Financial Advisory - Ghana | Statista Market Forecast

Assets under Management in the Financial Advisory market are projected to reach US$3.32bn in 2024.
Assets under Management are expected to show an annual growth rate (CAGR 2024-2029) of 0.08%, resulting in a market volume of US$3.33bn 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 Ghana has been experiencing significant growth and development in recent years. Customer preferences in the Financial Advisory market in Ghana have been shifting towards seeking professional advice and guidance for their investment and financial planning needs.

With the increasing complexity of financial products and services, customers are recognizing the value of expert advice to help them navigate the market and make informed decisions. Additionally, there is a growing awareness among customers about the importance of long-term financial planning and wealth management, leading to an increased demand for Financial Advisory services. Trends in the market indicate a rise in the number of Financial Advisory firms and professionals in Ghana.

This can be attributed to the increasing demand for their services and the recognition of the potential profitability of the market. As more firms enter the market, competition is intensifying, leading to a greater focus on customer satisfaction and differentiation strategies. Local special circumstances in Ghana contribute to the development of the Financial Advisory market.

The country has a relatively young population, with a significant portion of the population entering the workforce and accumulating wealth. This presents an opportunity for Financial Advisory firms to target these individuals and provide them with the necessary guidance to manage their finances effectively. Additionally, Ghana has a growing middle class, which further fuels the demand for Financial Advisory services as individuals seek to optimize their financial resources.

Underlying macroeconomic factors also play a role in the development of the Financial Advisory market in Ghana. The country has experienced stable economic growth in recent years, which has resulted in an increase in disposable income and investment opportunities. This, coupled with a favorable regulatory environment, provides a conducive environment for the growth of the Financial Advisory market.

In conclusion, the Financial Advisory market in Ghana is developing due to changing customer preferences, increasing competition, local special circumstances, and favorable macroeconomic factors. As customers seek professional guidance for their financial planning needs, the market is witnessing a rise in the number of Financial Advisory firms and professionals. With the country's young population and growing middle class, there is a significant opportunity for the market to expand further.

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.