Key regions: United States, Singapore, Europe, Switzerland, Canada
The Financial Advisory market in CIS has been experiencing significant growth and development in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this positive trend.
Customer preferences in the CIS region have shifted towards seeking professional financial advice. As the economy has become more complex and individuals have accumulated wealth, there is a growing demand for expert guidance in managing finances. Clients are increasingly looking for personalized and tailored solutions to their financial needs, rather than relying solely on traditional banking services.
They also value transparency and trust in their financial advisors, which has led to a rise in the number of independent advisory firms. Trends in the market indicate a shift towards fee-based financial advisory services. Clients are willing to pay for quality advice and are no longer satisfied with commission-based models that may create conflicts of interest.
This trend is in line with global developments in the financial advisory industry, as regulators and clients alike recognize the benefits of fee-based models in ensuring unbiased advice. Local special circumstances in the CIS region have also contributed to the growth of the financial advisory market. The region has a high concentration of wealthy individuals and families, many of whom have accumulated significant wealth through the natural resources sector.
These clients often have complex financial needs and require specialized advice to manage their assets and plan for the future. Additionally, the region has a relatively underdeveloped financial market, which has created opportunities for financial advisory firms to fill the gap and provide much-needed services. Underlying macroeconomic factors have played a role in the development of the financial advisory market in the CIS region.
Economic growth and increasing prosperity have led to a rise in the number of individuals and families seeking professional financial advice. As the region continues to diversify its economy and attract foreign investment, there is a growing need for expert guidance in navigating the complexities of the financial markets. Additionally, regulatory reforms and efforts to improve corporate governance have created a more favorable environment for the financial advisory industry to thrive.
In conclusion, the Financial Advisory market in CIS is developing rapidly due to changing customer preferences, trends towards fee-based services, local special circumstances, and underlying macroeconomic factors. As the region continues to grow and evolve, the demand for professional financial advice is expected to increase, providing ample opportunities for financial advisory firms to expand their presence and services in the CIS 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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