Financial Advisory - Spain | Statista Market Forecast

Assets under Management in the Financial Advisory market are projected to reach US$791.00bn in 2024.
Assets under Management are expected to show an annual growth rate (CAGR 2024-2029) of 0.34%, resulting in a market volume of US$804.50bn 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 Spain has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends in the market, and local special circumstances. Customer preferences in the Financial Advisory market in Spain have shifted towards seeking professional advice and guidance for managing personal finances and investments.

This is partly due to the increasing complexity of financial products and the desire for personalized investment strategies. Customers are also becoming more aware of the importance of financial planning and retirement savings, leading to a greater demand for advisory services. One of the key trends in the market is the rise of robo-advisors, which are online platforms that provide automated investment advice based on algorithms.

These platforms have gained popularity among tech-savvy customers who prefer a low-cost and convenient way to invest. Robo-advisors have also attracted younger investors who are more comfortable with digital platforms and prefer a hands-off approach to investing. This trend has led to increased competition in the market, with traditional financial advisors adapting their services to incorporate digital offerings.

Another trend in the Financial Advisory market in Spain is the growing focus on sustainable and socially responsible investing. Customers are increasingly interested in investing in companies that align with their values and contribute to positive social and environmental outcomes. This trend has led to the emergence of specialized advisory firms that focus on sustainable investing strategies and offer tailored solutions to meet the needs of socially conscious investors.

In addition to changing customer preferences and emerging trends, there are also local special circumstances that have contributed to the development of the Financial Advisory market in Spain. The country's aging population and low interest rates have created a need for individuals to seek professional advice for retirement planning and investment strategies. The economic recovery following the global financial crisis has also increased the wealth and disposable income of individuals, leading to a greater demand for financial advisory services.

Underlying macroeconomic factors such as economic growth, market volatility, and regulatory changes also play a significant role in shaping the Financial Advisory market in Spain. A strong economy and favorable market conditions can lead to increased investor confidence and higher demand for advisory services. On the other hand, economic downturns and market uncertainty can lead to a decrease in investor confidence and a greater need for professional advice.

Regulatory changes, such as the implementation of the EU's MiFID II directive, have also had an impact on the market by increasing transparency and putting a greater emphasis on customer protection. Overall, the Financial Advisory market in Spain is developing in response to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The market is expected to continue growing as individuals seek professional advice for managing their personal finances and investments in an increasingly complex and uncertain financial landscape.

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.