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Laxman Pai, Opalesque Asia:

The global wealth management industry was worth $1.25 trillion in 2020 and is expected to reach $3.43 trillion by 2030, manifesting a CAGR of 10.7% from 2021 to 2030, said a study.

According to the report by Allied Market Research, the rapid demand for alternative investments including private equity, commodities, hedge funds, real estate investment trusts (REITs), and intellectual property drives the growth of the global wealth management market.

The emergence of FinTechs has disrupted the wealth management industry and benefits offered by wealth management such as reduced or eliminated financial stress & making financial plans, and digitization of offerings are contributing toward the market growth.

On the other hand, strict rules of the government for wealth management companies, lack of pricing transparency, and high fees are a few factors that limit market growth. Technological advancements and the untapped potential of emerging economies are opening doors of opportunities for the market.

Based on the business model, the human advisory segment held the highest market share in 2020, accounting for more than three-fourths of the global wealth management market, and is anticipated to lead throughout the forecast period. This lead is attributed to the fact that these advisors serve a changing client base in a variety of demographics and offer fluidity in the approach while managing wealth.

However, the Robo advisory segment is p......................

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