Wealth Management

Assets under Management in the Wealth Management market are projected to reach US$334.00bn in 2024.
Financial Advisory dominates the market with a projected market volume of US$329.90bn in 2024.
Assets under Management are expected to show an annual growth rate (CAGR 2024-2029) of 1.15%, resulting in a market volume of US$353.70bn by 2029.

Definition:

Wealth management is a service provided by financial institutions, such as banks or investment firms, to help individuals manage their money and investments. The goal of wealth management is to help people grow and protect their wealth over time, by creating personalized investment plans that consider their financial goals, risk tolerance, and overall financial situation. This goal ultimately emphasizes wealth creation through wealth preservation.

Structure:

The Wealth Management market consists of two different segments, Financial Advisory and Digital Investment. Financial Advisory covers traditional financial advisory services and provides a broader look into the revenue generated by this offering. Digital Investment contains automated investment services (Robo-Advisors) and online trading services (Neobrokers) that go beyond the means of traditional financial advisory services.

Additional information:

The market comprises of revenues, number of advisors, average revenue per advisor, assets under management (AUM), users, average revenue per user, and average AUM per user. Revenues are generated through the financial advisory services offered by the financial institutions within the Wealth Management market space. The market only displays B2C revenues and users for the above-mentioned segments and subsegments; B2B and B2G revenues are not included. Additional definitions for each segment can be found on the respective segment pages.
Market numbers for Digital Investment are also featured among our digital markets, namely in the Digital Investment segment of the Fintech market.
Key players in the market include financial institutions such as BlackRock, Vanguard Group, Fidelity Investments, State Street Global, and J.P. Morgan Chase & Co.

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Traditional & Digital Wealth Management (non-automated & automated wealth management services)
Traditional Investment, incl. Financial Advisors
Banks, Financial Institutions, and Financial Services Companies
Digital Investment, incl. Robo-advisors and Neobrokers
Full-Service Products for Investing and Trading
Retail/Non-Professional Investors

Commercial Assets or Assets Under Custody
Independent Financial Advisory Companies
Independent Financial Advisors (IFAs)
Full-Service Products for Insurance and Lending

The Wealth Management market in Greece has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Wealth Management market have been shifting towards a more personalized and holistic approach.

Clients are increasingly seeking customized solutions that cater to their individual financial goals and risk appetite. They are also placing greater emphasis on transparency, trust, and ethical practices when selecting wealth management providers. This shift in customer preferences is not unique to Greece, but is a global trend driven by increased awareness and education about financial products and services.

One of the key trends in the Greek Wealth Management market is the growing demand for sustainable and socially responsible investments. Investors are becoming more conscious of the environmental, social, and governance (ESG) factors associated with their investments and are seeking wealth management solutions that align with their values. This trend is driven by a combination of factors, including increased awareness of climate change and social issues, as well as regulatory initiatives promoting sustainable finance.

Another trend in the market is the rise of digital wealth management platforms. These platforms leverage technology to offer convenient and cost-effective investment solutions to a broader range of clients. They provide access to a wide range of investment products, portfolio management tools, and financial planning services, all through user-friendly interfaces.

This trend is driven by advancements in technology, changing customer expectations for digital experiences, and the need for wealth managers to streamline their operations and reduce costs. Local special circumstances in Greece have also contributed to the development of the Wealth Management market. The country has a high net worth population, with a significant number of individuals and families seeking professional advice to manage their wealth.

Additionally, Greece has a well-established banking sector and a strong culture of saving and investment. Underlying macroeconomic factors have also played a role in the growth of the Wealth Management market in Greece. The country has experienced economic recovery in recent years, following a period of financial crisis.

This has led to increased investor confidence and a growing appetite for wealth management services. Additionally, low interest rates have made traditional savings and investment products less attractive, driving individuals to seek alternative investment options. In conclusion, the Wealth Management market in Greece is developing in response to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors.

The market is witnessing a shift towards personalized and sustainable wealth management solutions, as well as the adoption of digital platforms. These developments are driven by global trends, such as increased awareness of ESG factors and advancements in technology. Greece's high net worth population, well-established banking sector, and improving economic conditions have also contributed to the growth of the market.

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.