Key regions: United States, Singapore, Europe, Switzerland, Canada
The Financial Advisory market in Turkey has been experiencing significant growth in recent years.
Customer preferences: One of the main reasons for this growth is the increasing demand for financial advice from individuals and businesses in Turkey. With the country's economy growing rapidly and becoming more complex, there is a greater need for expert guidance on investment strategies, retirement planning, and wealth management. Customers are seeking out financial advisors who can provide personalized advice and help them navigate the complexities of the financial markets.
Trends in the market: Another trend in the Financial Advisory market in Turkey is the rise of digital platforms and robo-advisors. These platforms offer automated investment advice and portfolio management services, making it easier and more affordable for individuals to access financial advice. This trend is driven by the increasing use of technology in everyday life and the desire for convenience and cost-effectiveness.
Local special circumstances: Turkey's young population is also contributing to the growth of the Financial Advisory market. With a large number of young professionals entering the workforce, there is a growing need for financial planning and advice on topics such as saving for retirement, buying a home, and starting a family. These individuals are looking for guidance on how to manage their finances and make smart investment decisions.
Underlying macroeconomic factors: The strong economic growth in Turkey is another factor driving the growth of the Financial Advisory market. As the economy expands, individuals and businesses are accumulating more wealth and seeking advice on how to manage and grow their assets. Additionally, the increasing number of foreign investors in Turkey's financial markets has created a need for specialized advice on international investment strategies. In conclusion, the Financial Advisory market in Turkey is experiencing significant growth due to increasing customer demand for financial advice, the rise of digital platforms and robo-advisors, the young population seeking financial planning, and the strong economic growth in the country. These trends and special circumstances are fueling the expansion of the market and providing opportunities for financial advisors to thrive in Turkey.
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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