Key regions: United States, Singapore, Europe, Switzerland, Canada
The Financial Advisory market in Sri Lanka is experiencing significant growth and development.
Customer preferences: Customers in Sri Lanka are increasingly seeking professional financial advice to help them make informed decisions about their investments and financial planning. This trend can be attributed to several factors. Firstly, individuals are becoming more aware of the importance of financial planning and the need to secure their financial future. Secondly, the complexity of the financial markets and investment options has increased, making it more difficult for individuals to navigate on their own. Finally, the growing middle class in Sri Lanka has led to an increase in disposable income, creating a greater demand for financial advisory services.
Trends in the market: One of the key trends in the Financial Advisory market in Sri Lanka is the shift towards fee-based advisory services. Traditionally, financial advisors in Sri Lanka have been compensated through commissions on the products they sell. However, there is a growing recognition that this model can create conflicts of interest and may not always be in the best interest of the client. As a result, more financial advisory firms are adopting a fee-based model, where clients pay a fee for the advice and services they receive. This trend is in line with global best practices and is expected to continue in the future. Another trend in the market is the increasing use of technology in financial advisory services. With the advancement of technology, financial advisors are able to leverage digital platforms to provide more efficient and convenient services to their clients. This includes online portfolio management tools, robo-advisors, and mobile applications that allow clients to access their investment information and receive advice at any time. This trend is driven by the increasing digital literacy among the population and the desire for more accessible and convenient financial services.
Local special circumstances: Sri Lanka has a well-established banking sector and a growing capital market, which provides a solid foundation for the development of the Financial Advisory market. The country has a strong regulatory framework in place to protect investors and ensure the integrity of the financial system. This includes the Securities and Exchange Commission of Sri Lanka, which regulates and supervises the capital market, and the Insurance Regulatory Commission of Sri Lanka, which oversees the insurance industry. These regulatory bodies play a crucial role in maintaining investor confidence and promoting the growth of the Financial Advisory market.
Underlying macroeconomic factors: The growth and development of the Financial Advisory market in Sri Lanka is also supported by favorable macroeconomic factors. The country has experienced steady economic growth in recent years, driven by sectors such as tourism, manufacturing, and services. This has led to an increase in disposable income and wealth accumulation, creating a greater demand for financial advisory services. Additionally, Sri Lanka has a young and educated population, which provides a potential customer base for financial advisory firms. The government's focus on promoting financial literacy and inclusion further enhances the growth prospects of the Financial Advisory market in Sri Lanka.
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).
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