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  The Boston Consulting Group's report titled Winning in a Challenging Market: Global Wealth 2003 suggests several years of unprofitable stock markets have hit wealthy Canadians, and the wealth managers who work for them, hard, as assets under management fell by almost 12 per cent in 2002 and financial services revenues fell by 15 per cent.
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Wealthy Canadians, those with more than $250,000 US under management in 2002, saw their collective investments decline to $794 billion in 2002, the report suggests.

They paid out a total of $7 billion to the financial services sector to manage the funds, the report said. The effects of the ongoing bear market have changed the landscape for wealth management companies.

”The wealth management industry is suffering right across North America and Europe,” Paul Orlander, vice-president and director in Boston Consulting Group's Toronto office, said in a news release.

Globally, millionaires and billionaires lost $1.9 trillion US in 2002. Wealth managers' revenues have also fallen sharply. Since 1999 they have declined by more than 25 per cent, to $352.7 billion from $472.9 billion, according to the report.

The future is looking up, but it will be difficult to get investors back on board, the report said.

”The recent rise in equity markets is positive for investors and wealth managers, but the damage done over the past three years to wealth managers and their clients, as well as to trust and confidence, will take time to repair,” said Bruce Holley, one of the report's authors.

The report surveyed more than 80 of the world's leading wealth managers. The firms collectively have more than $5 trillion US in assets under management.
 
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