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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.

Hierarchy Navigation for NAICS Code 523940-06


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

Certifications, Compliance and Licenses for NAICS Code 523940-06 - Financial Advisory Services

The specific certifications, permits, licenses, and regulatory compliance requirements within the United States for this industry.

  • Certified Financial Planner (CFP): A certification that requires a bachelor's degree, passing an exam, and completing three years of relevant work experience. It covers topics such as financial planning, taxes, insurance, estate planning, and retirement. Offered by the Certified Financial Planner Board of Standards.
  • Chartered Financial Analyst (CFA): A certification that requires passing three exams covering topics such as investment management, financial analysis, and ethics. Offered by the CFA Institute.
  • Series 7 License: A license that allows financial advisors to sell securities products such as stocks, bonds, and mutual funds. It requires passing an exam and is regulated by the Financial Industry Regulatory Authority (FINRA).
  • Series 65 License: A license that allows financial advisors to provide investment advice and manage client portfolios. It requires passing an exam and is regulated by FINRA.
  • Investment Adviser Certified Compliance Professional (IACCP): A certification that demonstrates expertise in investment adviser compliance. It requires passing an exam and is offered by the Investment Adviser Association.


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.

Future Outlook for Financial Advisory Services

The anticipated future trajectory of the NAICS 523940-06 industry in the USA, offering insights into potential trends, innovations, and challenges expected to shape its landscape.

  • Growth Prediction: Growing

    The Financial Advisory Services industry in the USA is expected to grow in the coming years due to the increasing demand for financial advice and planning services. The industry is expected to benefit from the aging population, which will require more retirement planning services. Additionally, the industry is expected to benefit from the increasing number of high-net-worth individuals who require specialized financial advice. However, the industry may face challenges due to the increasing competition from robo-advisors and other online financial planning services. Overall, the industry is expected to grow steadily in the coming years.

Industry Innovations for NAICS Code 523940-06

Recent groundbreaking advancements and milestones in the Financial Advisory Services industry, reflecting notable innovations that have reshaped its landscape.

  • Personalized Financial Planning: Financial advisory firms are increasingly using technology to provide personalized financial planning services to their clients. This includes using algorithms to analyze clients' financial data and provide customized investment advice.
  • Sustainable Investing: Financial advisory firms are increasingly offering sustainable investing options to their clients. This includes investing in companies that have a positive social or environmental impact.
  • Digital Platforms: Financial advisory firms are increasingly using digital platforms to provide their services to clients. This includes offering online financial planning tools and mobile apps.
  • Behavioral Finance: Financial advisory firms are increasingly using behavioral finance principles to help clients make better financial decisions. This includes using techniques such as gamification and nudges to encourage clients to save more and invest wisely.
  • Alternative Investments: Financial advisory firms are increasingly offering alternative investments to their clients. This includes investing in assets such as real estate, private equity, and hedge funds.

NAICS Code 523940-06 - Financial Advisory Services

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