Common bonds: Greater demand for retirement planning in Michigan has boosted the industry

The Financial Planning and Advice industry in Michigan offers wealth management, financial planning and financial advisory services to individuals, households, businesses and governments throughout the state. At the national level, industry revenue has grown substantially over the past five years due to higher equity market yields and greater disposable income that have caused assets under management to rise during the period. However, growth for the industry in Michigan has lagged national growth rates. While the state has benefited from an above-average share of the population entering or past retirement age, Michigan trails the rest of the United States in per capita consumer spending and disposable income...purchase to read more.

Industry Statistics & Market Size
Revenue
$837m
Annual Growth 13-18
3.7%
Forecast Growth 18-23
Profit
Employment
6,047
Businesses
4,077

Industry Threats & Opportunities

  • Local operators are generating an increasing share of industry revenue
  • Additional Insights for the Financial Planning & Advice in Michigan Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Financial Planning & Advice in Michigan Industry are

  • Having a loyal customer base
  • Having a good reputation
  • Experienced work force
  • IBISWorld analysts also discuss how external factors such as Median age of population and Per capita disposable income in Michigan in the Financial Planning & Advice in Michigan industry impact industry performance..

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    What's in this report

    What is the Financial Planning & Advice in Michigan Industry?

    This industry comprises companies that provide financial planning, financial advice and wealth management to individuals and business clients. Operators also offer advice, in conjunction with other activities such as portfolio management, protection planning and brokerage services. This industry does not include mutual fund companies, hedge funds, discount brokers, insurance brokers or other companies that deliver these services, outside the context of a written financial plan.

    Industry Products
  • Personal investment management
  • Personal financial planning and advice
  • Business and government financial planning
  • Industry Activities
  • Fee-based financial investment advice services
  • Financial planning services
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Median age of population
  • Per capita disposable income in Michigan
  • S&P 500
  • Households earning more than $100,000
  • Regulation for the Investment Management industries

  • Current Performance
    Industry Outlook
    Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Financial Planning & Advice in Michigan Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Consumers

  • Key Selling Industries
  • Credit Unions
  • Health & Medical Insurance
  • Investment Banking & Securities Dealing
  • Life Insurance & Annuities
  • Open-End Investment Funds
  • Portfolio Management
  • Savings Banks & Thrifts

  • Products & Services
  • Business and government financial planning
  • Personal financial planning and advice
  • Personal investment management
  • Other
  • Chart: Financial Planning & Advice in Michigan Industry Products and Services Segmentation

  • Major Markets
  • Individuals and households
  • Businesses and government
  • Chart: Major Market Segmentation for the Financial Planning & Advice in Michigan Industry

  • Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Chart: Cost Structure Benchmarking – Sector vs Financial Planning & Advice in Michigan

  • Basis of Competition
    Barriers to Entry
    Graystone Consulting, Merrill Lynch Wealth Management, Morgan Stanley Wealth Management, Telemus Capital LLC, Zhang Financial,
  • Table: Graystone Consulting - financial performance
  • Table: Merrill Lynch Wealth Management - financial performance
  • Table: Morgan Stanley Wealth Management - financial performance
  • Table: Telemus Capital LLC - financial performance
  • Table: Zhang Financial - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Financial Planning & Advice in Michigan Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Financial Planning & Advice in Michigan Industry
    Includes:
  • Industry Revenue (2009-2023)
  • Industry Gross Product (2009-2023)
  • Establishments (2009-2023)
  • Businesses (2009-2023)
  • Employment (2009-2023)
  • Wages (2009-2023)
  • S&P 500 (2009-2023)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Assets Under Management (Aum)
  • The value of client assets that are under advice.
  • Baby-Boomer Generation
  • The largest generation in US history, currently entering retirement age.
  • High-Net-Worth Individual (Definition 1)
  • An individual with at least $1.0 million in assets, excluding collectibles, consumable goods, durable goods and primary residences.
  • High-Net-Worth Individual (Definition 2)
  • An individual with at least $750,000 managed by an adviser, or at least $1.5 million of net worth held jointly with a spouse, including the primary residence.
  • No-Load Fund
  • A fund that requires no fee or commission to purchase.
  • The Rand Report
  • A report commissioned by the Securities and Exchange Commission about "Investor and Industry Perspectives on Investment Advisers and Broker-Dealers."
  • Wrap Account
  • An account where fees are based on a fixed percentage of total AUM.
  • What Our Customers Say

    Why buy this report?

    IBISWorld’s industry research report on Financial Planning & Advice in Michigan contains five-year forecasts and data analysis that can help you identify and mitigate risks in potential new markets. Position yourself as an expert with internal stakeholders by using our comprehensive industry research to inform your reports, proposals and presentations. Our business information will save you money by helping you make better decisions, faster.

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    This report on Financial Planning & Advice in Michigan:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Financial Planning & Advice in Michigan market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Financial Planning & Advice in Michigan, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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