Wealth Management

Assets under Management in the Wealth Management market are projected to reach US$94.15bn in 2024.
Financial Advisory dominates the market with a projected market volume of US$84.31bn in 2024.
Assets under Management are expected to show an annual growth rate (CAGR 2024-2029) of 0.98%, resulting in a market volume of US$98.87bn by 2029.

Definition:

Wealth management is a service provided by financial institutions, such as banks or investment firms, to help individuals manage their money and investments. The goal of wealth management is to help people grow and protect their wealth over time, by creating personalized investment plans that consider their financial goals, risk tolerance, and overall financial situation. This goal ultimately emphasizes wealth creation through wealth preservation.

Structure:

The Wealth Management market consists of two different segments, Financial Advisory and Digital Investment. Financial Advisory covers traditional financial advisory services and provides a broader look into the revenue generated by this offering. Digital Investment contains automated investment services (Robo-Advisors) and online trading services (Neobrokers) that go beyond the means of traditional financial advisory services.

Additional information:

The market comprises of revenues, number of advisors, average revenue per advisor, assets under management (AUM), users, average revenue per user, and average AUM per user. Revenues are generated through the financial advisory services offered by the financial institutions within the Wealth Management market space. The market only displays B2C revenues and users for the above-mentioned segments and subsegments; B2B and B2G revenues are not included. Additional definitions for each segment can be found on the respective segment pages.
Market numbers for Digital Investment are also featured among our digital markets, namely in the Digital Investment segment of the Fintech market.
Key players in the market include financial institutions such as BlackRock, Vanguard Group, Fidelity Investments, State Street Global, and J.P. Morgan Chase & Co.

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Traditional & Digital Wealth Management (non-automated & automated wealth management services)
Traditional Investment, incl. Financial Advisors
Banks, Financial Institutions, and Financial Services Companies
Digital Investment, incl. Robo-advisors and Neobrokers
Full-Service Products for Investing and Trading
Retail/Non-Professional Investors

Commercial Assets or Assets Under Custody
Independent Financial Advisory Companies
Independent Financial Advisors (IFAs)
Full-Service Products for Insurance and Lending

The Wealth Management market in Belgium has been experiencing significant growth in recent years, driven by customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in Belgium have shifted towards a more personalized and holistic approach to wealth management.

Clients are increasingly seeking tailored solutions that address their individual financial goals and risk tolerance. They value transparency, trust, and long-term relationships with their wealth managers. This has led to an increased demand for comprehensive wealth management services, including investment advisory, financial planning, and estate planning.

Trends in the market indicate a growing interest in sustainable and socially responsible investing in Belgium. Investors are becoming more conscious of the environmental and social impact of their investment decisions and are seeking opportunities that align with their values. Wealth managers are responding to this trend by offering sustainable investment options and integrating environmental, social, and governance (ESG) criteria into their investment strategies.

Another trend in the Belgian wealth management market is the rise of digital platforms and robo-advisors. These platforms provide cost-effective and convenient investment solutions, particularly for tech-savvy and younger investors. Wealth managers are leveraging technology to enhance their service offerings, improve operational efficiency, and reach a wider client base.

Local special circumstances in Belgium, such as the country's high savings rate and aging population, contribute to the development of the wealth management market. Belgians have a strong savings culture, and wealth managers play a crucial role in helping individuals and families grow and preserve their wealth. Additionally, the aging population in Belgium has led to an increased focus on retirement planning and wealth transfer strategies.

Underlying macroeconomic factors, such as low interest rates and economic stability, have also influenced the growth of the wealth management market in Belgium. With interest rates at historic lows, investors are seeking alternative investment opportunities to generate higher returns. The country's stable economy and robust financial sector provide a favorable environment for wealth management activities.

In conclusion, the Wealth Management market in Belgium is developing in response to customer preferences for personalized and holistic services, trends towards sustainable investing and digitalization, local special circumstances such as high savings rate and aging population, and underlying macroeconomic factors such as low interest rates and economic stability. Wealth managers in Belgium are adapting to these dynamics by offering tailored solutions, integrating sustainable investing practices, leveraging digital platforms, and providing comprehensive retirement and wealth transfer strategies.

Data coverage:

The data encompasses B2C enterprises. The figures are based on gross revenues, assets under management, and user & advisor data of relevant services and products offered within the Wealth Management market.

Modeling approach / Market size:

Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players, industry reports, third-party reports, publicly available databases, and survey results from primary research activities (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as: GDP, gross national income (GNI), consumer spending, total investment (% of GDP), high income (% of population), and number of high-net-worth individuals (HNWI). This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption.

Additional notes:

The market is updated twice a year in case market dynamics change. The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

Private wealth management has developed significantly in recent years as a result of the growth of affluence worldwide. The number of millionaires in North America more than doubled between 2010 and 2022. A similar trend can be observed in the Asia-Pacific and Europe. The total wealth of the adult population in Europe has steadily increased since 2010. Private Wealth Management is an increasingly important service as the rate of wealth continues to increase among the general population and affluent high-net-worth-individuals. Coupled with the recent developments in the Fintech market, this has helped to open up new Private Wealth Management products and services to people with smaller amounts of disposable income and expanding services offered to larger clients.