Wealth Management

Assets under Management in the Wealth Management market are projected to reach US$5.59bn in 2024.
Financial Advisory dominates the market with a projected market volume of US$5.12bn in 2024.
Assets under Management are expected to show an annual growth rate (CAGR 2024-2029) of 0.83%, resulting in a market volume of US$5.83bn 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 Croatia is experiencing significant growth and development, driven by several key factors.

Customer preferences: In recent years, there has been a shift in customer preferences towards more personalized and tailored wealth management services. Clients are increasingly seeking customized solutions that meet their specific financial goals and risk appetite. This trend is driven by the growing awareness and sophistication of Croatian investors, who are becoming more knowledgeable about investment options and are demanding higher quality services from wealth management providers.

Trends in the market: One of the key trends in the Wealth Management market in Croatia is the increasing demand for digital wealth management platforms. With the advancement of technology, clients are now able to access their investment portfolios and financial information through online platforms, making it more convenient and efficient to manage their wealth. This trend is particularly appealing to younger investors who are tech-savvy and prefer digital solutions over traditional methods. Another trend in the market is the growing interest in sustainable investing. Croatian investors are becoming more conscious of environmental, social, and governance (ESG) factors and are seeking investment opportunities that align with their values. This trend is driven by the global focus on sustainability and responsible investing, as well as the increasing awareness of the impact of climate change and social issues. Wealth management providers are responding to this demand by offering ESG-focused investment products and integrating sustainability considerations into their investment strategies.

Local special circumstances: Croatia's membership in the European Union has had a positive impact on the Wealth Management market. The country's integration into the EU has opened up opportunities for cross-border investments and increased access to international markets. This has allowed Croatian investors to diversify their portfolios and benefit from the expertise and resources of global wealth management firms. Furthermore, the low interest rate environment in Croatia has also contributed to the growth of the Wealth Management market. With interest rates at historic lows, investors are seeking alternative investment options that offer higher returns. This has led to increased demand for wealth management services as individuals look for professional guidance in navigating the complex investment landscape and maximizing their returns.

Underlying macroeconomic factors: The overall economic growth and stability in Croatia have played a significant role in the development of the Wealth Management market. As the economy expands, individuals and businesses accumulate wealth and require professional advice on how to manage and grow their assets. The favorable macroeconomic conditions, including low inflation and stable financial markets, have created a conducive environment for wealth management providers to operate and attract clients. In conclusion, the Wealth Management market in Croatia is experiencing growth and development driven by customer preferences for personalized services, the adoption of digital platforms, and the increasing interest in sustainable investing. The country's EU membership and the low interest rate environment further contribute to the growth of the market. With the ongoing economic stability and favorable macroeconomic conditions, the future of the Wealth Management market in Croatia looks promising.

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.