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Financial Planning & Advice in the US: Market Research Report

Market Research • Market Size • Industry Statistics • Industry Analysis • Industry Trends

Financial Planning & Advice Market Research Report | NAICS 52393 | Feb 2017

Planned out: Revenue is projected to continue increasing as financial markets improve

IBISWorld’s Financial Planning & Advice market research report offers insightful industry analysis and research into the market at the national level. IBISWorld’s in-depth industry market research is presented in a logical and consistent format. The industry report contains key industry statistics, market size, industry trends, and growth and profit forecasts for a 5-year outlook period.

Report Snapshot
Industry Statistics & Market Size
Annual Growth 12-17
Annual Growth 17-22
Annual Growth
Industry Threats & Opportunities
  • As more Americans near retirement age, they will seek industry services for their finances
  • Consumers and institutions have been bargain hunting, leading to a decline in industry operators
  • The industry will continue growing as a result of appreciating capital markets
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Industry Analysis & Industry Trends

Growth in the Financial Planning and Advice industry has compounded swiftly over the past five years. Prior to the current five-year period, increased unemployment and falling disposable income negatively impacted new and recurring advice fees. Since consumers had less available income, they opted to save money or pay off debts instead of capitalizing on investments. Eventually, a return to economic growth and employment reversed this trend. Over the five years to 2022, revenue is projected to continue to increase as financial markets improve. IBISWorld forecasts that the growing number of affluent households and rising equity markets will help increase total assets under management (AUM) for the industry and raise revenue generated from fees charged on the value of AUM.
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Industry Report - Industry Key Buyers Chapter

The Financial Planning and Advice industry has a high to medium level of concentration, with the four largest players – Morgan Stanley, Wells Fargo, Bank of America and Ameriprise Financial – accounting for an estimated 49.7% of total industry revenue. A series of large-scale acquisitions, precipitated by the recession, vastly increased the market share concentration of the industry's largest players. For example, Bank of America increased its advisor force dramatically with the acquisition of Merrill Lynch advisors. The joint venture between Morgan Stanley and Citigroup resulted in 16,700 financial advisors for the Morgan Stanley Global Wealth Management group. Wells Fargo's acquisition of Wachovia also increased the company's footprint in the industry.

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Additional Insights for the Financial Planning & Advice Industry

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

  • Having a loyal customer base
  • Having a good reputation
  • Experienced work force
  • IBISWorld analysts also discuss how external factors such as Per capita disposable income and S&P 500 in the Financial Planning & Advice industry impact industry performance... purchase to read more


    Industry ProductsRelated Reports

    What is the Financial Planning & Advice 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
    Business and government financial planning and managementPersonal financial planning and advicePersonal investment managementOther Services
    Industry Activities
    Fee-based financial investment advice servicesFinancial planning services

    Table of Contents
    About this Industry
    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry at a Glance
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Industry Performance
    Executive Summary
    Key External Drivers
  • Per capita disposable income
  • S&P 500
  • Investor uncertainty
  • Median age of population
  • Households earning more than $100,000
  • Regulation for the Investment Management industries
  • Current Performance
  • Revenue
  • A new landscape
  • Mergers and acquisitions
  • Chart: Revenue Growth
  • Industry Outlook
  • Economic improvements
  • Competition and streamlining
  • Table: Financial Planning & Advice Industry Revenue Outlook
  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Financial Planning & Advice Industry Lifecycle vs The Economy
  • Products & Markets
    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
  • Personal financial planning and advice
  • Personal investment management
  • Business and government financial planning and management
  • Other Services
  • Chart: Financial Planning & Advice Industry Products and Services Segmentation
  • Demand Determinants
    Major Markets
  • Individuals and households
  • Businesses
  • Other clients
  • Governments
  • Chart: Major Market Segmentation for the Financial Planning & Advice Industry
  • International Trade
    Business Locations
  • Chart: Business Locations by State
  • Competitive Landscape
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Chart: Cost Structure Benchmarking – Sector vs Financial Planning & Advice
  • Basis of Competition
    Barriers to Entry
  • Table: Barrier to Entry Checklist for the Financial Planning & Advice Industry
  • Industry Globalization
    Major Companies
    Morgan Stanley Wealth Management
    Wells Fargo & Company
    Bank of America Corporation
    Ameriprise Financial Inc.
  • Table: Morgan Stanley Wealth Management - financial performance
  • Table: Wells Fargo & Company - financial performance
  • Table: Bank of America Corporation - financial performance
  • Table: Ameriprise Financial Inc. - financial performance
  • Operating Conditions
    Capital Intensity
  • Chart: Level of Capital Intensity for the Financial Planning & Advice Industry
  • Chart: Tools of the Trade: Growth Strategies for Success
  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth
  • Regulation & Policy
    Industry Assistance
    Key Statistics
  • Table: Industry Data for the Financial Planning & Advice Industry
  • Includes:
  • Industry Revenue (2008-2022)
  • Industry Gross Product (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)
  • S&P 500 (2008-2022)
  • Table: Annual Percentage Change for Key Industry Data
  • Table: Key Ratios for Industry Key Data
  • Table: Industry Financial Ratios
  • Jargon & Glossary
    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
  • 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 assets under management.

  • Why Buy this Report?
    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Financial Planning & Advice:
    • 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 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 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, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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