Financial Advisory - Ireland | Statista Market Forecast

Assets under Management in the Financial Advisory market are projected to reach US$186.90bn in 2024.
Assets under Management are expected to show an annual growth rate (CAGR 2024-2029) of 0.27%, resulting in a market volume of US$189.50bn 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 Ireland is experiencing significant growth and development.

Customer preferences: Customers in Ireland are increasingly seeking financial advice to help them navigate complex investment options and plan for their financial future. This is driven by a growing awareness of the importance of financial planning and the desire to make informed decisions about their money. Customers are also looking for personalized and tailored advice that takes into account their individual circumstances and goals. They value transparency and trust in their financial advisors, and are willing to pay for quality advice and service.

Trends in the market: One of the key trends in the Financial Advisory market in Ireland is the rise of digital platforms and robo-advisors. These platforms leverage technology to provide automated investment advice and portfolio management services. They offer convenience, lower costs, and access to a wider range of investment options. This trend is particularly appealing to younger customers who are comfortable with technology and prefer a self-service approach to managing their finances. Another trend in the market is the increasing focus on sustainable and responsible investing. Customers in Ireland are becoming more conscious of the environmental and social impact of their investments and are seeking financial advisors who can help them align their investments with their values. This trend is driven by a growing awareness of climate change and social issues, as well as regulatory initiatives promoting sustainable finance.

Local special circumstances: Ireland's position as a global hub for multinational companies and the presence of a large financial services sector contribute to the growth of the Financial Advisory market. The country's favorable tax regime and business-friendly environment attract foreign investment, creating opportunities for financial advisors to work with international clients. Additionally, the Irish population has a high level of financial literacy, which further fuels demand for financial advisory services.

Underlying macroeconomic factors: The strong economic growth in Ireland, coupled with low interest rates, has created a favorable environment for investment. This has led to increased demand for financial advisory services as individuals and businesses seek guidance on how to maximize their returns and manage risk. The stability of the Irish economy and its membership in the European Union also provide a solid foundation for the Financial Advisory market. In conclusion, the Financial Advisory market in Ireland is experiencing growth and development driven by customer preferences for personalized advice, the rise of digital platforms and robo-advisors, the focus on sustainable investing, and the country's favorable business environment. These trends, along with the strong economic growth and stability, are expected to continue driving the growth of the market in the coming years.

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.