Market Insights Financial Wealth Management

Financial Advisory - Serbia

Serbia

In Serbia, the Financial Advisory market is expected to witness a significant growth in the coming years.
According to projections, the assets under management in this market are anticipated to reach US$3.56bn by the year 2024.
Furthermore, it is estimated that there will be a steady annual growth rate of 0.56% between 2024 and 2028, leading to a market volume of US$3.64bn by 2028.
This indicates a positive outlook for the Financial Advisory market sector in Serbia.
Serbia's financial advisory market is experiencing a surge in demand as investors seek guidance amidst economic uncertainty.

Key regions: United States, Singapore, Europe, Switzerland, Canada

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Analyst Opinion

The Financial Advisory market in Serbia has been experiencing significant growth in recent years. Customer preferences have shifted towards seeking professional advice and guidance for their financial decisions. This trend is driven by several factors, including the increasing complexity of financial products and the desire for personalized financial planning.

Customer preferences: Customers in Serbia are increasingly seeking professional financial advice to help them navigate the complex financial landscape. They are looking for expert guidance on investment strategies, retirement planning, and risk management. This shift in customer preferences can be attributed to the growing awareness of the importance of financial planning and the need for expert advice in making informed financial decisions.

Trends in the market: One of the key trends in the Financial Advisory market in Serbia is the rise of independent financial advisors. These advisors offer unbiased advice and personalized solutions tailored to the specific needs of their clients. This trend is driven by the increasing demand for personalized financial planning and the desire for objective advice. Another trend in the market is the growing popularity of online financial advisory platforms. These platforms provide convenient access to financial advice and services, allowing customers to manage their finances from the comfort of their homes. This trend is fueled by the increasing digitalization of the financial industry and the desire for convenience and accessibility.

Local special circumstances: Serbia is a country with a developing financial market, and this presents both opportunities and challenges for the Financial Advisory sector. On one hand, the relatively low penetration of financial services provides a large untapped market for financial advisors. On the other hand, the lack of awareness and understanding of financial products and services among the general population poses a challenge for advisors in educating and building trust with potential clients.

Underlying macroeconomic factors: The development of the Financial Advisory market in Serbia is also influenced by underlying macroeconomic factors. The country has been experiencing steady economic growth, which has resulted in an increase in disposable income and a growing middle class. This has created a greater demand for financial advice and services. Additionally, Serbia's integration into the European Union has opened up opportunities for cross-border investments and financial transactions. This has increased the need for expert advice on international financial matters, such as tax planning and investment diversification. In conclusion, the Financial Advisory market in Serbia is experiencing growth due to changing customer preferences, including the desire for personalized financial planning and the need for expert advice. The rise of independent financial advisors and online platforms are key trends in the market. However, the sector also faces challenges in terms of low financial literacy and awareness among the general population. The underlying macroeconomic factors, such as economic growth and EU integration, further contribute to the development of the market.

Methodology

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).