Financial Advisory - Gambia | Statista Market Forecast

Assets under Management in the Financial Advisory market are projected to reach US$56.74m in 2024.
Assets under Management are expected to show an annual growth rate (CAGR 2024-2029) of 0.53%, resulting in a market volume of US$58.26m by 2029.

Definition:

Financial advisory is the process of providing guidance and recommendations to clients regarding their financial decisions. Financial advisors use their expertise and knowledge to help clients make informed decisions about their investments, retirement planning, taxes, insurance, and other financial matters. The Financial Advisory segment encompasses the revenues generated by this service by both financial institutions and advisors, and includes the number of financial advisors, average revenue per advisor, and assets under management (AUM).

Traditional Wealth Management (non-automated wealth management services)
Traditional Investment, incl. Financial Advisors
Banks, Financial Institutions, and Financial Services Companies
B2C & B2B Revenues
Full-Service Products for Insurance, Investing, Lending, and Trading

Commercial Assets or Assets Under Custody
Digital Wealth Management (automated wealth management services)
Digital Investment, incl. Robo-advisors and Neobrokers
Independent Financial Advisory Companies
Independent Financial Advisors (IFAs)
Retail/Non-Professional Investors

The Financial Advisory market in Gambia has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this development.

Customer preferences in Gambia have shifted towards seeking professional financial advice. As the economy continues to grow, individuals and businesses are looking for ways to manage their wealth and make informed investment decisions. This has created a demand for financial advisory services that can provide personalized advice and guidance.

One trend in the market is the increasing use of technology in financial advisory services. Digital platforms and mobile applications have made it easier for individuals to access financial advice and services. This has allowed financial advisors to reach a larger customer base and provide more efficient and convenient services.

Another trend is the growing focus on sustainable and socially responsible investing. Customers in Gambia are becoming more conscious of the environmental and social impact of their investments. As a result, they are seeking financial advisors who can help them align their investments with their values.

This trend has led to the rise of specialized advisory firms that focus on sustainable investing. Local special circumstances in Gambia have also contributed to the development of the Financial Advisory market. The country has a young and growing population, with a significant portion of the population being under the age of 30.

This demographic trend has led to an increased demand for financial advice, as young individuals seek guidance on managing their finances and planning for the future. Furthermore, Gambia has a relatively low level of financial literacy. Many individuals lack the knowledge and skills to make informed financial decisions on their own.

This has created a need for financial advisors who can provide education and guidance to help individuals navigate the complex world of finance. Underlying macroeconomic factors have also played a role in the development of the Financial Advisory market in Gambia. The country has experienced steady economic growth in recent years, driven by sectors such as tourism, agriculture, and services.

This has led to an increase in disposable income and wealth accumulation, creating a larger market for financial advisory services. In conclusion, the Financial Advisory market in Gambia is developing due to customer preferences for professional advice, trends such as the use of technology and sustainable investing, local special circumstances including a young population and low financial literacy, and underlying macroeconomic factors such as economic growth and increased wealth. As the market continues to evolve, financial advisors in Gambia will need to adapt to meet the changing needs and preferences of their customers.

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.