Wealth Management

Assets under Management in the Wealth Management market are projected to reach US$29.71bn in 2024.
Financial Advisory dominates the market with a projected market volume of US$27.44bn in 2024.
Assets under Management are expected to show an annual growth rate (CAGR 2024-2029) of 0.84%, resulting in a market volume of US$30.99bn 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 Iran has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends, and local special circumstances. Customer preferences in the Wealth Management market in Iran have shifted towards a more sophisticated and diversified range of investment options.

Investors are increasingly seeking personalized and tailored solutions that can help them achieve their financial goals. This has led to a rise in demand for wealth management services that offer a wide range of investment products, including stocks, bonds, mutual funds, and alternative investments such as real estate and private equity. Additionally, customers are also placing greater emphasis on transparency, risk management, and ethical investing practices.

One of the key trends in the Wealth Management market in Iran is the growing adoption of digital technology. As technology continues to advance, customers are increasingly using digital platforms and mobile applications to access wealth management services. This trend is driven by the convenience and accessibility offered by digital platforms, as well as the ability to access real-time information and make informed investment decisions.

Wealth management firms are responding to this trend by investing in digital infrastructure and developing user-friendly platforms that cater to the needs of tech-savvy customers. Another trend in the market is the increasing focus on sustainable and socially responsible investing. Customers are becoming more conscious of the environmental, social, and governance (ESG) factors associated with their investments, and are seeking wealth management services that align with their values.

This trend is driven by a growing awareness of the potential impact of investments on the environment and society, as well as the desire to support companies that demonstrate good corporate citizenship. In addition to changing customer preferences and emerging trends, the Wealth Management market in Iran is also influenced by local special circumstances. Iran has a large and growing population of high-net-worth individuals (HNWIs) who are looking for professional wealth management services to help them preserve and grow their wealth.

The country also has a well-developed financial sector, with a strong regulatory framework and a wide range of financial institutions offering wealth management services. This provides a conducive environment for the growth of the Wealth Management market. Underlying macroeconomic factors also play a role in the development of the Wealth Management market in Iran.

The country has a stable and growing economy, with a favorable investment climate and a strong focus on economic diversification. This has attracted both domestic and foreign investors, who are seeking wealth management services to capitalize on the opportunities presented by the Iranian market. Additionally, the government has implemented policies to encourage investment and promote the development of the financial sector, further supporting the growth of the Wealth Management market.

In conclusion, the Wealth Management market in Iran is experiencing growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. As customers seek more personalized and diversified investment options, wealth management firms are adapting by embracing digital technology and focusing on sustainable and socially responsible investing. The country's large population of HNWIs, well-developed financial sector, and favorable macroeconomic conditions are also contributing 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.