The "Global Wealth Management Market by Advisory Model (Human Advisory, Hybrid, Robo Advisory), Business Function (Financial Advice Management, Performance Management, Portfolio, Accounting, & Trading Management), Deployment Model, Application, End-User Industry - Forecast 2024-2030" report has been added to ResearchAndMarkets.com's offering.

The Wealth Management Market size was estimated at USD 134.60 billion in 2023, USD 149.10 billion in 2024, and is expected to grow at a CAGR of 11.34% to reach USD 285.59 billion by 2030.

Wealth management is a comprehensive financial service that combines various financial disciplines and services to address the needs of affluent clients. A highly customized service, it includes investment management, financial planning, estate planning, and retirement planning. The purpose of wealth management is to sustain and grow long-term wealth and offer a strategic approach to managing clients' financial situations. The wealth management market is driven by the proliferation and rising diversity of financial assets across the world.

The popularity of sustainable and responsible investing (SRI) has also seen considerable growth, influencing wealth managers to incorporate environmental, social, and governance (ESG) criteria in their investment strategies. However, instances of fraudulent wealth management practices and investment scams deter potential clients from availing of the services of wealth management. Additionally, the lack of skilled, knowledgeable professionals and limited investment options provided to clients reduces the favourability of wealth management.

Major providers are constantly exploring ways to integrate advanced technologies such as AI, ML, and big data analytics solutions to expand the scope and efficiency of wealth management. Fintech technologies incorporate digital solutions that increase accessibility, offer enhanced analytics, and improve client engagement through personalized experiences, thereby offering new avenues of growth for wealth management providers.

Regional Insights

The Americas region, particularly the US and Canada, is characterized by high financial literacy and robust banking and financial infrastructure. Additionally, the US consists of a large number of high-net-worth individuals (HNWIs) and has a strong presence of major global financial institutions and a robust regulatory framework. Technological advancements such as robo-advisors and personalized wealth management services are gaining traction in this region. Europe's wealth management industry is marked by diversity in its client base and a strong inclination towards conservative investment strategies.

Additionally, wealth managers in Europe are focusing on intergenerational wealth transfer planning and services. The industry is also significantly influenced by the European Union's regulations aimed at increasing transparency and investor protection. The Asia-Pacific region is one of the fastest-growing wealth management markets due to the presence of a substantial and growing affluent middle class, especially in countries such as China and India. Furthermore, the region is associated with a rapidly expanding financial infrastructure, with several national and regional banks providing wealth management services to middle-income clients.

Key Attributes:

Market Dynamics

Drivers

• Growing diversity of financial assets across the world and preference for sustainable investing
• Expansion of banks and financial institutions across the world
• Rising financial literacy and awareness about the importance of proper finance planning

Restraints

• Chances of fraudulent practices in wealth management

Opportunities

• Advancements to improve wealth management practices and adoption of fintech technologies
• Emergence of small businesses and start-ups requiring strategic financial planning strategies

Challenges

• Lack of technical and legal expertise and limited investment options

Market Segmentation Analysis

• Advisory Model: Expanding advancements to provide robo-advisory services to clients at lower prices
• Business Function: Growing demand for financial advice management to cater to diverse client requirements for financial planning
• Deployment Model: Cloud based Software-as-a-Service are preferred choice for online BFSI services
• End-Use: Bank, trading & exchange firms are utilizing wealth management solutions and services for expandable client retention and satisfaction

Market Trend Analysis

• Cumulative Impact of High Inflation
• Porter's Five Forces Analysis
• Value Chain & Critical Path Analysis
• Regulatory Framework

Companies Mentioned

• Allianz SE
• Ameriprise Financial, Inc.
• Amundi
• Angel One Limited
• Beacon Pointe Advisors, LLC
• BlackRock, Inc.
• BNP Paribas Wealth Management
• Capital Group
• CargoMetrics Technologies Inc.
• Chevy Chase Trust Company
• Comprehensive Financial Management, LLC
• Credit Suisse Group AG by UBS Group AG
• Edward Jones
• Fidelity
• Finacrest Wealth Pvt Ltd
• Fiserv, Inc.
• Goldman Sachs Group, Inc.
• Hightower Advisors, LLC
• JPMorgan Chase & Co.
• Morgan Stanley
• Northern Trust Corporation
• Oxford Financial Group, Ltd.
• SEI Investments Company
• The Bank of America Corporation
• The Bank of New York Mellon Corporation
• The Charles Schwab Corporation
• The Vanguard Group, Inc.
• Wells Fargo & Co.

Market Segmentation & Coverage

Advisory Model

• Human Advisory
• Hybrid
• Robo Advisory

Business Function

• Financial Advice Management
• Performance Management
• Portfolio, Accounting, & Trading Management
• Reporting
• Risk & Compliance Management

Deployment Model

• Cloud
• On-Premises

Application

• Insurance Planning
• Personal Finance Management
• Retirement Planning
• Tax Management

End-User Industry

• Banks
• Brokerage Firms
• Investment Management Firms
• Trading & Exchange Firms

For more information about this report visit https://www.researchandmarkets.com/r/tmfe3a

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