate Finance Accounting Consulting Tax Consulting Transaction Services Risk Management Other Types
6.2. Global Financial Advisory Market, Segmentation by Organization Size, Historical and Forecast, 2017-2022, 2022-2027F, 2032F, $Billion
Large companies Small and medium-sized companies
6.3. Global Financial Advisory Market, Segmentation by Industry Vertical, Historical and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
Banking, Financial Services and Insurance (BFSI) IT and Telecom Manufacturing Retail and E-Commerce Public Sector Healthcare Other Vertical Sectors
7. Financial Advisory Market Regional and Country Analysis
7.1. Global Financial Advisory Market, Breakdown by Region, Historical and Forecast, 2017-2022, 2022-2027F, 2032F, $B
7.2. Global Financial Advisory Market Breakdown by Country, Historical and Forecast, 2017-2022, 2022-2027F, 2032F, $B
For more information on this report, please visit https://www.researchandmarkets.com/r/icbc52
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