The Fee-based Winter 2012 Semi-annual Report

At first glance it would seem that the world of fee-based assets managed a collective yawn in the last half of 2011, with only a small increase in total assets and only modest changes in the market shares of various products and distribution channels. But, yawners beware—the past six months have gone a long way to solidify trends that have been becoming increasingly apparent over the past three years or so. Fund wraps have made further gains over stand-alone funds; growth in advisor managed assets and assets held in fee-based brokerage accounts have outpaced other brokerage services; and the once rapidly-growing private investment counsel channel is now barely maintaining its share of managed assets. The goal of The Fee-based Report is to provide our subscribers with the best information and the most thoughtful analysis about key areas of wealth management in Canada. This edition of the report, which features an examination of the changing competitive environment within the private investment counsel channel, is no exception. If you are a brokerage firm, a mutual fund manager, or a private investment counsel boutique, this should be required reading.