Investing in Peace of Mind

Integrated Financial Planning and Asset Management.
No fads. No guesswork. No drama.

What PWL can do for you

IIROC AdvisorReport

Starting Out

Benjamin Felix

Should You Invest or Pay Off Your Mortgage?

November 9, 2018

Do you have a mortgage? A lot of Canadians do. What about an investment portfolio? With any luck, you’ve got one of those too. So, when does it make sense to use some of your investments to pay off your mortgage? This is a frequently asked question.

Behavioural Finance

Benjamin Felix

The Rational Reminder Podcast Episode 19 – Decision Making: Mental Models, Knowing Your Variables, and Achieving Positive Outcomes With Shane Parrish

November 7, 2018

This is episode 19 of the Rational Reminder Podcast, with Cameron Passmore, Benjamin Felix and very special guest Shane Parrish.

Starting Out

Peter Guay

Trailer fees: Canadian regulators are dropping the ball

November 6, 2018

The investment industry regulators aren’t willing to stand up and require the same for your relationship with your financial advisor. That’s a problem.

Market Research

Raymond Kerzérho

How PWL Estimates Future Inflation

November 2, 2018

PWL Capital effectue depuis cinq ans ses propres projections de rendements pour les actions et les obligations. Ces projections constituent un élément essentiel pour la préparation des plans financiers de nos clients. Elles reposent sur le taux d’inflation estimatif.

Personal Wealth

Benjamin Felix

The Rational Reminder Podcast Episode 18 – A Passion for Ottawa: Running, Luck, and the Ovarian Lottery with Mark Sutcliffe

November 2, 2018

This is Episode 18 of the Rational Reminder Podcast, with Cameron Passmore, Benjamin Felix and very special guest Mark Sutcliffe.

Market Research

Anthony Layton

Tony’s Take: Ontario government’s DSC meddling is bad for investors

November 2, 2018

Controversy continues to swirl around the Ontario government’s decision to torpedo a proposed ban on deferred sales charges (DSC) on mutual funds. A few weeks ago, Ontario Finance Minister Vic Fedeli shocked regulators and investor advocates alike by coming out against the ban. Not surprisingly, some big names in the mutual fund industry have cheered the decision.

Personal Wealth

Susan Daley

RESP Grants (Canada Education Savings Grants)

October 31, 2018

The RESP is a powerful tool to save for your child’s post-secondary education. The power comes from the Canadian Education Savings Grant (CESG), which boosts your child’s education savings substantially. I outline how the CESG works and how you can maximize the grants your child receives.

Recommended Resources

- Are Vanguard’s Canadian-listed ETFs at Risk of a Major Capital Gains Distribution?
  
  This paper reviews the risk of a capital gains distribution specific to Vanguard ETFs, more specifically from the perspective of Canadian taxable investors. We conclude that Vanguard’s multiple-share-class structure is very unlikely to trigger large capital gains distributions.
  Published: November 8, 2018
  Contributors
  Download Document
- A Guide to Responsible Investing – Doing Well by Doing Good
  
  ESG and SRI investments are becoming more prevalent in the investment universe. This document covers the three main strategies of ESG investing: passive, integration, and active. We review the implementation of each strategy, the consequences for portfolio returns, and we recommend some options for investing according to ESG.
  Published: September 17, 2018
  Contributors
  Download Document
- Housing: The Best Investment in History (On Paper)
  
  One of the most common questions that I am asked is “should I invest in real estate?” Even more common than this question is the matter of fact statement that real estate is a great investment.
  Published: May 24, 2018
  Contributors
  Download Document
- The Passive vs. Active Fund Monitor (2018)
  
  This report describes the competitive landscape for passively and actively managed funds over the last twelve years in Canada and the United States.
  Published: April 10, 2018
  Contributors
  Download Document
- Asset Location & Uncertainty
  
  Asset allocation requires investors to determine the appropriate allocation of each asset class – Canadian equities, US equities, International equities, fixed income – in their portfolio.
  Published: December 13, 2017
  Contributors
  Download Document
- Are Vanguard’s Canadian-listed ETFs at Risk of a Major Capital Gains Distribution?
  Summary
  
  This paper reviews the risk of a capital gains distribution specific to Vanguard ETFs, more specifically from the perspective of Canadian taxable investors. We conclude that Vanguard’s multiple-share-class structure is very unlikely to trigger large capital gains distributions.
  
  Contributors
  Download Document
- A Guide to Responsible Investing – Doing Well by Doing Good
  Summary
  
  ESG and SRI investments are becoming more prevalent in the investment universe. This document covers the three main strategies of ESG investing: passive, integration, and active. We review the implementation of each strategy, the consequences for portfolio returns, and we recommend some options for investing according to ESG.
  
  Contributors
  Download Document
- Housing: The Best Investment in History (On Paper)
  Summary
  
  One of the most common questions that I am asked is “should I invest in real estate?” Even more common than this question is the matter of fact statement that real estate is a great investment.
  
  Contributors
  Download Document
- The Passive vs. Active Fund Monitor (2018)
  Summary
  
  This report describes the competitive landscape for passively and actively managed funds over the last twelve years in Canada and the United States.
  
  Contributors
  Download Document
- Asset Location & Uncertainty
  Summary
  
  Asset allocation requires investors to determine the appropriate allocation of each asset class – Canadian equities, US equities, International equities, fixed income – in their portfolio.
  
  Contributors
  Download Document
- Market Statistics – October 2018
  
  Looking for reliable data on recent market performance? Here you’ll find a PDF document of the monthly statistics for the month of October for the various Canadian, U.S. and international markets that we follow.
  Published: October 31, 2018
  Contributors
  Download Document
- Market Statistics – September 2018
  
  Looking for reliable data on recent market performance? Here you’ll find a PDF document of the monthly statistics for the month of September for the various Canadian, U.S. and international markets that we follow.
  Published: September 30, 2018
  Contributors
  Download Document
- Market Statistics – August 2018
  
  Looking for reliable data on recent market performance? Here you’ll find a PDF document of the monthly statistics for the month of August for the various Canadian, U.S. and international markets that we follow.
  Published: August 31, 2018
  Contributors
  Download Document
- Market Statistics – July 2018
  
  Here you’ll find a PDF document of the monthly statistics for the month of July for the various Canadian, U.S. and international markets that we follow.
  Published: July 31, 2018
  Contributors
  Download Document
- Market Statistics – June 2018
  
  Looking for reliable data on recent market performance? Here you’ll find a PDF document of the monthly statistics for the month of June for the various Canadian, U.S. and international markets that we follow.
  Published: June 30, 2018
  Contributors
  Download Document
- Market Statistics – October 2018
  Summary
  
  Looking for reliable data on recent market performance? Here you’ll find a PDF document of the monthly statistics for the month of October for the various Canadian, U.S. and international markets that we follow.
  
  Contributors
  Download Document
- Market Statistics – September 2018
  Summary
  
  Looking for reliable data on recent market performance? Here you’ll find a PDF document of the monthly statistics for the month of September for the various Canadian, U.S. and international markets that we follow.
  
  Contributors
  Download Document
- Market Statistics – August 2018
  Summary
  
  Looking for reliable data on recent market performance? Here you’ll find a PDF document of the monthly statistics for the month of August for the various Canadian, U.S. and international markets that we follow.
  
  Contributors
  Download Document
- Market Statistics – July 2018
  Summary
  
  Here you’ll find a PDF document of the monthly statistics for the month of July for the various Canadian, U.S. and international markets that we follow.
  
  Contributors
  Download Document
- Market Statistics – June 2018
  Summary
  
  Looking for reliable data on recent market performance? Here you’ll find a PDF document of the monthly statistics for the month of June for the various Canadian, U.S. and international markets that we follow.
  
  Contributors
  Download Document
- How to use the Rate of Return calculator
  
  This document explains how to use the Rate of Return calculator to calculate your portfolio’s annual rate of return.
  Published: September 12, 2018
  Contributors
  Download Document
- Rate of Return Calculator (2017) – Modified Dietz Method
  
  By using an approximate time-weighted rate of return (such as the Modified Dietz method), investors will be better able to gauge their performance relative to index benchmarks.
  Published: September 12, 2018
  Contributors
  Download Document
- Rate of Return Calculator (2016) – Modified Dietz Method
  
  By using an approximate time-weighted rate of return (such as the Modified Dietz method), investors will be better able to gauge their performance relative to index benchmarks.
  Published: September 11, 2018
  Contributors
  Download Document
- Rate of Return Calculator (2015) – Modified Dietz Method
  
  By using an approximate time-weighted rate of return (such as the Modified Dietz method), investors will be better able to gauge their performance relative to index benchmarks.
  Published: September 12, 2015
  Contributors
  Download Document
- Rate of Return Calculator (2014) – Modified Dietz Method
  
  By using an approximate time-weighted rate of return (such as the Modified Dietz method), investors will be better able to gauge their performance relative to index benchmarks.
  Published: September 12, 2014
  Contributors
  Download Document
- How to use the Rate of Return calculator
  Summary
  
  This document explains how to use the Rate of Return calculator to calculate your portfolio’s annual rate of return.
  
  Contributors
  Download Document
- Rate of Return Calculator (2017) – Modified Dietz Method
  Summary
  
  By using an approximate time-weighted rate of return (such as the Modified Dietz method), investors will be better able to gauge their performance relative to index benchmarks.
  
  Contributors
  Download Document
- Rate of Return Calculator (2016) – Modified Dietz Method
  Summary
  
  By using an approximate time-weighted rate of return (such as the Modified Dietz method), investors will be better able to gauge their performance relative to index benchmarks.
  
  Contributors
  Download Document
- Rate of Return Calculator (2015) – Modified Dietz Method
  Summary
  
  By using an approximate time-weighted rate of return (such as the Modified Dietz method), investors will be better able to gauge their performance relative to index benchmarks.
  
  Contributors
  Download Document
- Rate of Return Calculator (2014) – Modified Dietz Method
  Summary
  
  By using an approximate time-weighted rate of return (such as the Modified Dietz method), investors will be better able to gauge their performance relative to index benchmarks.
  
  Contributors
  Download Document
- NBIN Best Execution Public Disclosure Statement
  
  The following are recent changes to the NBF Best Execution public disclosure statement, which will be noted in this section for your reference, and will be maintained for at least the next 6 months
  
  Download Document
- The Safe-Keeping of your Assets
  
  PWL Capital is structured such that all your assets are held in accounts in your name by our carrying broker, National Bank Correspondent Network. When you deposit money to your accounts, the cheque is made out to NBCN, never PWL.
  
  Download Document
- Accounts and Services Agreement and Disclosures
  
  Accounts and Services Agreement and Disclosures For Clients of Introducing Brokers
  
  Download Document
- Introducing/carrying broker disclosure statement
  
  NBCN is the Carrying Broker for the financial institution with whom you opened your securities account.
  
  Download Document
- Opening Your Retail Account
  
  This brochure sets out the basic information requirements for the initial application and ongoing maintenance of your account. Your firm may request additional information, depending on the type of account and the services you request.
  
  Download Document
- NBIN Best Execution Public Disclosure Statement
  
  Summary
  
  The following are recent changes to the NBF Best Execution public disclosure statement, which will be noted in this section for your reference, and will be maintained for at least the next 6 months
  
  Download Document
- The Safe-Keeping of your Assets
  
  Summary
  
  PWL Capital is structured such that all your assets are held in accounts in your name by our carrying broker, National Bank Correspondent Network. When you deposit money to your accounts, the cheque is made out to NBCN, never PWL.
  
  Download Document
- Accounts and Services Agreement and Disclosures
  
  Summary
  
  Accounts and Services Agreement and Disclosures For Clients of Introducing Brokers
  
  Download Document
- Introducing/carrying broker disclosure statement
  
  Summary
  
  NBCN is the Carrying Broker for the financial institution with whom you opened your securities account.
  
  Download Document
- Opening Your Retail Account
  
  Summary
  
  This brochure sets out the basic information requirements for the initial application and ongoing maintenance of your account. Your firm may request additional information, depending on the type of account and the services you request.
  
  Download Document
- Toronto Team – Model ETF Portfolios (October 2018)
  
  This document provides the performance data for the Model ETF Portfolios as of September 2018, as compiled by the Toronto team.
  Published: October 31, 2018
  Contributors
  Download Document
- Passmore & Felix – Dimensional Global Portfolios (October 2018)
  
  This document provides the performance data for Dimensional Global Portfolios for October 2018, as compiled by the Passmore & Felix team.
  Published: October 30, 2018
  Contributors
  Download Document
- Toronto Team – Model ETF Portfolios (September 2018)
  
  This document provides the performance data for the Model ETF Portfolios as of September 2018, as compiled by the Toronto team.
  Published: September 30, 2018
  Contributors
  Download Document
- Nancy Graham & Her Team – PWL Model Portfolios (June 2018)
  
  This document provides the performance data for Model Portfolios for June 2018, as compiled by Nancy Graham & Her Team.
  Published: June 30, 2018
  Contributors
  Download Document
- Nancy Graham & Her Team – PWL Model Portfolio Return Methodology
  
  Past performance does not guarantee future results. The historical performance of indexes is illustrative only and will not necessarily mirror the future performance of any fund tracking that benchmark.
  Published: January 1, 2018
  Contributors
  Download Document
- Toronto Team – Model ETF Portfolios (October 2018)
  Summary
  
  This document provides the performance data for the Model ETF Portfolios as of September 2018, as compiled by the Toronto team.
  
  Contributors
  Download Document
- Passmore & Felix – Dimensional Global Portfolios (October 2018)
  Summary
  
  This document provides the performance data for Dimensional Global Portfolios for October 2018, as compiled by the Passmore & Felix team.
  
  Contributors
  Download Document
- Toronto Team – Model ETF Portfolios (September 2018)
  Summary
  
  This document provides the performance data for the Model ETF Portfolios as of September 2018, as compiled by the Toronto team.
  
  Contributors
  Download Document
- Nancy Graham & Her Team – PWL Model Portfolios (June 2018)
  Summary
  
  This document provides the performance data for Model Portfolios for June 2018, as compiled by Nancy Graham & Her Team.
  
  Contributors
  Download Document
- Nancy Graham & Her Team – PWL Model Portfolio Return Methodology
  Summary
  
  Past performance does not guarantee future results. The historical performance of indexes is illustrative only and will not necessarily mirror the future performance of any fund tracking that benchmark.
  
  Contributors
  Download Document
- Playing the Winner’s Game (Swedroe, 2013)
  
  The instant access to unlimited information on the Internet has not improved experienced investors’ chances of having a positive investing experience. The need to rise above the noise with out busy lives has never been greater. That is where this book comes in.
  
  Download Document
- The Investment Answer (Goldie & Murray, 2011)
  
  Jargon-free and written for all investors — experienced, beginner, and everyone in between — The Investment Answer distills the process into just five decisions — five straightforward choices that can lead to safe and sound ways to manage your finances.
  
  Download Document
- The Behavior Gap
  
  As a financial planner, Carl Richards grew frustrated watching people he cared about make the same mistakes over and over with their money. They were letting emotion get in the way of making smart financial decisions. He named this phenomenon—the distance between what we should do and what we actually do— “the behavior gap.”
  
  Download Document
- Keeping the Cottage in the Family
  
  A country place is a symbol of relaxation, continuity in life, and family harmony. But when the topic of ownership succession is raised, that lovely spot can be transformed into a source of stress, uncertainty and family strife.
  Published: August 20, 2017
  Contributors
  Download Document
- Playing the Winner’s Game (Swedroe, 2013)
  
  Summary
  
  The instant access to unlimited information on the Internet has not improved experienced investors’ chances of having a positive investing experience. The need to rise above the noise with out busy lives has never been greater. That is where this book comes in.
  
  Go to Document
- The Investment Answer (Goldie & Murray, 2011)
  
  Summary
  
  Jargon-free and written for all investors — experienced, beginner, and everyone in between — The Investment Answer distills the process into just five decisions — five straightforward choices that can lead to safe and sound ways to manage your finances.
  
  Go to Document
- The Behavior Gap
  
  Summary
  
  As a financial planner, Carl Richards grew frustrated watching people he cared about make the same mistakes over and over with their money. They were letting emotion get in the way of making smart financial decisions. He named this phenomenon—the distance between what we should do and what we actually do— “the behavior gap.”
  
  Go to Document
- Keeping the Cottage in the Family
  Summary
  
  A country place is a symbol of relaxation, continuity in life, and family harmony. But when the topic of ownership succession is raised, that lovely spot can be transformed into a source of stress, uncertainty and family strife.
  
  Contributors
  Download Document
- Protection Against Fraud Checklist
- Protection Against Fraud Checklist
  
  This checklist provides information on additional steps that you can take to protect yourself from identity theft and fraud.
  Published: April 20, 2017
  Contributors
  Download Document
- Protection Against Fraud Checklist
  Summary
  
  This checklist provides information on additional steps that you can take to protect yourself from identity theft and fraud.
  
  Contributors
  Download Document

I was searching for a way to increase portfolio diversification while keeping both the fees and any required active involvement to a minimum. Cameron and the PWL team both met and exceeded these goals.

Russ Jones Shopify
I chose to work with Cameron and PWL because I felt I would receive honest advice, fair and simple pricing, and an amazing product. Cameron doesn’t push investments: he educates me with what strategies work for my needs. Anyone looking for personalized, honest investment strategies needs to have a chat with Cameron – especially after one of his great talks!

Carson Brown Product Manager
Excellent approach to hands off investing…have not looked at financial news in over 2 years … index investments are doing well and the PWL team takes care of the details.

Kevin Thibert, Client Executive, CISCO
I completely agree with PWL’s investment philosophy as well as greatly valuing their customer service.

Doug McKenzie Managing Director
PWL is proactive in sharing general financial advice and insights as well as highly responsive to questions, concerns and requests for action and processing of transactions. Wise, straightforward advice and very good communication … plain language when necessary for those who are not
very literate in the world of investments.

Anne Carlyle Carlyle Designs - Ottawa, ON
I can give no greater reference for Ben, Cameron and staff than this testimonial. We’ve been with PWL for about 18 months and couldn’t be more pleased. Our money languished with another vendor garnering subpar returns for six years prior. Sure, we received our perfunctory annual Christmas basket, but our portfolio never returned the targeted gain. Not once…

PWL has been on the money, with our money, from day one. Simple, Data Driven and Predictable. If you’re considering switching portfolio managers – Just Do It.

Rudy Richman VirtualCSO

Meet PWL Financial Advisors

At PWL Capital, our focus is simple: we do what’s right for you, each and every day. In return, clients like you have rewarded us with more than two decades of trust, loyalty and respect.

Shannon Bender

CFP, CIM®, B.Comm., Investment Advisor

Toronto
Shweta Shrivastava

MBA, CIM®, Portfolio Manager

Montreal
Anthony Layton

MBA, CIM®, Chairman of the Board, Portfolio Manager

Montreal
Graham Westmacott

MBA, CFA, Portfolio Manager

Waterloo
James Parkyn

CIM, FCSI, F.Pl, Portfolio Manager

Montreal
Cameron Passmore

CIM®, FMA, FCSI, Portfolio Manager

Ottawa
Nancy Graham

CPA, CA, CIM®, CFP, TEP, Portfolio Manager

Ottawa
Peter Guay

MBA, CFA, Portfolio Manager

Montreal
Dan Bortolotti

CFP, CIM®, Investment Advisor

Toronto
Dustin Tate

CFA, MFin., Investment Advisor

Toronto
Susan Daley

CFA, CFP, Investment Advisor

Waterloo
Benjamin Felix

MBA, CFA, CFP, Investment Advisor

Ottawa
Mario Chandonnet

Senior Financial Planner & Financial Security Advisor

Montreal
Justin Bender

CFA, CFP, B.Comm., Portfolio Manager

Toronto
François Doyon La Rochelle

CFA, Portfolio Manager

Montreal

Waterloo

20 Erb St. W

Suite 506

Waterloo N2L 1T2 ON

Toronto

8 Wellington Street East

3rd Floor

Toronto M5E 1C5 ON

Ottawa

265 Carling Avenue

8th Floor

Ottawa K1S 2E1 ON

Montreal

3400 de Maisonneuve Ouest

Suite 1501

Montreal H3Z 3B8 QC

Evidence Based Investing

Are Vanguard’s Canadian-listed ETFs at Risk of a Major Capital Gains Distribution?

A Guide to Responsible Investing – Doing Well by Doing Good

Housing: The Best Investment in History (On Paper)

The Passive vs. Active Fund Monitor (2018)

Asset Location & Uncertainty

Contributors

Contributors

Contributors

Contributors

Contributors

Summary

Contributors

Summary

Contributors

Summary

Contributors

Summary

Contributors

Summary

Contributors

Market Statistics – October 2018

Market Statistics – September 2018

Market Statistics – August 2018

Market Statistics – July 2018

Market Statistics – June 2018

Contributors

Contributors

Contributors

Contributors

Contributors

Summary

Contributors

Summary

Contributors

Summary

Contributors

Summary

Contributors

Summary

Contributors

How to use the Rate of Return calculator

Rate of Return Calculator (2017) – Modified Dietz Method

Rate of Return Calculator (2016) – Modified Dietz Method

Rate of Return Calculator (2015) – Modified Dietz Method

Rate of Return Calculator (2014) – Modified Dietz Method

Contributors

Contributors

Contributors

Contributors

Contributors

Summary

Contributors

Summary

Contributors

Summary

Contributors

Summary

Contributors

Summary

Contributors

NBIN Best Execution Public Disclosure Statement

The Safe-Keeping of your Assets

Accounts and Services Agreement and Disclosures

Introducing/carrying broker disclosure statement

Opening Your Retail Account

Summary

Summary

Summary

Summary

Summary

Toronto Team – Model ETF Portfolios (October 2018)

Passmore & Felix – Dimensional Global Portfolios (October 2018)

Toronto Team – Model ETF Portfolios (September 2018)

Nancy Graham & Her Team – PWL Model Portfolios (June 2018)

Nancy Graham & Her Team – PWL Model Portfolio Return Methodology

Contributors

Contributors

Contributors

Contributors