The rise in the number of millionaires and high net worth individuals (HNWI) has triggered the demand for wealth management services. Wealth managers are thus receiving increasing demand for plans that will protect the client’s wealth according to the client’s individual financial situation, the degree of risk aversion, and goals. This way, they can retain existing clients and attract new ones while abiding prevailing regulations. More than investment advice, wealth management encompasses all parts of a person's financial life such as retirement planning, accounting and tax services, and legal or estate planning.
The wealth management market is driven by the thought processes and involvement of affluent clients and wealth managers. The perspectives of these two are interrelated and potentially leave a huge impact on the market growth. From a millionaire’s perspective, wealth management is the science of appreciating his or her wealth. From the perspective of a wealth manager, wealth management is the ability of an advisor to provide a wide range of financial services and products to a prosperous client as consultancy.
The upcoming investor base of millennials is acting as a catalyst for the growing popularity of wealth management services. The high impact of millennials as prudent and informed investors is positively influencing the wealth management industry in its expansion. Moreover, the increasing incomes of people in emerging nations have increased their awareness regarding wealth management, thereby boosting the demand for wealth management services. Furthermore, digitization will be an imperative trend in the growth of the wealth management market. Digitization will enable new ways to deliver services to self-directed clients and guidance seekers.
However, an acute shortage of financial professionals is hampering the growth of the wealth management industry. The ambiguous regulatory norms regarding wealth management across the world make documenting compliance difficult, thereby reducing the credibility of the financial advisors as fiduciary and holding back the growth of the wealth management market. Another factor restraining the growth of the wealth management industry is the increasing wealth transfer across generations of investors. This will result in a large number of new trusts, leading to instability in the market.
QYResearchReports.com has presented key insights into the industry through examining the classifications, chain structure, and applications of various components of wealth management. The market analysis is offered for the global markets using competitive landscape analysis, development trends, and the development status of key regions.
QYResearchReports.com also provides the latest trends in these markets for providing the readers and buyers with up-to-date information on the wealth management sector. It also discusses factors driving and restraining the demand for and supply of wealth management services globally. The state of the wealth management sector in key contributing countries across North America, Asia Pacific, Europe, and Rest of the World (RoW) has also been offered through the reports.
The reports in this category also elaborate on the key players in the wealth management industry. Their information such as company profiles, capacity, revenue, cost, product pictures and specifications, price, production, and contact information are offered in the reports. They also offer a detailed analysis of the upstream raw materials supply chain and the downstream value chain. The various stats related to the market have also been presented in a pictorial manner for coherent understanding.