In this edition, we examine multi-year results for key performance drivers of the North American retail wealth management industry. The report reveals the following trends: overall growth in 2011 was weak, although there are signs of an improvement in the quality of the average advisor’s business, with larger, more productive households and better pricing. advisors have lower assets under management, predominantly due to a reduction in the number of households serviced. advisors are more strategic about the composition of their books, shedding small households while adding larger ones, and adding accounts and assets to existing households. advisors are improving pricing on new fee-based accounts, although the gap between premium and discount priced accounts remains wide. equity transaction business remains strong, with lower levels of discounting and larger trade sizes.