Wealth Management

Wealth Management Market by Advisory Model (Human Advisory, Hybrid, Robo Advisory), Business Function (Financial Advice Management, Performance Management, Portfolio, Accounting, & Trading Management), Deployment Model, Application, End-User Industry - Global Forecast 2024-2030

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[195 Pages Report] The Wealth Management Market size was estimated at USD 134.60 billion in 2023 and expected to reach USD 149.10 billion in 2024, at a CAGR 11.34% to reach USD 285.59 billion by 2030.

Wealth Management Market
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Wealth management is a comprehensive financial service that combines various financial disciplines and services to address the needs of affluent clients. A highly customized service, it includes investment management, financial planning, estate planning, and retirement planning. The purpose of wealth management is to sustain and grow long-term wealth and offer a strategic approach to managing clients' financial situations. The wealth management market is driven by the proliferation and rising diversity of financial assets across the world. The popularity of sustainable and responsible investing (SRI) has also seen considerable growth, influencing wealth managers to incorporate environmental, social, and governance (ESG) criteria in their investment strategies. However, instances of fraudulent wealth management practices and investment scams deter potential clients from availing of the services of wealth management. Additionally, the lack of skilled, knowledgeable professionals and limited investment options provided to clients reduces the favourability of wealth management. However, major providers are constantly exploring ways to integrate advanced technologies such as AI, ML, and big data analytics solutions to expand the scope and efficiency of wealth management. Fintech technologies incorporate digital solutions that increase accessibility, offer enhanced analytics, and improve client engagement through personalized experiences, thereby offering new avenues of growth for wealth management providers.

Wealth Management Market - Global Forecast 2024-2030
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Advisory Model: Expanding advancements to provide robo-advisory services to clients at lower prices

The traditional human advisory model in wealth management is characterized by personalized service with direct human interaction at its core. This model offers the most personalized experience, with regular face-to-face meetings and a deep understanding of complex financial situations. However, human advisory services typically come with higher fees and minimum account balances, making them less accessible to investors with smaller portfolios. Robo advisory represents the digital revolution in wealth management, utilizing sophisticated algorithms and data analytics to provide automated investment advice with minimal human intervention. Clients can expect a highly efficient onboarding process, consistent and disciplined portfolio rebalancing, and tax optimization strategies. Moreover, robo-advisory platforms often have low minimum investment requirements, making wealth management services accessible to a wider audience. The hybrid advisory model merges the convenience of technology with the personalized nature of human guidance. Such models are becoming increasingly popular, as they offer flexibility and cost-efficiency while maintaining an element of personal advice.

Business Function: Growing demand for financial advice management to cater to diverse client requirements for financial planning

The function of financial advice management involves providing comprehensive financial planning and advice tailored to an individual's wealth management goals. This includes assessing the client's financial situation, understanding their risk profile, and developing strategies to grow their wealth, manage taxes, plan for retirement, and preserve the wealth for future generations. Performance management refers to the continuous process of setting objectives, assessing progress, and providing ongoing coaching and feedback to ensure that financial goals are met. This entails monitoring the returns of investment portfolios against benchmarks, client expectations, and market standards. Portfolio, accounting, & trading management involves the creation, monitoring, and rebalancing of client investment portfolios. It includes accounting for transactions, managing cash flows, and executing trade orders promptly to align with investment strategies and client directives. Reporting is a critical function responsible for creating clear, comprehensive, and accurate reports detailing client's investment holdings, transactions, and performance. Risk & compliance management in wealth management involves identifying and controlling the various financial and operational risks that can impact the firm and its clients. Compliance with applicable laws, regulations, and ethical standards is also part of this business function.

Deployment Model: Cloud based Software-as-a-Service are preferred choice for online BFSI services

In the wealth management industry, the deployment model signifies how financial services and products are delivered to customers. This model presents substantial implications for operational efficiency, costs, security, customer experience, scalability, and adaptability for future changes. The two primary models in the context of wealth management are on-premises deployment and cloud-based deployment. In the on-premises model, the wealth management software is installed and hosted on the firm's own servers and maintained by its IT department. This model is often characterized by greater control over the systems, data privacy, and security but requires higher upfront costs, dedicated IT infrastructures, and staff. On the other hand, the cloud-based model, also known as Software-as-a-Service (SaaS), involves the delivery of wealth management services over the internet. The SaaS provider hosts and maintains all hardware and software, ensuring regular updates and robust security. This model offers flexibility, cost-effectiveness, and scalability but raises concerns over data privacy and vendor dependencies.

End-Use: Bank, trading & exchange firms are utilizing wealth management solutions and services for expandable client retention and satisfaction

The wealth management arena, with its wide spectrum of services, caters to diverse customers including individual, corporate, institutional and family offices. Individual clientele, often high-net-worth figures, seek personalized advisors to secure and multiply their wealth. On the other hand, corporations, varying in size, necessitate strategic financial guidance for better cash management, investment planning, and employee benefit schemes. The institutional segment, comprising pension funds and nonprofit organizations among others, demand expert wealth management services keeping in line with industry-specific needs, handling complex business cycles and stringent legal environments. Family offices focus on multi-generational wealth maintenance, governance and estate planning. Lastly, changing market dynamics have seen the rise of demographic segmentation such as millennials, women investors, each having unique financial objectives and risk thresholds. For wealth management firms to thrive, understanding these distinct segments and customizing services, in accordance with their unique preferences enhances customer satisfaction, ensuring client retention and driving industry growth.

Regional Insights

The Americas region, particularly the US and Canada, is characterized by high financial literacy and robust banking and financial infrastructure. Additionally, the US consists of a large number of high-net-worth individuals (HNWIs) and has a strong presence of major global financial institutions and a robust regulatory framework. Technological advancements such as robo-advisors and personalized wealth management services are gaining traction in this region. Europe's wealth management industry is marked by diversity in its client base and a strong inclination towards conservative investment strategies. Additionally, wealth managers in Europe are focusing on intergenerational wealth transfer planning and services. The industry is also significantly influenced by the European Union's regulations aimed at increasing transparency and investor protection. The Asia-Pacific region is one of the fastest-growing wealth management markets due to the presence of a substantial and growing affluent middle class, especially in countries such as China and India. Furthermore, the region is associated with a rapidly expanding financial infrastructure, with several national and regional banks providing wealth management services to middle-income clients.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Wealth Management Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Wealth Management Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments
  • Choreo Announces Acquisition of Wealth Management Business from BDO

    Choreo, LLC (Choreo) has recently acquired the affiliated wealth management business of BDO USA, establishing itself as an independent member of the BDO Alliance USA Business Resource Network. Choreo, LLC has expanded its presence by adding seven new locations to its national network, which now spans over 40 markets across the United States. This acquisition aligns with Choreo's long-term objective of becoming the preferred wealth provider for the tax professional community. [Published On: 2023-11-01]

  • Merger of Leading Wealth Management Firms Launches Wellington Wealth Strategies

    The Wellington Group and TrustWealth Strategies merged to form a newly formed wealth management firm, Wellington Wealth Strategies. With this merger, the companies are planning to enhance its business offerings to better serve the customer base. [Published On: 2023-09-26]

  • Crestwood Advisors Completes Merger with Endurance Wealth Management

    Crestwood Advisors Group, LLC (Crestwood) completed its merger with Endurance Wealth Management, Inc., based in Providence, Rhode Island. This strategic move aims to expand Crestwood's services and presence throughout New England. The merger aligns with their shared values and will bring significant benefits to clients, including comprehensive solutions and an exceptional client experience. [Published On: 2023-09-05]

Key Company Profiles

The report delves into recent significant developments in the Wealth Management Market, highlighting leading vendors and their innovative profiles. These include Allianz SE, Ameriprise Financial, Inc., Amundi, Angel One Limited, Beacon Pointe Advisors, LLC, BlackRock, Inc., BNP Paribas Wealth Management, Capital Group, CargoMetrics Technologies Inc., Chevy Chase Trust Company, Comprehensive Financial Management, LLC, Credit Suisse Group AG by UBS Group AG, Edward Jones, Fidelity, Finacrest Wealth Pvt Ltd, Fiserv, Inc., Goldman Sachs Group, Inc., Hightower Advisors, LLC, JPMorgan Chase & Co., Morgan Stanley, Northern Trust Corporation, Oxford Financial Group, Ltd., SEI Investments Company, The Bank of America Corporation, The Bank of New York Mellon Corporation, The Charles Schwab Corporation, The Vanguard Group, Inc., and Wells Fargo & Co..

Market Segmentation & Coverage

This research report categorizes the Wealth Management Market to forecast the revenues and analyze trends in each of the following sub-markets:

  • Advisory Model
    • Human Advisory
    • Hybrid
    • Robo Advisory
  • Business Function
    • Financial Advice Management
    • Performance Management
    • Portfolio, Accounting, & Trading Management
    • Reporting
    • Risk & Compliance Management
  • Deployment Model
    • Cloud
    • On-Premises
  • Application
    • Insurance Planning
    • Personal Finance Management
    • Retirement Planning
    • Tax Management
  • End-User Industry
    • Banks
    • Brokerage Firms
    • Investment Management Firms
    • Trading & Exchange Firms

  • Region
    • Americas
      • Argentina
      • Brazil
      • Canada
      • Mexico
      • United States
        • California
        • Florida
        • Illinois
        • New York
        • Ohio
        • Pennsylvania
        • Texas
    • Asia-Pacific
      • Australia
      • China
      • India
      • Indonesia
      • Japan
      • Malaysia
      • Philippines
      • Singapore
      • South Korea
      • Taiwan
      • Thailand
      • Vietnam
    • Europe, Middle East & Africa
      • Denmark
      • Egypt
      • Finland
      • France
      • Germany
      • Israel
      • Italy
      • Netherlands
      • Nigeria
      • Norway
      • Poland
      • Qatar
      • Russia
      • Saudi Arabia
      • South Africa
      • Spain
      • Sweden
      • Switzerland
      • Turkey
      • United Arab Emirates
      • United Kingdom

The report offers valuable insights on the following aspects:

  1. Market Penetration: It presents comprehensive information on the market provided by key players.
  2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
  3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
  4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
  5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

  1. What is the market size and forecast of the Wealth Management Market?
  2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Wealth Management Market?
  3. What are the technology trends and regulatory frameworks in the Wealth Management Market?
  4. What is the market share of the leading vendors in the Wealth Management Market?
  5. Which modes and strategic moves are suitable for entering the Wealth Management Market?

Table of Contents
  1. Preface
  2. Research Methodology
  3. Executive Summary
  4. Market Overview
  5. Market Insights
  6. Wealth Management Market, by Advisory Model
  7. Wealth Management Market, by Business Function
  8. Wealth Management Market, by Deployment Model
  9. Wealth Management Market, by Application
  10. Wealth Management Market, by End-User Industry
  11. Americas Wealth Management Market
  12. Asia-Pacific Wealth Management Market
  13. Europe, Middle East & Africa Wealth Management Market
  14. Competitive Landscape
  15. Competitive Portfolio
  16. List of Figures [Total: 26]
  17. List of Tables [Total: 472]
  18. List of Companies Mentioned [Total: 28]
Emerging Technologies in Wealth Management
December 14, 2023
Emerging Technologies in Wealth Management
The world of wealth management has drastically changed over the last few years, driven by technological advancements and the increasing adoption of fintech solutions. Wealth managers have been using technology to enhance their practices for a long time. Still, machine learning, artificial intelligence, and blockchain are taking the industry to a whole new level. From client acquisition to portfolio management, technology is transforming the wealth management industry in ways that were previously unimaginable.

Personalization and Data Analytics:

Wealth management firms have been striving to offer personalized experiences to clients since time immemorial. With the advent of data analytics and AI, the ability to deliver customized experiences has reached new heights. By analyzing data sets, wealth managers can now understand the unique needs of their clients and create tailored solutions. Personalized financial planning, investment advice, and asset allocation are examples of how data analytics is revolutionizing the wealth management industry.


The use of robo-advisors in wealth management is on the rise. These automated systems provide affordable investment advice and portfolio management. Robo-advisors leverage algorithms and AI to identify trends and make investment decisions. They can also rebalance portfolios, manage risk, and help investors achieve their financial goals. Using robo-advisors has made wealth management more accessible to a wider range of clients and democratized the investment process.


Blockchain technology is poised to disrupt wealth management by offering secure, transparent, and efficient record-keeping. Wealth managers can use blockchain to record transactions, monitor portfolios, and streamline compliance processes. Using a distributed ledger system, blockchain technology can also help mitigate risk and reduce fraud. Wealth managers adopting blockchain solutions can improve operational efficiency, reduce costs, and increase transparency.


Cybersecurity is a critical component of wealth management, given the sensitive nature of financial information. Wealth managers must protect their clients' data from cyber threats like breaches, phishing attacks, and malware. Cybersecurity has become a top priority for wealth management firms, and they are adopting advanced technologies to safeguard their clients' information. Wealth managers use AI-powered security systems, identity verification tools, and encryption technologies to protect their clients' data.

Mobile and Social Media:

The rise of mobile and social media has forced wealth managers to rethink their client engagement strategies. Wealth managers must now deliver seamless experiences across multiple channels, including mobile and social media. Mobile apps and social media platforms can give clients real-time access to their portfolios, investment advice, and market insights. Wealth managers who adopt mobile and social media solutions can stay competitive and better engage with their clients.

The emergence of fintech technologies has transformed the wealth management industry beyond recognition. Personalization and data analytics, robo-advisors, blockchain, cybersecurity, and social media are examples of how technology shapes the industry. Wealth managers adopting these technologies can enhance operational efficiency, reduce costs, and provide better client experiences. In a world where clients expect seamless and customized experiences, wealth managers who fail to adopt fintech solutions may be left behind. By embracing emerging technologies, wealth managers can stay ahead of the curve and thrive in an increasingly competitive market.

Frequently Asked Questions
  1. How big is the Wealth Management Market?
    Ans. The Global Wealth Management Market size was estimated at USD 134.60 billion in 2023 and expected to reach USD 149.10 billion in 2024.
  2. What is the Wealth Management Market growth?
    Ans. The Global Wealth Management Market to grow USD 285.59 billion by 2030, at a CAGR of 11.34%
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