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

Personal Wealth

Benjamin Felix

The Rational Reminder Podcast Episode 23 – The Basic Rules of Purchasing Insurance: What, Why, When and How Much!

December 6, 2018

This is Episode 23 of the Rational Reminder Podcast, with Cameron Passmore, Benjamin Felix and very special guest, Glenn Cooke.

Personal Wealth

Benjamin Felix

The Rational Reminder Podcast Bonus Episode – The Yield Curve Is Not Out To Get You

December 6, 2018

In this bonus episode of the Rational Reminder Podcast, Benjamin Felix and special guest Robert Little briefly discuss the Yield Curve.

Personal Wealth

Nancy Graham

The “Best of No Dumb Questions” Series Continues: Advisor Questions, Part 2

December 6, 2018

In my last post, I shared four “qualifying” questions you can use to determine whether a financial advisor is a good fit for your needs. As we continue with our “Best of No Dumb Questions” series, let’s review five more questions to ask a financial advisor, to help you further narrow the field.

Personal Wealth

Peter Guay

Rent vs. Buy: A human view

December 4, 2018

What do diets and owning a home have in common? Well, the way we struggle with diets and exercise actually says something about whether you should rent or buy your home.

Personal Wealth

Anthony Layton

Tony’s Take: Responsible investing is a great option

November 30, 2018

I was struck by two news items last week that said a lot about where we are as a society and where we need to go. The first was the annual consumer orgy known as Black Friday, the kick-off to the Christmas shopping season. Once again, there were scenes from the U.S. of stampeding shoppers, frenzied merchandise grabbing and even fist fights as people tried to get in on bargains.

Behavioural Finance

Benjamin Felix

The Rational Reminder Podcast Episode 22 – Transformational Decision Making: Building A Company, Defining Success, and Finding Happiness

November 29, 2018

This is Episode 22 of the Rational Reminder Podcast, with Cameron Passmore, Benjamin Felix and very special guest, Shopify co-founder Daniel Weinand.

Personal Wealth

Susan Daley

Regular Actions to Take Control of Finances

November 28, 2018

I discuss what I personally do on a regular basis to make sure I’ve got my financial house in order in honour of Financial Literacy Month’s theme “Take Control of your Finances”.

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 – November 2018
  
  Looking for reliable data on recent market performance? Here you’ll find a PDF document of the monthly statistics for the month of November for the various Canadian, U.S. and international markets that we follow.
  Published: November 30, 2018
  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 – November 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 November for the various Canadian, U.S. and international markets that we follow.
  
  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
- 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 (November 2018)
  
  This document provides the performance data for the Model ETF Portfolios as of November 2018, as compiled by the Toronto team.
  Published: December 6, 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
- 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 (November 2018)
  Summary
  
  This document provides the performance data for the Model ETF Portfolios as of November 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
- 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 get a high growth portfolio, ongoing wealth management, and on-call advice from true financial experts for a set fee. I couldn’t be happier…

Adam McNamara Tech Entrepreneur
Very personalized service. Abundant trust. Never the feeling you are being led into a decision that you may ultimately regret.

J.H. Technology Investor
Graham, more recently joined by Susan, has been our financial advisor since 2006 and we moved to PWL with him in 2010. Graham’s ability to analyze each client’s situation, preferences and needs seems outstanding to us.

James & Patricia McDowell
Tony and his team have helped me to organize my financial affairs and achieve significant tax efficiencies, despite my extremely busy lifestyle. They have considerably reduced this burden for me and my family.

David McAusland McCarthy Tétrault
Very responsive, easy to talk to, clear answers, value-added services like tax planning and estate planning, integrated approaches.

Louise Lefebvre Federal Public Service
It is important to understand that investing for the future is best left to professionals who understand one’s immediate, medium and long-term needs. Tony Layton and his team at PWL Capital are perfectly positioned to understand the needs of every individual client. We have worked with Tony and his team for a number of years, and we can recommend them wholeheartedly in terms of bringing their clients peace of mind as far as investments are concerned in a volatile world.

David and Jill McDonald

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.

Benjamin Felix

MBA, CFA, CFP, Associate Portfolio Manager

Ottawa
Anthony Layton

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

Montreal
James Parkyn

CIM, FCSI, F.Pl, Portfolio Manager

Montreal
Shweta Shrivastava

MBA, CIM®, Portfolio Manager

Montreal
Mario Chandonnet

Senior Financial Planner & Financial Security Advisor

Montreal
Justin Bender

CFA, CFP, B.Comm., Portfolio Manager

Toronto
Cameron Passmore

CIM®, FMA, FCSI, Portfolio Manager

Ottawa
François Doyon La Rochelle

CFA, Portfolio Manager

Montreal
Graham Westmacott

MBA, CFA, Portfolio Manager

Waterloo
Susan Daley

CFA, CFP, Portfolio Manager

Waterloo
Dustin Tate

CFA, MFin., Investment Advisor

Toronto
Dan Bortolotti

CFP, CIM®, Portfolio Manager

Toronto
Nancy Graham

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

Ottawa
Peter Guay

MBA, CFA, Portfolio Manager

Montreal
Shannon Bender

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

Toronto

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 – November 2018

Market Statistics – October 2018

Market Statistics – September 2018

Market Statistics – August 2018

Market Statistics – July 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 (November 2018)

Passmore & Felix – Dimensional Global Portfolios (October 2018)

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

Nancy Graham & Her Team – PWL Model Portfolio Return Methodology

Contributors

Contributors

Contributors

Contributors

Summary