Key regions: United States, Singapore, Europe, Switzerland, Canada
The Financial Advisory market in Latvia has been experiencing steady growth in recent years, driven by changing customer preferences and local special circumstances.
Customer preferences: Customers in Latvia are increasingly seeking professional financial advice to help them navigate the complex and volatile financial landscape. They are looking for personalized and tailored solutions that take into account their individual financial goals and risk tolerance. As a result, there is a growing demand for independent financial advisors who can provide unbiased advice and recommendations.
Trends in the market: One of the key trends in the Financial Advisory market in Latvia is the shift towards fee-based advisory services. Customers are becoming more aware of the potential conflicts of interest associated with commission-based compensation models, and are therefore opting for fee-based advisors who are compensated based on the value of their advice rather than the products they sell. This trend is in line with global market developments, as customers worldwide are increasingly demanding transparency and objectivity in financial advice. Another trend in the market is the growing popularity of digital advisory platforms. Customers are increasingly comfortable using technology to manage their finances and are looking for convenient and accessible ways to receive financial advice. Digital platforms offer a range of services, from automated investment management to personalized financial planning, and are particularly appealing to younger customers who are tech-savvy and value convenience.
Local special circumstances: Latvia has a relatively small population and a developing financial market, which presents both opportunities and challenges for Financial Advisory firms. On one hand, the market is less saturated compared to more mature markets, which means there is room for new players to enter and expand their market share. On the other hand, the smaller market size means that Financial Advisory firms need to be agile and innovative in order to attract and retain customers.
Underlying macroeconomic factors: The development of the Financial Advisory market in Latvia is also influenced by underlying macroeconomic factors. The country has experienced steady economic growth in recent years, which has increased the wealth and disposable income of individuals. This has created a larger pool of potential customers for Financial Advisory firms, as more people are in need of professional financial advice to manage their growing wealth. Furthermore, Latvia is part of the European Union, which means that it is subject to EU regulations and standards. This provides a level of stability and transparency in the financial sector, which is important for customers seeking financial advice. The country's integration into the EU also opens up opportunities for Financial Advisory firms to expand their services beyond the domestic market and cater to international clients. In conclusion, the Financial Advisory market in Latvia is developing in response to changing customer preferences, local special circumstances, and underlying macroeconomic factors. Customers are seeking personalized and unbiased advice, leading to a shift towards fee-based advisory services and the rise of digital platforms. The small market size and EU membership present both opportunities and challenges for Financial Advisory firms operating in Latvia.
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).
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
