Fort Collins, Colorado, Jan. 18, 2024 (GLOBE NEWSWIRE) -- The Financial Advisory Services Market was valued at USD 94.8 Billion in 2022 and is expected to reach USD 157.7 Billion by 2032 at a CAGR of 5.3%.
Financial advisory services are provided by professionals such as estate planners, tax planners, investment managers, and financial planners to manage funds and assets aligned toward financial goals. These goals can be short-term, mid-term, or long-term, depending on the needs of individuals and companies. Financial advisors analyze the market scenarios for clients and recommend the best funds to invest in.
The pandemic has highlighted the significance of having a solid investment and financial plan to safeguard against financial uncertainties. This also extends to companies, allowing them to expand, navigate uncertain times, and improve financial control with the aid of financial tools and advisors.
Financial advisors assist people in planning their finances for various goals, including fulfilling their desires, handling medical emergencies, and preparing for retirement. This is mainly due to the effects of inflation, the desire for a luxurious lifestyle, and the growing popularity of travel and tourism. Additionally, organizations rely on financial advisory firms to enhance their fund management, which helps them improve their bottom line and make better investment and expense decisions.
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Segmentation Overview:
The global financial advisory services market has been segmented into financial advisory service type, end-user, organization size, and region. North America holds a significant share of the financial advisory services market because of the growing financial literacy and the increasing demand and awareness about investing and savings. Also, with the growing older population, the need for having a robust financial plan to fund medical emergencies and retirement is growing in this region. Also increasing inflation is also contributing to the growth of this market.
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Financial Advisory Services Market Report Highlights:
- The global financial advisory services market growth is anticipated at a CAGR of 5.3% by 2032.
- The financial advisory services market is growing due to increased demand from SMEs, a rise in high-net-worth individuals, and a growing interest in alternative investments.
- North America dominates the financial advisory services market due to the increasing demand and awareness about investing and savings, financial literacy, and the growing need for a robust financial plan to fund medical emergencies and retirement.
- Some prominent financial advisory services market players include Deloitte, Bank of America, JP Morgan Chase and Company, Morgan Stanley, Goldman Sachs Group Inc., Blackrock, Vanguard, McKinsey and company, BCG, KPMG, EY, and others.
Industry Trends and Insights:
- Morgan Stanley Investment Management has acquired Valoriza Servicios Medioambientales S.A.
- Upvest has partnered with BlackRock to make investing more accessible and raised €30m in funding.
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Financial Advisory Services Market Segmentation:
By Financial Advisory Service Types: Corporate Finance, Risk Management, Transaction Services, Forensic and Litigation, Tax Advisory, and Others
By Organization Size: Small and Medium Enterprises and Large Enterprises
By End-User: BFSI, Manufacturing, Healthcare, Retail and E-Commerce, IT and Telecom, and Other Industries
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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