The deposit-takers are positioned to take command of the private investment counsel (PIC) channel. They now control 53% of assets under management and without their growth over the past three years, the channel would be in decline. Why, all of a sudden, are the wealthy walking away from the owner/managed firms and dancing with the banks and the brokerage firms that, five years ago, were the major source of new business for portfolio managers? A financial crisis, that’s why. The lead research article in The Fee-based Report (Winter 2012) takes a critical look at the chandelier-lit world of private investment counsellors and considers, among other issues, the long-term impact of the events of 2008 and 2009, as well as changing attitudes shaped by an aging population, on this channel that manages assets of over $160 billion. This article is published in The Fee-based Report or can be provided on a stand-alone basis. For more information on The Fee-based Report, go to http://investoreconomics.com/issue/the-fee-based-report-2. Posted by Keith Sjogren Keith@iei.ca.