What is a Financial Advisory Service?
A financial adviser or financial advisor is a professional who provides financial services to clients based on their financial situation. In many countries, financial advisors must complete specific training and be registered with a regulatory body in order to provide advice. Financial advisers typically provide financial products and services, depending on the qualification examinations they hold and the training they have. Financial advisers are registered, not licensed. A financial adviser is generally compensated through fees, commissions, or a combination of both.
How the Demand Among SMEs for Financial Advisory Services Is Projected To Drive Market
The best method to help SMEs is to offer the financial advisory services market since they can charge more while still giving their small business clients value. According to a recent Accounting Today survey, 78% of small firms prefer an accountant who is a trusted counsel. This demand was scored 10% higher than the perception of affordable service prices. Furthermore, certain large banks worked together to provide effective financial advisory services for SMEs during the COVID-19 epidemic because of the absence of financial management among SMEs.
- For instance, in August 2021, Gulf Bank partnered with Balance Business Advising, a Kuwaiti SME to provide business owners and SMEs with financial advising services. This partnership results from the Bank's goal to support the SME industry with financial and consulting services.
The market for financial advisory services is expanding as a result of the increasing number of these benefits.
The advisors those who provide financial advisory services or those who give advice to people must be trained in a proper way and also should be registered. Financial advice is the best way to help small and medium-sized businesses. It provides value and allows for higher fees. many organizations have collaborated to provide effective service to the customers. Moreover, these benefits can lead to the significant growth of the financial advisory services Market