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2 Household Balance Sheet Report, 2005 Edition is published by Investor Economics Inc., 312 Adelaide St. West, Suite 400, Toronto, Ontario, Canada M5V 1R2. Telephone: (416) Fax: (416) Internet: Website: Queries concerning subscriptions to this publication should be directed to Earl Bederman at the above contact numbers. To request a password for the Client Extranet Section of the Investor Economics website, please contact Alan Ewing. Key contacts: Earl Bederman, Goshka Folda, Ray Liu Editorial: Bruce Cohen Administration: Alan Ewing Production: Studio deluxe Disclaimer: This publication is intended only to convey information. The publisher has taken all usual and reasonable precautions to determine that the information contained in this publication has been obtained from sources believed to be reliable, and that the procedures used to summarize and analyze such information are based on approved practices and principles in the financial services industry. However, the market forces applicable to the subject matter of this report are subject to sudden and dramatic changes and data availability and reliability varies from one moment to the next. Consequently, the publisher makes no warranty as to the accuracy or completeness of information, analysis or views contained in this publication or their usefulness or suitability in any particular circumstance. The publisher accepts no liability of whatsoever kind for any damages or losses incurred as a result of reliance upon or use of this publication. Copyright Protection: Investor Economics Inc All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any material form whatever by whatever means, whether electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher, who hereby asserts its moral rights to the integrity of the work and to be associated with the work as its author by name.
3 List of Exhibits... 3 Introduction... 7 Section 1 Dynamics of the Household Balance Sheet... 9 Section 2 Household Balance Sheet Roadmap and Analytical Lenses Section 3 The Financial Services Landscape: Emerging balance sheet trends, projections, key themes and changing marketplace dynamics Section 4 The Wealth Market Overview Demand Perspective Supply Perspective Big Six Banks in the Wealth Market The Retirement Market Section 5 Segmentation Section 6 Canada versus the U.S Appendices 1. Glossary Chronology Statistical Tables Table of Contents
4
5 List of Exhibits Section 1: Dynamics of the Household Balance Sheet 1.1 Sources and Disposition of Income and Savings in Personal Disposable Income: Savings and Expenditures 1.3 Gross Savings: What Goes into the Balance Sheet 1.4 Dissavers, Prime Savers and Borrowers 1.5 Key Demographic Ratios: Prime Savers to Borrowers and Dissavers to Prime Savers 1.6 Inflation and Canadian Dollar Exchange Rate 1.7 Shape of the Canadian Interest Rate Yield Curve in 1990, 1997 and 2005 Section 2: Household Balance Sheet Roadmap and Analytical Lenses 2.1 Conceptual Framework 2.2 The Classic Household Balance Sheet 2.3 Analytical Lenses: Asset Mix 2.4 Analytical Lenses: Segmentation 2.5 Analytical Lenses: Taxable and Tax-deferred 2.6 Analytical Lenses: Business Lines 2.7 Analytical Lenses: Distribution Channels Section 3: The Financial Services Landscape 3.1 Household Balance Sheet Themes at Work 3.2 Tracking HBS Themes: Shift to Financial Assets 3.3 Tracking HBS Themes: Shift to Long-term Financial Assets 3.4 Growth of Key Components of the Wealth Market 3.5 Tracking HBS Themes: Growing Importance of Taxable Assets 3.6 Tracking HBS Themes: Growing Importance of Foreign Investing 3.7 Deposits, Household Credit and Off-balance Sheet Wealth Market Assets 3 Section 4: The Wealth Market 4.1 Wealth Market by Asset Mix 4.2 Asset Mix of Wealth Market and Home Equity 4.3 Measuring Home Equity of Canadian Households 4.4 The Value of Residential Real Estate 4.5 Measures of Value of Residential Real Estate 4.6 Household Balance Sheet Risk Profile 4.7 Downside Risk Protection Continuum: By Major Instrument 4.8 Downside Risk Protection Continuum 4.9 The High End: Affluent and Upscale Segments 4.10 Wealth Market by Key Age Segments over Taxable Assets in the High End 4.12a Wealth Market by Product Line: In Billions of Dollars 4.12b Wealth Market by Product Line: Percentage Distribution 4.13 Identifying Growth Drivers: Flows versus Market Effect Wealth Market 4.14 Identifying Growth Drivers: Flows versus Market Effect Fee-based Assets 4.15 Identifying Growth Drivers: Flows versus Market Effect Managed Assets
6 List of Exhibits 4.16 Fee-based Assets 4.17 Wealth Market by Product/Business Line 4.18 Emerging Products 4.19 Robust Growth for Hybrids and Emerging Products 4.20 Deposits and Funds as Percentage of the Wealth Market 4.21 The Investment Funds Market 4.22 Top-line Investment Funds Forecast 4.23 Wealth Market Assets by Distribution Channel 4.24 Wealth Market by Distribution Channel: Future Growth 4.25 The Advice Market by Distribution Channel 4.26 Branch Direct 4.27 Online/Discount Brokers 4.28 Direct Sellers of Investment Funds 4.29 Branch Advice 4.30 Financial Advisors 4.31 Full-service Brokers 4.32 Distribution of Revenues at Full-service Brokers 4.33 Distribution of Revenues at Full-service Brokers Big Six versus Other Firms 4.34 Turn Rates for Selected Products at Full-service Brokerages 4.35 Private Client Management 4 Big Six Banks in the Wealth Market B1 Big Six Banks: Wealth Market Assets by Line of Business B2 Big Six Banks: Share of Total Wealth Market by Line of Business B3 Big Six Banks: Share of Wealth Market Distribution Channels and Growth Rates B4a Big Six Banks: Ranked by Share of Total Wealth Market and Line of Business B4b Big Six Banks: Ranked by Share of Wealth Market Distribution Channels B4c Big Six Banks: Ranked by One-year Growth in Selected Wealth Market Distribution Channels B5 Big Six Banks: Vertical Integration The Retirement Market R1 The Retirement Market Outlook R2 Tax-deferred Wealth Market Assets R3 Assets in the Pension Market R4 Wealth Market Assets in RRSPs R5 The Payout Annuities Market Section 5: Segmentation 5.1a Wealth Market Assets by Region 5.1b Regional Segmentation of Canadian Wealth Market in 2004 Two Views 5.2 Composition of the Wealth Market by Region and Major Financial Instrument 5.3 Share of Canada s Wealth Market by Region and Major Financial Instrument Segmenting the Wealth of Canadian Households: 2004 Snapshot
7 Wealth Market Assets and Number of Households by Asset Threshold 5.6a Wealth Market Assets by Asset Threshold 5.6b Wealth Market Assets by Asset Threshold 5.7a Number of Households by Asset Threshold 5.7b Number of Households by Asset Threshold 5.7c Average Assets by Asset Threshold Wealth Market Assets and Number of Households by Life Stage 5.9a Wealth Market Assets by Life Stage 5.9b Wealth Market Assets by Life Stage 5.10a Number of Households by Life Stage 5.10b Number of Households by Life Stage 5.10c Average Assets by Life Stage Wealth Market Assets and Numbers of Households by Income Threshold 5.12a Wealth Market Assets by Income Threshold 5.12b Wealth Market Assets by Income Threshold 5.13a Number of Households by Income Threshold 5.13b Number of Households by Income Threshold 5.13c Average Assets by Income Threshold 5.14 Affluent Market Assets and Number of Households by Life Stage and Income Threshold Section 6: Canada versus the U.S Household Balance Sheet Comparison: Canada versus U.S. 6.2 Composition of Liabilities: Canada versus U.S. 6.3 Equities and Equity Funds as Percentage of Wealth Market 6.4 Asset Mix of Wealth Market including Home Equity 6.5 Home Equity as Percentage of Wealth Market including Home Equity CAGR of Key Balance Sheet Components: Canada versus U.S. 6.7 Comparing Fee-based Programs: Canada versus U.S. 6.8 Fee-based Programs by Type: Distribution of Assets Investment Fund Assets by Major Asset Class Long-term Funds as Percentage of Wealth Market 5 Appendix 3: Statistical Tables A1 Demographics A2 Macro Drivers A3 The Household Balance Sheet: In Billions of Dollars A4 The Household Balance Sheet: Distribution A5 The Household Balance Sheet: Annual and Compound Average Annual Growth Rates A6 Net Flows into Selected Household Balance Sheet Components A7 Wealth Market by Asset Mix including Home Equity A8 Wealth Market by Asset Mix: Distribution A9 Wealth Market by Asset Mix: Distribution as Share of Wealth Market including Home Equity A10 Wealth Market by Asset Mix: Annual and Compound Average Annual Growth Rates A11 Wealth Market by Product/Business Line: In Billions of Dollars
8 List of Exhibits A12 A13 A14 A15 A16 A17 A18 A19 A20 A21 A22 A23 A24 A25 A26 A27 A28 Wealth Market by Product/Business Line: Distribution Wealth Market by Product/Business Line: Annual and Compound Average Annual Growth Rates Wealth Market by Taxable and Tax-deferred: In Billions of Dollars Wealth Market by Taxable and Tax-deferred: Distribution Wealth Market by Taxable and Tax-deferred: Annual and Compound Average Annual Growth Rates Wealth Market by Distribution Channel: In Billions of Dollars Wealth Market by Distribution Channel: Annual and Compound Average Annual Growth Rates Wealth Market Products by Distribution Channel Direct Wealth Market Products by Distribution Channel Advice Wealth Market Products by Distribution Channel Intermediated Advice Insurance Market by Major Line of Business Mutual Funds by Major Asset Class: In Billions of Dollars and Distribution Mutual Funds by Major Asset Class: Annual and Compound Average Annual Growth Rates Individual Segregated Funds: In Billions of Dollars and Distribution Individual Segregated Funds: Annual and Compound Average Annual Growth Rates Tax-deferred Financial Assets RRIF Market 6
9 Introduction We are pleased to present the 2005 edition of our Household Balance Sheet Report. Over the years, Investor Economics Household Balance Sheet Report has become a cornerstone of strategic thinking and a benchmark for business planning and forecasting for the organizations that compete in all facets of Canada s financial services industry. The 2005 report builds on our growing body of research and contains a number of important new features. The Household Balance Sheet Report is fundamentally about the future, and once again we have gone into overdrive on this subject. The 2005 edition of the Household Balance Sheet Report presents: Detailed projections of over 50 line items that make up every category of assets, liabilities, and net worth that comprise the aggregate Household Balance Sheet (see Appendix 3). Comprehensive and detailed analysis and projections for the wealth market examined through five key lenses: asset mix, line of business (i.e. spread-, transaction- and fee-based), distribution channels (seven detailed channels), segmentation, and taxable/tax-deferred (see Sections 2, 4 and 5). An updated view of the major overarching balance sheet and wealth market themes that will influence the contour of the financial services playing field for all providers (see Section 3). The importance of risk management is one of the many themes explored in the report. NEW: Expanded product detail for market-linked instruments, hedge funds, closed-end funds, income trusts, and exchange-traded funds showing the current size and past and projected growth for each (see Section 4). NEW: Residential real estate and home equity are now included in our measurement and analysis of the wealth market (see Section 3). NEW: Regional balance sheets quantifying the size and wealth market structure for British Columbia, Alberta, Manitoba/Saskatchewan, Ontario, Quebec, and the Atlantic Provinces. Wealth market growth for each of these regions is also provided in conjunction with our regional segmentation (see Section 5). NEW: A special feature zeroing in on the Big Six banks share of the wealth market by line of business and delivery channel (see Section 4). Projections for the key wealth market segments broken out into asset threshold, income, age and region. This is the part of our report where you can locate projections on the size of the $1 million and over segment 10 years hence (see Section 5). Projections of the fee-based market and each component of the fee-based continuum investment funds, fund wraps, and discretionary managed money (see Section 4). The outlook for advice and the prospects and challenges for distribution channels, branch advice, full-service brokers, and financial advisors (see Section 4). 7
10 Introduction An updated feature on the retirement market pensions, defined contribution plans, individual and self-directed RRSPs, RRIFs, RESPs, and annuities (see Section 4). An expanded Canada/U.S. Household Balance Sheet comparison incorporating new levels of detail showing comparatives for composition and size of the fee-based market in both countries (see Section 6). We strongly believe that the Household Balance Sheet Report will provide senior executives, business planners, market researchers, and policymakers in your organization with a valuable resource in charting the future growth and development of your business. Earl Bederman President Investor Economics June
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