Wealth Management Market Expected to Exceed $3.43 Trillion by 2021, Projected to Grow at 10.7% CAGR Through 2030

Allied Market Research published a report, titled, "Wealth Management Market By Business Model (Human Advisory, Robo Advisory, and Hybrid Advisory), Provider (FinTech Advisors, Banks, Traditional Wealth Managers, and Others), and End-user Type (Retail and High Net Worth Individuals (HNIs): Global Opportunity Analysis and Industry Forecast, 2021-2030." According to the report, the global wealth management industry was worth $1.25 trillion in 2020, and is expected to reach $3.43 trillion by 2030, manifesting a CAGR of 10.7% from 2021 to 2030.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐓𝐡𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅 𝐎𝐟 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.alliedmarketresearch.com/request-sample/13433

Rapid increase in need for alternative investments, emergence of FinTechs (Financial technology), and growing demand for wealth management products & services drive the growth of the global wealth management market. Wealth management provides wide range of offerings such as financial advice management, portfolio, accounting, trading management, performance management, risk & compliance management, reporting, and others. The demand for wealth management is growing exponentially due to several benefits such as helping in eliminating financial stress & creating financial plans primarily for high net worth individuals.

Prime Drivers of Growth

The rapid demand for alternative investments including private equity, commodities, hedge funds, real estate investment trusts (REITs), and intellectual property drives the growth of the global wealth management market. The emergence of FinTechs has disrupted the wealth management industry and benefits offered by wealth management such as reduced or eliminated financial stress & making financial plans, and digitization of offerings are contributing toward the market growth.

On the other hand, strict rules of the government for wealth management companies, lack of pricing transparency, and high fees are a few factors that limit the market growth. Technological advancements and untapped potential of emerging economies are opening doors of opportunities for the market.

Covid-19 Scenario

Owing to the economic slowdown, unpredictability in global financial sectors, and highly volatile economy, the wealth management market is impacted negatively. The demand for wealth management products is reduced.
The emergence of FinTechs is visible as wealth managers are increasingly investing in new technologies including robo-advisor, robotic process automation, artificial intelligence (AI), and digital identification (ID) technologies for boosting customer experience.
The Human Advisory Business Model will Maintain the Leading Position Throughout the Forecast Period

Based on business model, the human advisory segment held the highest market share in 2020, accounting for more than three-fourths of the global wealth management market, and is anticipated to lead throughout the forecast period. This lead is attributed to the fact that these advisors serve a changing client base in a variety of demographics and offer fluidity in the approach while managing wealth. However, the robo advisory segment is projected to manifest the highest CAGR of 26.4% from 2021 to 2030, owing to easy account setup, comprehensive education, robust goal planning, portfolio management, security features, account services, attentive customer service, and low fees.

The Traditional Wealth Managers Segment to Maintain the Leading Position during the Forecast Period

Based on provider, the traditional wealth manager segment accounted for the largest share in 2020, contributing to nearly two-thirds of the global wealth management market, and is anticipated to maintain its lead position throughout the forecast period. Traditional wealth manager offers convenience and reduces stress towards managing finances of the clients.

The core reason behind hiring a traditional wealth manager is clients' expectation that the investment may lead to an increase in the net returns. However, the fintech advisors segment is expected to portray the largest CAGR of 16.8% from 2021 to 2030, owing to the efforts of fintech advisors to create a solid business plan and market strategy, advice on regulatory compliance that meets state and federal standards, and help in building credible relationships with banks, customers, and investors.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐘𝐨𝐮𝐫 𝐄𝐯𝐞𝐫𝐲 𝐃𝐨𝐮𝐛𝐭 𝐇𝐞𝐫𝐞: https://www.alliedmarketresearch.com/purchase-enquiry/13433

North America to Maintain its Dominance by 2030

Based on region, North America held the highest market share in terms of revenue in 2020, accounting for more than half of the global wealth management market, and is expected to maintain its lead by 2030. This is due to the presence of a massive number of high net-worth individuals and increase in number of competitions among banks such as Morgan Stanley, UBS, and Bank of America Corporation to offer the maximum benefits to their clients. However, Asia-Pacific is projected to witness the fastest CAGR of 12.7% during the forecast period, owing to the several high net worth & ultra-high net worth individuals continuing to demand wealth management product lines in the region.

𝑰𝒇 𝒚𝒐𝒖 𝒉𝒂𝒗𝒆 𝒂𝒏𝒚 𝒔𝒑𝒆𝒄𝒊𝒂𝒍 𝒓𝒆𝒒𝒖𝒊𝒓𝒆𝒎𝒆𝒏𝒕𝒔, 𝒂𝒔𝒌 𝒇𝒐𝒓 𝒄𝒖𝒔𝒕𝒐𝒎𝒊𝒛𝒂𝒕𝒊𝒐𝒏𝒔: https://www.alliedmarketresearch.com/request-for-customization/13433?reqfor=covid

Leading Market Players

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

𝘽𝙪𝙮 𝙉𝙤𝙬@ https://www.alliedmarketresearch.com/checkout-final/75cd5505e34d1beaab78bfb5b8dbe265

𝐓𝐨𝐩 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐢𝐧 𝗕𝗙𝗦𝗜 𝐃𝐨𝐦𝐚𝐢𝐧 -

Extended Warranty Market https://www.alliedmarketresearch.com/extended-warranty-market

Financial Services Software Market https://www.alliedmarketresearch.com/financial-services-software-market-A14931

AI in Fintech Market https://www.alliedmarketresearch.com/ai-in-fintech-market-A16644

Crypto Payment Gateway Market https://www.alliedmarketresearch.com/crypto-payment-gateway-market-A31799

Data Analytics in Banking Market https://www.alliedmarketresearch.com/data-analytics-in-banking-market-A16647

Auto Finance Market https://www.alliedmarketresearch.com/auto-finance-market-A10390

Europe Open Banking Market https://www.alliedmarketresearch.com/europe-open-banking-market-A16019

South Korea Car Finance Market https://www.alliedmarketresearch.com/south-korea-car-finance-market-A15933

David Correa

1209 Orange Street, Corporation Trust Center, Wilmington, New Castle, Delaware 19801 USA.

Int'l: +1-503-894-6022 Toll Free: +1-800-792-5285

UK: +44-845-528-1300

India (Pune): +91-20-66346060 Fax: +1-800-792-5285 help@alliedmarketresearch.com

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.