Financial Planning Services: A Global Outlook
San Jose, California (PRWEB) January 12, 2012
Follow us on LinkedIn – Financial planning is the methodical approach enabling a person or business to achieve monetary goals through optimum deployment of resources. The sector encompasses diverse aspects of the financial needs of a person or business entity including investment and planning, cash flow and liability management, tax planning, risk management and insurance planning, estate planning, education planning, retirement planning and wealth management. Consumers avail these services through independent financial advisors (IFAs) and planners, as well as a host of financial institutions including banks, insurance companies, securities and fund houses, real estate managers and so on.
The collapse of global stock markets in 2008 & 2009 wielded a direct blow on the financial planning services industry, which was beset with issues, such as, significant deterioration in invested asset value, financial insecurity of clients, and high unemployment levels. With US and Europe, the two largest markets for financial planning services, reeling under the global economic downturn, the industry witnessed a slump during the period 2008-2010. Moreover, as central banks all over the world increased interest rates to contain inflation and currency fluctuations, investors turned cautious, fleeing towards relatively safer fixed-income assets and gold, besides questioning the quality of financial advice they received. At the same time, investors are shying away from relatively risky long-term assets such as real estate and equities, leading to a state of stagnation in the respective markets. This inevitably led to dip in revenues in the Financial Planning Services market triggering a spate of fee and staff cutbacks, and thereby broad consolidation in the global industry.
However, the financial planning services industry is currently making a strong comeback from the recessionary blues that redefined the fundamental approach to financial advice. Strong business growth potential exists for independent financial advisors (IFA) offering personalized approach for guiding clients through issues of unemployment, mounting debt, and financial losses. As a result, several financial advisory firms are strengthening existing IFA channels by recruiting and training advisers. World over, governments and regulatory bodies are implementing qualification and practice standards for IFAs such as CFP and MRDT memberships, as well as effecting changes in the structure of adviser fee. Advisory firms in the United States are eyeing the high-potential ‘baby boomer’ segment comprising ageing and affluent individuals who require retirement planning.
Wealth managers are facing challenging times with high-net worth individuals (HNWIs) demanding active control over their investment portfolio, as well as personalized advice. Advanced software applications are coming to the aid of wealth managers in providing clients anywhere and anytime access to portfolio. Personalized service, quality of advisers and an attractive fee-structure are the new keys to survival in the highly competitive wealth management sector.
Another noteworthy trend is the growing number of companies offering employees professional financial planning services in addition to fringe benefits such as a company car, free dental care, gym membership, among others. Such practices aid in projecting the employee-friendly image of the company, while enabling employees in planning and implementing their financial goals. This also goes a long way in boosting employee morale, loyalty and productivity, as well as lowering staff turnover. Moreover, conventional pension plans offered to workers in the form of a corporate group plan, are often inadequate to meet the future needs of the employee. Expert financial planners on the other hand work with each employee and devise a plan suited for their requirements and earnings. Small and medium businesses (SMB) are a relatively untapped segment for the financial planning sector, given the dire need for financial planning in order to ensure the smooth flow of working capital and safeguarding against fluctuations in respective industries.
The research report titled “Financial Planning Services: A Global Outlook” announced by Global Industry Analysts, Inc., provides a collection of statistical anecdotes, market briefs, and concise summaries of research findings. The report offers a rudimentary overview of the industry, highlights latest trends and demand drivers, in addition to providing statistical insights. Regional markets briefly abstracted and covered include United States, Canada, France, Italy, UK, Spain, Australia, China, Hong Kong, Korea, Singapore, India, and Malaysia. The report offers a compilation of recent mergers, acquisitions, and strategic corporate developments. Also included is an indexed, easy-to-refer, fact-finder directory listing the addresses, and contact details of companies worldwide.
For more details about this comprehensive industry report, please visit –
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
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