Wealth Management

Assets under Management in the Wealth Management market are projected to reach US$12.78bn in 2024.
Financial Advisory dominates the market with a projected market volume of US$11.99bn 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$14.49bn 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 Ukraine is experiencing significant growth and development in recent years.

Customer preferences: Customers in Ukraine are increasingly seeking professional wealth management services to help them manage and grow their assets. This is driven by several factors, including the increasing complexity of financial markets, the desire for personalized investment advice, and the need for long-term financial planning. Additionally, the growing number of high-net-worth individuals in Ukraine is also contributing to the demand for wealth management services.

Trends in the market: One of the key trends in the wealth management market in Ukraine is the shift towards more sophisticated investment strategies. Wealth managers are increasingly offering a wider range of investment options, including alternative investments such as private equity and real estate. This trend is driven by the desire for higher returns and diversification of investment portfolios. Another trend in the market is the growing popularity of digital wealth management platforms. These platforms offer convenient and cost-effective solutions for managing investments, and are particularly attractive to younger investors who are comfortable with technology. The rise of digital wealth management is also enabling wealth managers to reach a larger customer base and provide services to clients in remote areas.

Local special circumstances: Ukraine has a unique set of circumstances that are shaping the development of the wealth management market. The country has a large population of highly educated individuals with a strong entrepreneurial spirit, which has led to the creation of a significant number of successful businesses and wealthy individuals. Additionally, the political and economic reforms that Ukraine has undergone in recent years have created a more stable and favorable business environment, attracting foreign investors and increasing the demand for wealth management services.

Underlying macroeconomic factors: Several macroeconomic factors are contributing to the growth of the wealth management market in Ukraine. The country has experienced steady economic growth in recent years, which has resulted in an increase in disposable income and wealth accumulation. Additionally, the low interest rate environment has made traditional savings and investment options less attractive, leading individuals to seek alternative investment opportunities. Furthermore, the government's efforts to improve the regulatory framework and promote transparency in the financial sector have instilled greater confidence in the market and encouraged individuals to entrust their wealth to professional wealth managers.

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.