Key regions: United States, Singapore, Europe, Switzerland, Canada
The Financial Advisory market in Croatia has been experiencing significant growth in recent years.
Customer preferences: Customers in Croatia are increasingly seeking financial advice to help them navigate the complex and ever-changing financial landscape. They are looking for professionals who can provide personalized advice and guidance tailored to their individual needs and goals. Additionally, there is a growing demand for digital solutions in the financial advisory sector, with customers expecting convenient and accessible online platforms that allow them to manage their finances more efficiently.
Trends in the market: One of the key trends in the Financial Advisory market in Croatia is the rise of independent financial advisors. These advisors are not affiliated with any specific financial institution and are able to offer unbiased advice to their clients. This trend is driven by the increasing demand for personalized and independent financial advice, as well as the desire for transparency and trust in the advisory process. Another trend in the market is the growing popularity of robo-advisors. These digital platforms use algorithms to provide automated investment advice and portfolio management services. Robo-advisors are gaining traction in Croatia due to their low fees, ease of use, and ability to provide investment advice to a wider range of customers.
Local special circumstances: Croatia's financial advisory market is influenced by the country's economic and political environment. The country has a relatively small population and a developing economy, which means that the market is still maturing compared to more established markets. However, Croatia's membership in the European Union has opened up opportunities for financial advisory firms to expand their services and cater to a broader client base.
Underlying macroeconomic factors: The growth of the Financial Advisory market in Croatia can be attributed to several underlying macroeconomic factors. Firstly, the country has experienced stable economic growth in recent years, which has increased the disposable income of individuals and created a greater need for financial advice. Additionally, low interest rates have made traditional savings and investment products less attractive, leading individuals to seek alternative investment opportunities and guidance. In conclusion, the Financial Advisory market in Croatia is developing in response to changing customer preferences, including the demand for personalized advice and the adoption of digital solutions. The rise of independent financial advisors and robo-advisors reflects these preferences and provides customers with more options for managing their finances. The market is also influenced by local special circumstances, such as Croatia's small population and developing economy. Overall, the growth of the Financial Advisory market in Croatia is supported by underlying macroeconomic factors, including stable economic growth and low interest rates.
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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