NAICS Code 523940-06 - Financial Advisory Services

Marketing Level - NAICS 8-Digit

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NAICS CODE 523940-06
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NAICS Code 523940-06 Description (8-Digit)

Financial Advisory Services is a type of industry that provides professional advice to clients regarding their financial affairs. This industry involves analyzing a client's financial situation and providing recommendations on how to achieve their financial goals. Financial advisors may specialize in various areas such as retirement planning, investment management, tax planning, and estate planning. They work closely with clients to understand their financial needs and objectives, and then develop a customized plan to help them achieve their goals.

Parent Code - Official US Census

Official 6‑digit NAICS codes serve as the parent classification used for government registrations and documentation. The marketing-level 8‑digit codes act as child extensions of these official classifications, providing refined segmentation for more precise targeting and detailed niche insights. Related industries are listed under the parent code, offering a broader context of the industry environment. For further details on the official classification for this industry, please visit the U.S. Census Bureau NAICS Code 523940 page

Tools

Tools commonly used in the Financial Advisory Services industry for day-to-day tasks and operations.

  • Financial planning software
  • Investment analysis tools
  • Risk management software
  • Retirement planning calculators
  • Tax planning software
  • Estate planning software
  • Portfolio management software
  • Asset allocation tools
  • Financial modeling software
  • Performance reporting tools

Industry Examples of Financial Advisory Services

Common products and services typical of NAICS Code 523940-06, illustrating the main business activities and contributions to the market.

  • Retirement planning
  • Wealth management
  • Investment advice
  • Tax planning
  • Estate planning
  • Risk management
  • Financial planning
  • Asset management
  • Portfolio management
  • Financial analysis

History

A concise historical narrative of NAICS Code 523940-06 covering global milestones and recent developments within the United States.

  • The Financial Advisory Services industry has a long history dating back to the early 20th century when the first investment trusts were established in the United States. In the 1920s, the industry experienced significant growth due to the stock market boom, but the Great Depression of the 1930s led to a decline in the industry. The industry saw a resurgence in the 1950s and 1960s with the introduction of mutual funds and the growth of pension funds. In the 1970s, the industry saw the introduction of financial planning services, which helped to expand the industry further. In recent years, the industry has been impacted by the rise of robo-advisors and the increasing popularity of passive investing. In the United States, the Financial Advisory Services industry has seen significant growth in recent years. The industry has benefited from a growing number of high-net-worth individuals and an increasing demand for retirement planning services. The industry has also been impacted by regulatory changes, such as the Department of Labor's fiduciary rule, which requires financial advisors to act in the best interest of their clients. The industry has responded to these changes by offering more fee-based services and focusing on providing personalized advice to clients. Overall, the Financial Advisory Services industry in the United States has a bright future, with continued growth expected in the coming years.