Wealth Management - United States

United States

Assets under Management in the Wealth Management market are projected to reach €81,140.00bn in 2024.
Financial Advisory dominates the market with a projected market volume of €79,510.00bn in 2024.
Assets under Management are expected to show an annual growth rate (CAGR 2024-2029) of 2.66%, resulting in a market volume of €92,540.00bn by 2029.

Key regions: United States, United Kingdom, Germany, Hong Kong, Singapore

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Analyst Opinion

The Wealth Management market in United States has experienced significant growth and development in recent years. Customer preferences in the Wealth Management market in United States have shifted towards more personalized and customized services.

Clients are increasingly seeking tailored investment strategies that align with their individual financial goals and risk tolerance. This trend is driven by the growing awareness among clients about the importance of long-term financial planning and the need for professional advice to navigate the complexities of the investment landscape. Additionally, clients are demanding more transparency and accountability from wealth management firms, leading to a greater emphasis on fee structures and performance reporting.

One of the key trends in the Wealth Management market in United States is the rise of digital platforms and robo-advisors. These technology-driven solutions have gained popularity among younger investors who prefer a more streamlined and accessible approach to wealth management. Robo-advisors offer low-cost investment options and use algorithms to provide automated financial advice, making them an attractive option for cost-conscious investors.

Traditional wealth management firms are also embracing digital platforms to enhance their service offerings and cater to the evolving needs of their clients. Another trend in the Wealth Management market in United States is the increasing focus on sustainable and socially responsible investing. Clients are placing greater importance on environmental, social, and governance (ESG) factors when making investment decisions.

This trend is driven by a growing awareness of the impact that companies and industries can have on the environment and society. Wealth management firms are responding to this demand by incorporating ESG considerations into their investment strategies and offering specialized ESG investment products. Local special circumstances in the Wealth Management market in United States include the highly competitive landscape and regulatory environment.

The United States has a large number of wealth management firms, ranging from large multinational banks to boutique advisory firms. This intense competition has led to a focus on differentiation and innovation in service offerings. Additionally, wealth management firms in the United States are subject to strict regulatory requirements, aimed at protecting investors and maintaining the integrity of the financial markets.

Compliance with these regulations adds an additional layer of complexity to the operations of wealth management firms. Underlying macroeconomic factors that have contributed to the development of the Wealth Management market in United States include a strong economy, favorable interest rate environment, and demographic shifts. The United States has experienced a period of economic growth, which has resulted in increased wealth accumulation and a greater demand for wealth management services.

Additionally, low interest rates have made traditional fixed-income investments less attractive, leading investors to seek alternative investment options. Lastly, the aging population in the United States has created a need for retirement planning and wealth management services to ensure financial security in later years.

Methodology

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).