PUBLISHER: The Business Research Company | PRODUCT CODE: 1429692
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429692
Wealth management refers to the collaborative process of addressing the needs and desires of affluent clients by offering suitable financial products and services.
The primary types of wealth management encompass funds, trusts, and other financial vehicles; asset management; portfolio management; and investment advice. Funds, including mutual funds, serve as investment tools within the wealth management framework. Various advisory modes are employed, including human advisory, robo-advisory, and hybrid modes, catering to the requirements of large enterprises, medium-sized enterprises, and small enterprises.
The wealth management research report is one of a series of new reports from The Business Research Company that provides wealth management statistics, including wealth management industry global market size, regional shares, competitors with wealth management shares, detailed wealth management segments, market trends and opportunities, and any further data you may need to thrive in the wealth management industry. This wealth management research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The wealth management market size has grown strongly in recent years. It will grow from $1900.34 billion in 2023 to $2033.05 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The expansion observed in the historical period can be attributed to factors such as robust growth in emerging markets, an increase in the number of high-net-worth individuals, digitization, and enhanced internet penetration.
The wealth management market size is expected to see strong growth in the next few years. It will grow to $2678.8 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The anticipated growth in the forecast period can be attributed to factors such as the increasing retiree population, the growing wealth of high-net-worth individuals, rising demand for alternative investments, growth in individual investors' investments, and an increase in internet penetration. Major trends in the forecast period include investments in deploying more AI applications for faster customer response, investments in cybersecurity technologies to enhance security capabilities, offering hybrid services to expand service offerings, considering the use of robo-advice to reduce the cost of fund management, investing in big data solutions to improve client acquisition and retention rates, adapting to changing demographics to drive revenues, focusing on offering ethical investing services, providing personalized services, and emphasizing partnerships, collaborations, and acquisitions.
Wealth management firms are increasing their investments in cybersecurity solutions to safeguard against cyber-attacks. Cybersecurity involves employing techniques to protect networks and data integrity, thwarting unauthorized access. This proactive approach enhances security levels within firms, preventing the compromise of highly sensitive client information. The prominence of cybersecurity is growing as it assists financial services companies, including wealth management firms, in detecting theft and fraud during investment transactions. Notably, an recent survey revealed that 86% of financial services companies plan to allocate more time and resources to cybersecurity in the upcoming year.
The anticipated rise in economic growth is poised to drive the expansion of the wealth management market. Economic growth denotes the increase in production and consumption of goods and services within an economy over time. This growth creates a conducive environment for wealth management by offering investment opportunities, elevating asset values, and fostering financial well-being. As an example, data from September 2023 by the Bureau of Economic Analysis, a US government agency, indicates that real gross domestic product (GDP) grew at an annual pace of 2.1% in the second quarter of 2023. Consequently, the surge in economic growth plays a pivotal role in propelling the wealth management market forward.
Major companies in the wealth management market are embracing new platforms, such as digital wealth management services, to maintain a leading position. Digital wealth management services, commonly known as robo-advisors or digital investment platforms, leverage technology and automation to deliver investment and financial advisory services. A case in point is the December 2022 launch of digital wealth management services by First Fidelity Bank in collaboration with Unifimoney, a US-based retail banking and financial services company. Unifimoney's platform offers a comprehensive digital wealth management solution, seamlessly integrating cutting-edge robo-advisory capabilities with commission-free trading options for a diverse range of stocks and ETFs. This turnkey solution aims to provide a holistic suite of self-directed investment services, easily accessible through existing digital infrastructure provided by partnering banks and credit unions. Customers can engage with the Unifimoney platform through familiar digital channels, including user-friendly web interfaces and mobile apps, enhancing accessibility and convenience within the established banking or credit union framework.
Major companies operating in the wealth management market report are Morgan Stanley, Bank of America Corporation, UBS Group AG, Wells Fargo & Company, JPMorgan Chase & Co., Citigroup Inc., HSBC Holdings PLC, The Goldman Sachs Group, Inc., Credit Suisse Group AG, BNP Paribas, Kotak Wealth Management, IIFL Wealth Management, Axis Bank Wealth Management, Edelweiss Wealth Management, Angel Broking, Avendus, AUM Capital, KW Wealth Advisors, Noah Holdings, AVIC Trust, CreditEase, Fosun International Limited, China Huarong Asset Management Company Limited, China International Capital Corporation, Goldman Sachs, Macquarie Asset Management, Hamilton Wealth Management, Professional Wealth, Minchin Moore, GFM Wealth Advisory, VISIS Private Wealth, Samsung Asset Management, Asset One, Bank Central Asia, Dolfin, Brewin Dolphin, Canaccord Genuity Wealth Management, Kingswood Group, HSBC, Barclays Wealth Management, Lloyds Banking Group, Santander, AFH Wealth Management, Devonshire Wealth Management, Alexander House Financial Services, St James's Place Wealth Management, Quilter), Indosuez Wealth Management, Societe Generale, UniCredit, Intesa Sanpaolo, Deutsche Bank, Sparkassen, Commerzbank, ING-DiBa, Arcano Partners, BS Wealth Management, Sberbank, ATON, UBS, Wells Fargo, Vanguard, Charles Schwab, Fidelity, BNY Mellon Wealth Management, Northern Trust, Raymond James Financial, RBC Wealth Management, Bessemer Trust, Longview Wealth Management, Nicola Wealth, Steadyhand Investment management, Triasima Portfolio Management, WealthBar, Northwestern Mutual, Basham Ringe y correa s.c, Galicia abogadosare, Edward Jones, BTG Pactual, Monet Investimentos, Quilvest Wealth Management, Aiva, Credicorp, KPMG, Banco Safra, NBK Wealth Management, NOMW Capital, Middle East Financial Investment Company, Jadwa Investment, Arbah Capital, BMO Global Asset Management, AtaInvest, Akbank, Protiviti, Al Rajhi Capital, CI Capital, Griffon Capital, Pioneer Wealth Management, Investec Wealth Management, Rockfin Wealth Management, PSG Wealth, Citadel, Sanlam Private Wealth, Nedbank Wealth, Stone Wealth Management Noble Wealth Management (Pty) Ltd., NFB Private Wealth Management, NEXUS Investment Solution PLC, Brenthurst Wealth management, New Dawn Wealth Management, Alger
North America was the largest region in the wealth management market in 2023. Western Europe was the second largest region in the wealth management market. The regions covered in the wealth management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the wealth management market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa
The wealth management market consists of revenues earned by entities by providing services such as in planning, advising on and managing various kinds of assets. This market covers financial and investment advice, retirement planning and legal or estate planning but excludes accounting and tax services. The market size is the revenues generated from the fees and commissions levied on the assets being managed. It does not include the value of investments held or the amount of money invested in a given year, net or gross. This market includes the custodian charges of the firms as well as any other fees, margins or service charges but excludes brokerage fees levied on securities transactions unless they are included within the service fees or commissions. 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.
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.
Wealth Management Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on wealth management market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for wealth management? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The wealth management market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.