Dublin, Sept. 13, 2023 (GLOBE NEWSWIRE) -- The "Financial Advisory Services Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The global financial advisory services market has achieved a revenue milestone of USD 105 billion in 2023 and is projected to maintain a Compound Annual Growth Rate (CAGR) of 6% throughout the forecast period.
These services encompass a spectrum of professionals, including wealth managers, certified financial planners, certified public accountants, and investment advisors. Financial advisory services are pivotal in assisting end-users with financial planning to achieve future investment objectives, necessitating strategic investments in return-oriented instruments. Given the complexity of evaluating diverse investment tools and market fluctuations, financial advisory services play a pivotal role in guiding effective financial planning.
Impact of COVID-19 and Market Growth Drivers
The COVID-19 pandemic had a detrimental effect on the global financial advisory services industry, characterized by instability in the global financial landscape, economic contraction, and extreme market volatility. However, the growth of this industry has been sustained by an escalating demand for financial advisory services among Small and Medium-sized Enterprises (SMEs) and a noteworthy surge in high-net-worth individuals globally. Moreover, the increasing appetite for alternative investments and a growing awareness of the significance of future-focused investments have bolstered the market's expansion.
Financial advisory services encompass fees earned for aiding clients in transactions pertaining to mergers and acquisitions, as well as financial restructurings. The revenue derived is contingent upon transaction size, and the extent of services rendered, and typically hinges on the successful conclusion of the transaction.
Market Trends
Predominance of US Revenue Contribution
The United States holds the lion's share of revenue in the advisory market in comparison to other global counterparts. Bank of America (BOA) is a significant player in the financial advisory domain, commanding a substantial business share in the United States. The institution's responsible business practices significantly impact two core aspects: the robustness and stability of its growth as a global financial entity, and its capacity to cater to the financial needs of clients across all life phases. As of 2021, the United States emerged as the primary region where Bank of America garnered the majority of its revenue net of interest expenses. In 2021, approximately three-quarters of Bank of America's net revenue stemmed from the United States, followed by Europe, the Middle East, and Africa.
Investor Confidence in Investment Decisions
Analysis reveals that novice investors constitute about a third of the total investors who are confident in making investment decisions. Conversely, expert investors claim a significant market share in the decision-making process. Beginner investors typically seek quick profits, often overlooking the influence of market volatility. It is crucial for any investor to thoroughly assess all investment-related documents before making decisions. In the initial stages, investors should opt for minimal investments to gain a comprehensive understanding of markets and portfolios.
Industry Overview
The comprehensive report delves into the major players in the Global Financial Advisory Services market. Several dominant players currently dictate the market's trajectory. The report provides in-depth profiles of these major companies, covering product offerings, regulatory framework, headquarters, and financial performance.
Prominent players include
- Bank of America Corporation
- BCG Group
- Goldman Sachs Group Inc.
- JP Morgan Chase & Co.
- Morgan Stanley
- Deloitte
- EY Financial Services
- KPMG
- PwC
- Wells Fargo & Co
For more information about this report visit https://www.researchandmarkets.com/r/qjul0w
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