Financial Advisory - Sweden | Statista Market Forecast

Assets under Management in the Financial Advisory market are projected to reach US$770.10bn in 2024.
Assets under Management are expected to show an annual growth rate (CAGR 2024-2029) of 0.50%, resulting in a market volume of US$789.50bn 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 Sweden has seen significant growth and development in recent years.

Customer preferences: Swedish customers have shown a strong preference for personalized financial advice and guidance. They value the expertise and knowledge of financial advisors in helping them make informed decisions about their investments and financial goals. Additionally, customers in Sweden prioritize transparency and trust in their relationships with financial advisors, seeking professionals who can provide objective and unbiased advice.

Trends in the market: One of the key trends in the Financial Advisory market in Sweden is the increasing demand for sustainable and socially responsible investing. Swedish customers are becoming more conscious of the environmental and social impact of their investments, and they are seeking financial advisors who can help them align their investment strategies with their values. This trend is driven by a combination of factors, including growing awareness of climate change and social issues, as well as government initiatives to promote sustainable investing. Another trend in the market is the rise of digital advisory platforms. Swedish customers are increasingly using online platforms and mobile applications to access financial advice and manage their investments. This trend is driven by the convenience and accessibility of digital platforms, as well as the lower costs compared to traditional advisory services. However, despite the growth of digital platforms, there is still a demand for face-to-face interactions with financial advisors, especially for complex financial planning and retirement advice.

Local special circumstances: Sweden has a highly developed and sophisticated financial services industry, which provides a conducive environment for the growth of the Financial Advisory market. The country has a strong regulatory framework that ensures consumer protection and promotes transparency in the financial sector. Additionally, Sweden has a high level of financial literacy among its population, which contributes to the demand for financial advisory services.

Underlying macroeconomic factors: The development of the Financial Advisory market in Sweden is also influenced by macroeconomic factors. The country has a stable and prosperous economy, with high levels of disposable income and a strong culture of saving and investing. The low interest rate environment in Sweden has also contributed to the growth of the market, as customers seek alternative investment options to generate higher returns. Furthermore, the aging population in Sweden has created a need for retirement planning and long-term financial advice, driving the demand for financial advisory services. In conclusion, the Financial Advisory market in Sweden is experiencing growth and development driven by customer preferences for personalized advice, the rise of sustainable investing, and the adoption of digital platforms. The country's strong financial services industry, regulatory framework, and macroeconomic factors also contribute to the growth of the market. As the market continues to evolve, financial advisors in Sweden will need to adapt to changing customer preferences and leverage technology to meet the needs of their clients.

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.