Key regions: United States, Singapore, Europe, Switzerland, Canada
The Financial Advisory market in ASEAN has been experiencing significant growth in recent years, driven by changing customer preferences and favorable macroeconomic factors. Customer preferences in the ASEAN region have shifted towards seeking professional financial advice due to increasing complexity in the investment landscape and a growing awareness of the importance of financial planning.
As individuals become more affluent and financially literate, they are looking for expert guidance to help them navigate the complexities of investment options, retirement planning, and wealth management. Additionally, the younger generation in ASEAN is more open to seeking financial advice compared to previous generations, as they recognize the value of professional expertise in achieving their financial goals. Trends in the Financial Advisory market in ASEAN include the rise of digital platforms and robo-advisors.
These technological advancements have made financial advice more accessible and affordable for a wider range of customers. Digital platforms allow customers to access investment advice and manage their portfolios conveniently from their smartphones or computers. Robo-advisors, powered by algorithms, provide automated investment recommendations based on customers' risk profiles and investment goals.
These trends have democratized financial advice, making it more inclusive and reaching a larger customer base. Local special circumstances in the ASEAN region also contribute to the development of the Financial Advisory market. ASEAN countries have witnessed rapid economic growth and rising middle-class populations, resulting in increased wealth and disposable income.
This has created a growing demand for financial advisory services, as individuals seek to maximize their wealth and plan for their financial future. Furthermore, the ASEAN Economic Community (AEC) has facilitated cross-border trade and investment within the region, leading to greater integration and opportunities for financial advisors to expand their services across multiple countries. Underlying macroeconomic factors such as low interest rates and market volatility have also influenced the growth of the Financial Advisory market in ASEAN.
Low interest rates have pushed investors to seek alternative investment options to generate higher returns, leading to increased demand for financial advice. Market volatility, on the other hand, has highlighted the importance of risk management and asset allocation, driving individuals to seek professional guidance to navigate uncertain market conditions. In conclusion, the Financial Advisory market in ASEAN is expanding due to changing customer preferences, technological advancements, local special circumstances, and underlying macroeconomic factors.
As individuals in the region become more financially savvy and the middle class continues to grow, the demand for financial advisory services is expected to further increase. The adoption of digital platforms and robo-advisors will continue to shape the market, making financial advice more accessible and inclusive. Furthermore, the ASEAN region's economic integration and favorable macroeconomic conditions provide a conducive environment for the growth of the Financial Advisory market.
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).
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