Financial consulting: trends and features of development in Ukraine

Abstract

The essence of consulting is investigated in this paper. Historical aspects of development and current trends in the consulting services market in Ukraine are considered. Approaches to consulting classification are given. Ukrainian consulting is at the stage of development, the prospects for further rooting in this industry depend on the process of stabilization of market relations in Ukraine in general. The consulting market is growing quantitatively and professionally. Significant growth in demand in the field of tax consulting and tax risk management is predicted. In this paper the authors reveal the signs of consulting activities in Ukraine. According to the authors point of view, the most balanced structure of consulting services is that offered by the European Directory of management consultants which combines all types of services into 8 groups: general management, administration, financial management, personnel management, marketing, organization of production, information technologies and special services, particularly, training consulting, consulting on power management, telecommunications, small business consulting, engineering consulting, etc. The segmentation of the consulting services market in Ukraine by functional purpose is reflected. The following key clients of consulting services in Ukraine are identified: metallurgical, chemical, food industry, telecommunication, civil engineering, financial sectors, trade. Since financial consulting is becoming more and more popular in Ukraine, features of this type of consulting are given in this paper. The role of financial consulting in the consulting system is highlighted. Peculiarities of financial consulting application are defined. Restraining factors of financial consulting application are given, the main ones are as follows: imperfection of regulatory and legal support; low level of trust in consulting companies; disinterest or resistance of the customer organization employees; unclear and opaque pricing for financial consulting services to customers; difficulties with reliable assessment of the effectiveness and efficiency of provided consulting services; lack of social perception of consulting as a profession and business by potential consumers; low solvency of customers. According to the authors point of view, financial consulting services support the sustainable development of business structures. Further development of the market of consulting services should meet current demands of domestic business structures and should meet international standards.