Glossary

  1. Discretionary financial assets (DFA) - represent those financial assets where households hold the decision-making power with regards to the deployment of these financial assets into specific investment vehicles. DFA consist of financial wealth, currency in circulation, private mortgages and equity in private businesses.
  2. Defined benefit pension plans - registered pension plans that guarantee a specific income at retirement, based on the retiree’s earnings and the number of years worked. Investment portfolio decisions are made by money managers, and the investment risk is borne by plan sponsors.
  3. Dissavers - an age segment that consists of households whose head is at least 65 years of age.
  4. Discretionary managed assets - include discretionary portfolio management services offered to high-end clients by full-service brokers, private investment counsel and private banking firms and asset managers. The key feature of discretionary services is that the client has delegated the decision-making and trading authority to an individual portfolio manager or to the program’s portfolio manager of record. Discretionary services include discretionary brokerage, pooled funds, separately managed accounts, and certain aspects of the estates and trust business.
  5. Discretionary brokerage - consists of separately managed wraps, in-house managed wraps and advisor managed programs offered by full-service brokers.