In this edition, we examine multi-year results for key performance metrics in the North American retail wealth management industry. The following trends are highlighted in this report: continued growth in both advisor assets and advisor revenue, though largely driven by market appreciation steady progress toward a fee-based business model, but continuing pressure on fees increase in equity transactional volume and pricing compared to the previous year continuation of the trend toward fewer, but larger clients a greater number of high net worth households in advisors’ books, largely due to appreciation in the market lower client retention rates than the previous year a client base aging faster than the general population