Wealth Management Market worth USD 1062.75 Bn by 2029: Cognitive Market Research

The wealth management market size is projected to grow from USD 703.38 Bn in the year 2021 to USD 1062.75 Bn by 2029 at a CAGR of 4.78% from 2021-2029.

Wealth management is a financial services department that deals with the investing needs of wealthy customers. These are specialist consulting services that meet the demands of wealthy customers in terms of financial management. It entails meeting with wealthy customers and discussing their financial requirements and ambitions. Wealth management strategies are customized to meet the needs of each client. The financial products are blended to successfully meet the client's financial goals.The expansion of the wealth management market is primarily driven by the increase in the population of high-net-worth people. These people frequently use the help of financial experts to handle their finances, and their high net worth frequently qualifies them for additional advantages and possibilities. This fuels the market's expansion. The market's expansion may be hampered by a higher fee schedule. There are several ways that advisors might be paid for their services. Nevertheless, it is anticipated that the wealth management sector would continue to be driven by the growing retiree population.

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Regional Analysis of the Wealth Management Market:
North America dominates the wealth management market due to the region's high demand. Wealth management services are becoming increasingly important in North America in order to attract and keep successful retail customers. For example, rich mass customers in the region account for a sizable share of retail banks' net income. Many of the region's diverse financial service organizations are growing their wealth management activities.

Top players involved in the Wealth Management Market:
The Wealth Management market is highly competitive due to the presence of a large number of players. These players include,
Bank of America Corporation
• BNP Paribas
• Charles Schwab & Co. Inc.
• Citigroup Inc.
• CREDIT SUISSE GROUP AG
• Goldman Sachs
• JPMorgan Chase & Co.
• Julius Baer Group
• Morgan Stanley
• UBS
• Others

Current Trends of Manufacturers:
• In January 2023, Choreo, LLC ("Choreo" or "the firm") today announced it has completed a previously announced agreement to acquire Cherry Bekaert Wealth Management LLC (CBWM), an entity affiliated with Cherry Bekaert Advisory LLC. As part of the deal, Choreo and Cherry Bekaert Advisory LLC have formed a strategic partnership wherein the firms will combine resources and team to take advantage of other acquisition opportunities that spur further growth for their respective businesses.

• In August 2022, Credent Wealth Management has announced a merger with Personal Wealth Partners. Daniel Steichen, the creator and principal of Personal Wealth Partners, has merged his offices in River Falls, Wisconsin, and Bloomington, Minnesota, under the name Credent Wealth Management. The combined AUM of the two companies is $1.8 billion. The common ideas and values of the two businesses, which have both successfully serviced a variety of clients with various demands and degrees of wealth, were highlighted by Credent Wealth Management CEO David Hefty.

• In August 2022, The wealth management platform Scripbox announced that it has invested strategically in the consulting company Wealth Managers (India) Private Limited of Pune.

Segment Analysis:
By Business Model, the human advisory segment has the highest wealth management market share. The human advisory offers specialized consulting services for the creation and staffing of senior leadership teams that function well. Based on end users, the wealth management market has been dominated by banks. Banks generate huge unmanageable data as millions of customer access mobile apps and banking websites from manifold devices.

Top Report Findings:
Segmentation: by business model and by end-user
Dominated region: North America
Driver: rising number of HNWIs and retiree population
CAGR: 4.78%

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Nicolas Shaw
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Cognitive Market Research has evolved as one leading market research and consulting firm and it provides services across multiple domains. Cognitive Market Research gathers and analyzes data about customers, competitors, distributors, and other market actors and forces operational across the value chain. As a market research company, we follow a complete process of gathering information about the target market and end-use industries to verify the complete journey of the product or service in the global market. It helps our readers understand the demand and viability of their product/service and how it might perform in the real world and help them to build business strategies accordingly.

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