Wealth Management

Assets under Management in the Wealth Management market are projected to reach US$292.10m in 2024.
Financial Advisory dominates the market with a projected market volume of US$223.90m in 2024.
Assets under Management are expected to show an annual growth rate (CAGR 2024-2029) of 2.54%, resulting in a market volume of US$331.10m 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 Montenegro is experiencing significant growth and development in recent years.

Customer preferences: Montenegrin customers are increasingly seeking professional advice and guidance in managing their wealth. They are looking for personalized and tailored solutions to meet their specific financial goals and objectives. This trend is driven by the growing complexity of the financial markets and the need for expertise in navigating investment opportunities. Additionally, customers are becoming more aware of the benefits of diversification and are seeking a range of investment options to maximize their returns.

Trends in the market: One of the key trends in the Wealth Management market in Montenegro is the increasing demand for sustainable and socially responsible investments. Customers are increasingly concerned about the environmental and social impact of their investments and are seeking investment products that align with their values. This trend is in line with the global shift towards sustainable investing and reflects the growing awareness of environmental and social issues among investors. Another trend in the market is the growing popularity of digital wealth management platforms. Customers are increasingly comfortable with using technology to manage their finances and are looking for convenient and user-friendly digital solutions. Digital wealth management platforms offer a range of services, including portfolio management, financial planning, and investment advice, all accessible through mobile or web applications. This trend is driven by the convenience and accessibility of digital platforms, as well as the cost-effective nature of online wealth management services.

Local special circumstances: Montenegro is a small market with a relatively high concentration of high-net-worth individuals. This concentration of wealth presents opportunities for wealth managers to provide personalized and tailored services to a select group of clients. Additionally, Montenegro's growing tourism industry has led to an increase in foreign investment, further contributing to the growth of the Wealth Management market.

Underlying macroeconomic factors: Montenegro has experienced steady economic growth in recent years, driven by tourism, real estate, and foreign direct investment. This economic growth has led to an increase in wealth and disposable income among individuals, creating a favorable environment for the development of the Wealth Management market. Furthermore, Montenegro's favorable tax regime and business-friendly policies attract foreign investors, contributing to the growth of the wealth management industry. In conclusion, the Wealth Management market in Montenegro is growing and evolving to meet the changing needs and preferences of customers. The increasing demand for personalized and tailored solutions, sustainable investments, and digital wealth management platforms are driving the market's development. Montenegro's unique circumstances, including a concentration of high-net-worth individuals and a growing tourism industry, further contribute to the growth of the Wealth Management market. The underlying macroeconomic factors, including steady economic growth and favorable business conditions, provide a supportive environment for the market's expansion.

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.