Content of the study:MARKET OVERVIEW
1.1 Market definition and presentation
The objective of wealth management is to make the client's tangible and intangible assets and liabilities grow. Wealth management is a very broad activity and includes many activities such as the management of financial investments, the management of real estate assets, the acquisition of works of art, etc.
The global wealth management market is doing well. In fact, the global market grew at a CAGR of 4.8% from 2015 to 2020. Moreover, the growth prospects are good, as between 2021 and 2030, the market size is expected to double, despite increasingly heavy regulation.
On a national level, the wealth management market is stable. The clients are mainly individuals, but many companies also benefit from this service. The core target of wealth management advisors (WMA) are the high net worth individuals, which refers to the top 10% of households in terms of gross wealth. Moreover, the French wealth management market is particularly fragmented, as it is divided among many different types of players. Nevertheless, the majority of the turnover is captured by only a handful of them.
The market trend is towards digitalization, notably with the emergence of "fintechs" such as Yomoni, Advize, Nalo or Finary. The trend is also towards investments with a better environmental and social impact.
1.2 The global market is growing
In ****, the global wealth management market is estimated to be worth $*** billion according to Bain & Company [***]. Between **** and ****, the market is expected to grow at a CAGR of *.*% to $*** billion, doubling in value according to Bain.
Furthermore, despite heavier regulation, volume is increasing and the number of high net worth (***) individuals ...
1.3 The French market
In ****, the turnover of wealth management firms amounted to *.*** billion euros. It is thus up compared to **** (***) and has largely exceeded the level of ****. The market has thus completed its downturn following the health crisis during which activity was contracted and is now booming.
Revenues of wealth management consulting firms France, ...
ANALYSIS OF THE DEMAND
2.1 Typology of demand
Wealth management consultants' clients:
The clientele of wealth management advisors is mainly composed of individuals (***) complete the clientele of individuals. The remaining *% of clients are companies.
Breakdown of asset managers' clients France, ****, in % Source: ****
Client profiles :
Clients can be classified according to two characteristics: their level of knowledge and experience, and ...
2.2 The wealth of French people
According to the INSEE publication Household Income and Wealth **** Edition, based on **** data, the total net wealth of the French was worth **,*** billion euros. Net wealth is the total amount of assets held by a household (***) from which is deducted the amount of capital they still owe for their loans taken ...
2.3 High-wealth, the core target group for wealth management advisors
In ****,"high-wealth households," which refer to the top ** percent of households with gross wealth, own at least ***,*** euros in assets. These high wealth households numbered *.* million in **** and own an average of *.** million euros. In addition, the top *% have ***,*** euros and the top *% have over *.** million euros.
Furthermore, the households with ...
2.4 French people's behavior regarding financial investments
The low interest rates of the various investments are having an impact on the behavior of the French. The graph below shows, for example, that more and more French people are moving towards slightly riskier products for their savings (***). Nevertheless, the increase in interest rates in **** in the context of inflation ...
2.5 The need to rebuild trust between the sector and its customers
Confidence in CGPs France, September ****, in % Source: ****
In ****, French consumers were asked about their trust in wealth management services. Nearly half of French people tend to trust WMAs (***) do not really trust them or do not trust them at all. Thus, although a portion of the population has a positive opinion, ...
2.6 Demand trends: preparation for retirement, digitalization, euro and unit-linked savings, environmental and social impact
An increase in saving for retirement:
More and more non-retirees are saving for retirement. While only **% were doing so in ****, **% (***) are doing so in ****.
Change in the proportion of non-retirees saving for retirement France, ****, as a % Source: ****
However, among the **% of non-retirees saving for retirement, only **% say they save very regularly. ...
MARKET STRUCTURE
3.1 General overview of the competitive landscape
The different players
The wealth management market in France is particularly fragmented, as it is divided among many players: brokers, bankers, insurers, real estate agents, lawyers, notaries, chartered accountants, independent advisors, investment companies, asset managers, portfolio managers, auctioneers, etc.
However, these players can be divided into two categories:
Direct players, which ...
3.2 Financial performance and compensation of PMCs
The activity of wealth management advisors is concentrated within the top players. Indeed, the top ** players account for **% of the sector's revenues. The next *** account for **% of the market revenue. The remaining **% is divided among the other **** firms.
Level of concentration of CGP players, by revenue France, ****, as a % Source: ****
This ...
3.3 Interview with Malcolm Vincent, Managing Director of Astoria Finance
Cantiane: Hello and welcome to overview, the podcast that offers you a **-minute decipherment of the issues in a market. My name is Cantiane and I'm an analyst at Businesscoot, a startup that specializes in market research. For today's episode, we're going to talk about the wealth management market and for ...
3.4 The sector's shift to ESG
The wealth management sector, like other branches of finance, is turning more and more towards ESG. This necessary shift, requested by clients and investors, is however not easy to implement. In fact, according to a report by the AFG (***), there are * challenges to overcome in order to overcome the major obstacles ...
ANALYSIS OF THE OFFER
4.1 Variety of services offered, and fees applicable to the wealth management activity
The wealth management market covers a range of services that are as varied as they are complementary:
Financial management: selection of funds and investment supports within the framework of a management mandate, management of dedicated funds, development of structured products, etc... ; Retirement planning: understanding future needs, long-term investments; Wealth engineering: organization, ...
4.2 Supply-side trend: digitalization
Half of wealth management advisors have used the period of the health crisis to invest in and develop their digital solutions offering. The following graph shows that this trend is stronger in **** than it was the year before. These investments are slightly more for client communication than for business management.
Investment ...
4.3 The future of wealth management
The wealth management industry is rapidly evolving in response to client needs and demands. The industry is becoming increasingly competitive as regulation, globalization of flows and technological disruptions come into play.
According to a Deloitte study, the top ** disruptions that will impact the future of the wealth management industry are:
Reconnected ...
REGULATION
5.1 Regulations applicable to the profession of asset management consultants
The profession of wealth management advisor does not benefit from a specific status as it is for example the case for lawyers. Thus, wealth management advisors may need to have * statutes/competences listed in the following table according to the nature of their activity. [***]
In addition, the wealth management market is ...
5.2 The impact of the PACTE law on the sector
The PACTE Law, adopted on April **, ****, implements important changes in favor of the modernization of French wealth management tools and numerous measures to support SMEs-mid-caps.
Among the main measures impacting the wealth management business, we can cite changes relating to:
Life insurance: there is now a principle of transferability of life ...
POSITIONING OF THE ACTORS
6.1 Segmentation
- Amundi
- HSBC Private Bank
- Société Générale Private Banking
- Natixis Wealth Management
- Milleis Banque
- Pictet
- Primonial
- Astoria Groupe
- Cyrus Conseil
- Compagnie Financière Richelieu
- Ethenea
- Cholet-Dupont
- Magnacarta
- Althos-Patrimoine
- K&P Finance
- Experts en patrimoine
- Lonlay & Associés
- Nalo
- Yomoni
- Grisbee
- Finary
- Epsor
- Premium Groupe
- Ageas France
- BPI
- Scala Patrimoine
- Shares
- Thesaurus
- Crystal Groupe
- LFPI
- Mandarine gestion
- Oaktree Capital Management
- Rothschild Martin Maurel
- Lazard Frères Gestion
- Meeschaert
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Reviews (2)
The wealth management market - France
Publicado en 14/02/2022 by David Ninitte
Excellent study to discover. Bravo for the quality of your content. Sincerely
Businesscoot Response:
David, thank you for your comment.
The wealth management market - France
Publicado en 15/12/2021 by Jean Philippe Perrin
Businesscoot Response:
Hello Jean Philippe, Thank you for the rating you have given to our study. :)
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