Wealth management refers to the combined investment portfolio management strategy, financial planning, and variety of other aggregated financial services generally utilized by high-net-worth individuals, families who are seeking aid from a credential financial advisor and small business owners. Wealth management services offer their customers with a comprehensive service to sustain and grow their wealth. It provides comprehensive research-based informatorily alongside convenient and personalized investment execution.
According to the study,’ Global wealth management services market to reach USD 6.2 billion by 2027’ Expansion of firms, varied joint ventures, mergers & acquisitions, and other inorganic strategies are majorly anticipated to propel global wealth management services market over the forecast amount. Major market player included in the market of Global wealth management service market are FIS Global Business Solutions India Pvt. Ltd., Fiserv India Pvt Ltd, Temenos India Pvt Ltd, SEI Technology Services India Private Limited, Finacrest Wealth, Finantix, Karvy Corporate and BNP Paribas Asset Management India Private Limited.
According to Statista, as of 2016, there were 116 private wealth management companies operating on the London market. Indians held roughly 430 trillion rupees as part of individual wealth assets during the 2019 financial year. It was estimated that by the financial year 2024 this would go up to nearly 800 trillion rupees, marking a compound annual growth rate in the individual wealth valuation of around 13 per cent. Due to the advantages of cloud technology over on-site solutions such as agility, scalability reduced operating costs, flexible payment options, easy data access and self-service capabilities, the rapid adoption of cloud solutions can be seen as opportunity factors. Trust is one among the key problems because the recent economic crises have considerably reduced trust in wealth management among customers.
The regional analysis of global wealth management services market is taken into account for the key regions like Asia Pacific, North America, Europe, Latin America and Remainder of the World. Though developing economies have sprung from industrial growth to developed countries, the comparatively stronger economic status of the United States and different leading European economies has remained the driving force behind asset and wealth management in developed regions. Market leaders are adopting fee compression strategies, employing pricing of asset and wealth management solutions as a lever to grow in North America. Meanwhile, in developing countries, especially in Asia Pacific, the strategies of market players are likely to revolve around improving technological penetration to leverage increasing economic growth of the region, in the near future.
The detailed segments and sub-segment of the market are as follows By Advisory Model segmented into Human advisory, Robo advisory and Hybrid. By Business Function segmented into Financial advice management, Portfolio, accounting, and trading management, Performance management, Risk and compliance management, Reporting and Others (billing and benchmarking). By Deployment Model segmented into Cloud and On-premises. By End-User Industry segmented into Banks, Investment management firms, Trading and exchange firms, Brokerage firms and Others (asset management firms, and custody and compliance providers).
In addition, the rising business expansions, mergers and acquisitions, joint ventures, and other inorganic strategies are the driving factors of the market. Going forward, rising demand for alternative investments is anticipated to propel the market for wealth management. There has been an increasing preference for alternative investments among the high-net-worth individuals and ultra-high net worth individuals. Therefore, it is expected that the market of Global wealth management will boost up throughout the forecast amount.
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Ankur Gupta, Head Marketing & Communications