Key regions: United States, Singapore, Europe, Switzerland, Canada
The Financial Advisory market in BRICS is experiencing significant growth and development. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors are all contributing to this positive trend.
Customer preferences in the Financial Advisory market in BRICS are shifting towards more personalized and tailored services. Clients are seeking advisors who can provide customized solutions based on their individual financial goals and risk tolerance. This preference for personalized advice is driving the demand for financial advisors who can offer a wide range of services, including investment planning, retirement planning, and estate planning.
Trends in the market are also playing a role in the development of the Financial Advisory market in BRICS. One notable trend is the increasing adoption of technology in financial advisory services. Digital platforms and robo-advisors are becoming more popular, especially among younger investors who are comfortable with technology and prefer a more automated approach to investing.
This trend is driving innovation in the industry and forcing traditional financial advisors to adapt and incorporate technology into their services. Another trend in the market is the growing focus on sustainable and socially responsible investing. Investors in BRICS countries are becoming more conscious of the environmental and social impact of their investments and are seeking advisors who can help them align their financial goals with their values.
This trend is driving the demand for financial advisors who have expertise in sustainable investing and can provide guidance on socially responsible investment strategies. Local special circumstances are also contributing to the development of the Financial Advisory market in BRICS. Each country in the BRICS group has its own unique set of circumstances that are shaping the market.
For example, in Brazil, the recent pension reform has created a need for financial advisors who can help individuals navigate the new retirement system. In Russia, the increasing wealth of the middle class is driving demand for financial advisory services. In India, the government's push for financial inclusion is creating opportunities for financial advisors to reach underserved populations.
Underlying macroeconomic factors are also playing a role in the growth of the Financial Advisory market in BRICS. Economic growth, rising incomes, and a growing middle class are all contributing to an increase in the number of individuals seeking financial advice. As the economies of BRICS countries continue to develop, the demand for financial advisory services is expected to increase further.
In conclusion, the Financial Advisory market in BRICS is experiencing significant growth and development. Customer preferences for personalized and tailored services, trends in the market such as the adoption of technology and the focus on sustainable investing, local special circumstances in each country, and underlying macroeconomic factors are all contributing to this positive trend.
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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