Wealth Management

Assets under Management in the Wealth Management market are projected to reach US$201.50bn in 2024.
Financial Advisory dominates the market with a projected market volume of US$186.90bn in 2024.
Assets under Management are expected to show an annual growth rate (CAGR 2024-2029) of 0.40%, resulting in a market volume of US$205.60bn 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 Ireland has been experiencing significant growth in recent years, driven by customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Wealth Management market in Ireland have been shifting towards more personalized and holistic financial planning services.

Clients are increasingly seeking wealth managers who can provide comprehensive advice and solutions tailored to their individual needs and goals. This includes services such as investment management, retirement planning, tax planning, and estate planning. Additionally, clients are placing a greater emphasis on sustainability and socially responsible investing, as they seek to align their investments with their values.

Trends in the market are also contributing to the development of the Wealth Management industry in Ireland. One key trend is the growing demand for digital wealth management solutions. Clients are increasingly using online platforms and mobile apps to access their investment portfolios, monitor their financial goals, and communicate with their wealth managers.

This trend is driven by the convenience and accessibility of digital platforms, as well as the desire for real-time information and control over investments. Another trend in the Irish Wealth Management market is the increasing importance of wealth transfer and succession planning. As the population ages and wealth is transferred from one generation to the next, there is a growing need for wealth managers who can help clients navigate the complexities of estate planning and ensure a smooth transfer of assets.

This includes advising on tax-efficient strategies and helping clients establish trusts and other structures to protect and preserve their wealth for future generations. Local special circumstances in Ireland also contribute to the development of the Wealth Management market. Ireland has a favorable tax regime for high net worth individuals, with a low corporate tax rate and various tax incentives for investment and wealth management activities.

This has attracted international wealth managers to establish a presence in Ireland and serve both domestic and international clients. Underlying macroeconomic factors have also played a role in the growth of the Wealth Management market in Ireland. The country has experienced strong economic growth in recent years, driven by factors such as foreign direct investment, a skilled workforce, and a favorable business environment.

This has led to an increase in wealth creation and the accumulation of assets, creating a greater demand for wealth management services. In conclusion, the Wealth Management market in Ireland is developing due to customer preferences for personalized and holistic financial planning services, trends such as the demand for digital wealth management solutions and the importance of wealth transfer and succession planning, local special circumstances including a favorable tax regime, and underlying macroeconomic factors such as strong economic growth.

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.