The Globe and Mail reports in its Friday, Jan. 6, edition that in its annual survey of 132 member firms, the Investment Industry Association of Canada (IIAC) found a "general optimism" amongst investment dealers. The Globe's Tim Kiladze writes that IIAC head Ian Russell says the outlook, however, remains tough for small dealers. Canada has already lost 60 boutique firms since 2012, and 50 more are currently losing money, says IIAC. There is an expectation that many will need to merge with competitors to survive. One of the glaring issues driving these trends: soaring costs. New rules imposed on investment dealers in the wake of the global financial crisis require heavy investments in new technology and monitoring systems. A new worry has also emerged. Security measures to protect against cyberthreats have sent tech expenses soaring. Those best situated operate retail businesses, which is expected to be the largest source of industry revenue this year. Large integrated firms -- mainly the Big Six banks -- can tap their retail networks to help sell wealth-management products to an ever-aging population. IIAC notes that some smaller dealers have found a way to stay competitive.