Financial Advisory - Peru | Statista Market Forecast

Assets under Management in the Financial Advisory market are projected to reach US$66.08bn in 2024.
Assets under Management are expected to show an annual growth rate (CAGR 2024-2029) of 0.48%, resulting in a market volume of US$67.68bn 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 Peru is experiencing significant growth and development.

Customer preferences: Peruvian customers have shown a growing interest in seeking professional financial advice to help them navigate the complexities of the financial landscape. This is due to several factors, including increasing disposable income, a desire for wealth accumulation, and a need for expert guidance in managing their finances. Additionally, customers are becoming more aware of the benefits of financial planning and are actively seeking out advisors who can provide personalized solutions to their financial goals and needs.

Trends in the market: One of the key trends in the Financial Advisory market in Peru is the rise of digital platforms and technologies. Many Peruvian customers are embracing digital tools and platforms to access financial advice and services. This trend is driven by the convenience and accessibility offered by digital platforms, as well as the ability to access a wide range of financial products and services. As a result, financial advisory firms in Peru are increasingly incorporating digital solutions into their offerings to meet the evolving needs of their customers. Another trend in the market is the growing demand for sustainable and socially responsible investments. Peruvian customers are becoming more conscious of the environmental and social impact of their investments and are seeking advisors who can provide them with options that align with their values. This trend is driven by a global shift towards sustainable investing and the increasing awareness of environmental and social issues. As a result, financial advisory firms in Peru are expanding their offerings to include sustainable investment products and services.

Local special circumstances: Peru has a rapidly growing middle class, which is driving the demand for financial advisory services. As more Peruvians join the middle class, they are looking for ways to secure their financial future and achieve their financial goals. This has created a significant opportunity for financial advisory firms to cater to this growing customer segment and provide them with the guidance and support they need.

Underlying macroeconomic factors: The growth and development of the Financial Advisory market in Peru are also influenced by several macroeconomic factors. Peru has experienced steady economic growth in recent years, which has resulted in an increase in disposable income and wealth accumulation. This has created a larger pool of potential customers for financial advisory firms. Additionally, Peru has a relatively low level of financial literacy, with many individuals lacking the necessary knowledge and skills to effectively manage their finances. This has created a need for financial advisory services to help educate and empower individuals to make informed financial decisions. In conclusion, the Financial Advisory market in Peru is growing and evolving to meet the changing needs and preferences of customers. The rise of digital platforms, the demand for sustainable investments, and the growing middle class are all contributing to the development of the market. Financial advisory firms in Peru are adapting to these trends and leveraging the underlying macroeconomic factors to expand their offerings and attract a larger customer base.

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.