Canadian bank advisors saw a 10% average AUM drop in 2023, with top performers hit hardest and younger advisors replacing them.

Canadian bank branch advisors saw a 10% average drop in assets under management (AUM) in 2023, with top performers experiencing sharper declines in AUM and client productivity. Younger, less experienced advisors replaced top producers, and high-net-worth client shares fell among top performers, while the broader advisor group saw modest AUM gains and increased high-value client exposure. Compensation shifted toward performance-based pay, with fewer advisors earning over $500,000. Product mix changed significantly since 2019, with mutual funds rising to 64.7% of assets, while managed products and GICs declined. Advisors reported improved satisfaction with pay, technology, and support, though feedback on workload and program clarity varied.