Investing in Peace of Mind

Integrated Financial Planning and Asset Management.
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What PWL can do for you

IIROC AdvisorReport

Market Research

Peter Guay

Brighter Days Ahead

January 22, 2021

Though I am usually more sparing with my words, this year deserves more reflection than most. The pandemic has reached an extent that we have all now been touched by it, closer to home than any of us would like.

Personal Wealth

Capital Topics #8: Lessons of 2020

January 20, 2021

In this episode of Capital Topics, James Parkyn, François Doyon La Rochelle and Raymond Kerzérho discuss the following portfolio management and financial planning subjects.

Personal Wealth

James Parkyn

Last year was a high-speed test in managing our emotions

January 14, 2021

In year-end retrospectives over past few weeks, we’ve been reminded just how extraordinary 2020 was on so many fronts.

Personal Wealth

Peter Guay

Lessons from 2020: Prepare for risks you don’t see coming

January 8, 2021

Most people are only too ready to turn the page on 2020 and look forward to better times ahead. While that’s understandable, it’s worth taking a look back to draw some investment lessons from the difficult year we just lived through.

Personal Wealth

Capital Topics – Evaluating Portfolio Performance

December 22, 2020

In this episode of Capital Topics, James Parkyn, François Doyon La Rochelle and Raymond Kerzérho discuss the following portfolio management and financial planning subjects.

Market Research

Raymond Kerzérho

Currency Hedging of S&P500 Funds: A Deeper Dive

December 18, 2020

In a previous blog post, I had estimated that the residual currency effect (RCE) of Canadian-listed S&P500 funds has cost investors 0.99% since January 2000 and 0.67% since May 1993

Personal Wealth

Graham Westmacott

Housing the homeless

December 16, 2020

The case for housing the homeless can be stated in moral and economic terms. As a provider of investment services, we thought we should stay in our lane and educate ourselves on the economic arguments.

Business Wealth

Peter Guay

The REIT recovery proves the market gurus wrong (again)

December 11, 2020

When it comes to the markets, conventional wisdom has taken quite a beating during the pandemic. When the initial wave of COVID-19 infections sent stocks plunging last February, many analysts saw a long, difficult bear market ahead, fearing the pandemic would cause deep damage and lasting changes to the economy.

Recommended Resources

- Evidence Based Investing
  
  Market Statistics – December 2020
  Published: January 6, 2021
  
  Looking for reliable data on recent market performance? Here you’ll find a PDF document of the monthly statistics for the various Canadian, U.S. and international markets that we follow.
  Contributors
  
  View Resource
- Evidence Based Investing
  
  PWL Toronto – Market Statistics (December 2020)
  Published: January 6, 2021
  
  Looking for reliable data on recent market performance? Here you’ll find a PDF document of the monthly statistics for the various Canadian, U.S. and international markets that we follow.
  Contributors
  
  View Resource
- Evidence Based Investing
  
  Market Statistics – November 2020
  Published: December 11, 2020
  
  Looking for reliable data on recent market performance? Here you’ll find a PDF document of the monthly statistics for the various Canadian, U.S. and international markets that we follow.
  Contributors
  
  View Resource
- Evidence Based Investing
  
  PWL Toronto – Market Statistics (November 2020)
  Published: December 11, 2020
  
  Looking for reliable data on recent market performance? Here you’ll find a PDF document of the monthly statistics for the various Canadian, U.S. and international markets that we follow.
  Contributors
  
  View Resource
- Evidence Based Investing
  
  Market Statistics – October 2020
  Published: November 4, 2020
  
  Looking for reliable data on recent market performance? Here you’ll find a PDF document of the monthly statistics for the various Canadian, U.S. and international markets that we follow.
  Contributors
  
  View Resource
- Market Statistics – December 2020
  Summary
  
  Looking for reliable data on recent market performance? Here you’ll find a PDF document of the monthly statistics for the various Canadian, U.S. and international markets that we follow.
  
  Contributors
  Learn More
- PWL Toronto – Market Statistics (December 2020)
  Summary
  
  Looking for reliable data on recent market performance? Here you’ll find a PDF document of the monthly statistics for the various Canadian, U.S. and international markets that we follow.
  
  Contributors
  Learn More
- Market Statistics – November 2020
  Summary
  
  Looking for reliable data on recent market performance? Here you’ll find a PDF document of the monthly statistics for the various Canadian, U.S. and international markets that we follow.
  
  Contributors
  Learn More
- PWL Toronto – Market Statistics (November 2020)
  Summary
  
  Looking for reliable data on recent market performance? Here you’ll find a PDF document of the monthly statistics for the various Canadian, U.S. and international markets that we follow.
  
  Contributors
  Learn More
- Market Statistics – October 2020
  Summary
  
  Looking for reliable data on recent market performance? Here you’ll find a PDF document of the monthly statistics for the various Canadian, U.S. and international markets that we follow.
  
  Contributors
  Learn More
- Evidence Based Investing
  
  Five Factor Investing with ETFs
  Published: December 23, 2020
  
  Index funds are an increasingly popular and undoubtedly sensible tool for building investment portfolios. The push toward index investing is based on the Efficient Market Hypothesis (EMH) (Fama, 1970), which simply states: In general terms, the ideal is a market in which prices provide accurate signals for resource allocation
  Contributors
  
  View Resource
- Evidence Based Investing
  
  The Value Premium: Fact or Fantasy?
  Published: November 24, 2020
  
  The underperformance of value stocks relative to their growth counterpart in recent years has led many investors to question whether a value premium truly exists.
  Contributors
  
  View Resource
- Evidence Based Investing
  
  Dollar Cost Averaging vs. Lump Sum Investing
  Published: June 23, 2020
  
  Uncertainty is a constant in investing. Recency bias makes the current time, whenever that may be, feel more uncertain than ever. At the time of writing this paper the COVID-19 pandemic may be presenting us with truly unprecedented economic and health-related uncertainty, but stepping back to any point in history there is always a reason that this time is different; this is true in both bull markets and bear markets.
  Contributors
  
  View Resource
- Evidence Based Investing
  
  The Passive Vs. Active Fund Monitor (Year-end 2019)
  Published: April 15, 2020
  
  This report describes the competitive landscape for passively and actively managed funds since 2010 in Canada and the United States.
  Contributors
  
  View Resource
- Evidence Based Investing
  
  Retirement in Canada: Facts and Figures
  Published: January 27, 2020
  
  We assemble a snapshot of Canadians in retirement: their pre-tax and post-tax income distribution, how spending changes as they transition into retirement, spending during retirement and their sources of income.
  Contributors
  
  View Resource
- Five Factor Investing with ETFs
  Summary
  
  Index funds are an increasingly popular and undoubtedly sensible tool for building investment portfolios. The push toward index investing is based on the Efficient Market Hypothesis (EMH) (Fama, 1970), which simply states: In general terms, the ideal is a market in which prices provide accurate signals for resource allocation
  
  Contributors
  Learn More
- The Value Premium: Fact or Fantasy?
  Summary
  
  The underperformance of value stocks relative to their growth counterpart in recent years has led many investors to question whether a value premium truly exists.
  
  Contributors
  Learn More
- Dollar Cost Averaging vs. Lump Sum Investing
  Summary
  
  Uncertainty is a constant in investing. Recency bias makes the current time, whenever that may be, feel more uncertain than ever. At the time of writing this paper the COVID-19 pandemic may be presenting us with truly unprecedented economic and health-related uncertainty, but stepping back to any point in history there is always a reason that this time is different; this is true in both bull markets and bear markets.
  
  Contributors
  Learn More
- The Passive Vs. Active Fund Monitor (Year-end 2019)
  Summary
  
  This report describes the competitive landscape for passively and actively managed funds since 2010 in Canada and the United States.
  
  Contributors
  Learn More
- Retirement in Canada: Facts and Figures
  Summary
  
  We assemble a snapshot of Canadians in retirement: their pre-tax and post-tax income distribution, how spending changes as they transition into retirement, spending during retirement and their sources of income.
  
  Contributors
  Learn More
- DIY Investing
  
  Modified Dietz Rate of Return Calculator (2020)
  Published: February 24, 2020
  
  Starting in January 2017, Canadian investors may have difficulty comparing their performance to a suitable benchmark. This is because provincial securities regulators will require advisors to report money-weighted rates of return, which are less useful for benchmarking.
  Contributors
  
  View Resource
- DIY Investing
  
  How to use the Rate of Return calculator
  Published: September 12, 2018
  
  This document explains how to use the Rate of Return calculator to calculate your portfolio’s annual rate of return.
  Contributors
  
  View Resource
- DIY Investing
  
  Rate of Return Calculator (2017) – Modified Dietz Method
  Published: September 12, 2018
  
  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
  
  View Resource
- DIY Investing
  
  Rate of Return Calculator (2016) – Modified Dietz Method
  Published: September 11, 2018
  
  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
  
  View Resource
- DIY Investing
  
  Rate of Return Calculator (2015) – Modified Dietz Method
  Published: September 12, 2015
  
  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
  
  View Resource
- Modified Dietz Rate of Return Calculator (2020)
  Summary
  
  Starting in January 2017, Canadian investors may have difficulty comparing their performance to a suitable benchmark. This is because provincial securities regulators will require advisors to report money-weighted rates of return, which are less useful for benchmarking.
  
  Contributors
  Learn More
- 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
  Learn More
- 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
  Learn More
- 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
  Learn More
- 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
  Learn More
- Personal Wealth
  
  The Safe-Keeping of your Assets
  Published: October 30, 2020
  
  PWL Capital is structured such that all your assets are held in accounts in your name by our carrying broker, National Bank Independent Network. When you deposit money to your accounts, the cheque is made out to NBIN, never PWL. Any movements of funds or securities in or out of your accounts can only be executed with your written authorization.
  
  View Resource
- Personal Wealth
  
  Your 2019 Tax Return – Tax Reporting Information
  Published: February 13, 2020
  
  To help you complete your income tax return, the following document is an overview of the most common Canadian tax slips.
  
  View Resource
- Personal Wealth
  
  Your 2018 Tax Return – Tax Reporting Information
  Published: December 17, 2018
  
  To help you complete your income tax return, the following document is an overview of the most common Canadian tax slips.
  
  View Resource
- Personal Wealth
  
  NBIN Best Execution Public Disclosure Statement
  Published: September 4, 2018
  
  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
  
  View Resource
- Personal Wealth
  
  Accounts and Services Agreement and Disclosures
  Published: September 4, 2018
  
  Accounts and Services Agreement and Disclosures For Clients of Introducing Brokers
  
  View Resource
- 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 Independent Network. When you deposit money to your accounts, the cheque is made out to NBIN, never PWL. Any movements of funds or securities in or out of your accounts can only be executed with your written authorization.
  
  Learn More
- Your 2019 Tax Return – Tax Reporting Information
  
  Summary
  
  To help you complete your income tax return, the following document is an overview of the most common Canadian tax slips.
  
  Learn More
- Your 2018 Tax Return – Tax Reporting Information
  
  Summary
  
  To help you complete your income tax return, the following document is an overview of the most common Canadian tax slips.
  
  Learn More
- 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
  
  Learn More
- Accounts and Services Agreement and Disclosures
  
  Summary
  
  Accounts and Services Agreement and Disclosures For Clients of Introducing Brokers
  
  Learn More
- Evidence Based Investing
  
  Team Graham Model Portfolios – December 31, 2020
  Published: January 15, 2021
  
  This document provides the performance data for Model Portfolios for December 2020, as compiled by Nancy Graham & Her Team.
  Contributors
  
  View Resource
- Evidence Based Investing
  
  Team Parkyn-Doyon La Rochelle Model Portfolios – December 31, 2020
  Published: January 15, 2021
  
  This document provides the performance data for Model Portfolios for December 2020, as compiled by Parkyn-Doyon La Rochelle.
  Contributors
  
  View Resource
- Evidence Based Investing
  
  Team Layton-Guay Model Portfolios – December 31, 2020
  Published: January 15, 2021
  
  This document provides the performance data for Model Portfolios for December 2020, as compiled by Layton-Guay Team.
  Contributors
  
  View Resource
- Evidence Based Investing
  
  Passmore & Felix – Dimensional Global Portfolios – December 31, 2020
  Published: January 5, 2021
  
  This document provides the performance data for Dimensional Global Portfolios for December 2020, as compiled by the Passmore & Felix team.
  Contributors
  
  View Resource
- Evidence Based Investing
  
  Team Toronto Model ETF Portfolios – September 30, 2020
  Published: November 4, 2020
  
  This document provides the performance data for the Model ETF Portfolios as of September 2020, as compiled by the Toronto team.
  Contributors
  
  View Resource
- Team Graham Model Portfolios – December 31, 2020
  Summary
  
  This document provides the performance data for Model Portfolios for December 2020, as compiled by Nancy Graham & Her Team.
  
  Contributors
  Learn More
- Team Parkyn-Doyon La Rochelle Model Portfolios – December 31, 2020
  Summary
  
  This document provides the performance data for Model Portfolios for December 2020, as compiled by Parkyn-Doyon La Rochelle.
  
  Contributors
  Learn More
- Team Layton-Guay Model Portfolios – December 31, 2020
  Summary
  
  This document provides the performance data for Model Portfolios for December 2020, as compiled by Layton-Guay Team.
  
  Contributors
  Learn More
- Passmore & Felix – Dimensional Global Portfolios – December 31, 2020
  Summary
  
  This document provides the performance data for Dimensional Global Portfolios for December 2020, as compiled by the Passmore & Felix team.
  
  Contributors
  Learn More
- Team Toronto Model ETF Portfolios – September 30, 2020
  Summary
  
  This document provides the performance data for the Model ETF Portfolios as of September 2020, as compiled by the Toronto team.
  
  Contributors
  Learn More
- Personal Wealth
  
  Playing the Winner’s Game (Swedroe, 2013)
  Published: September 17, 2018
  
  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.
  
  View Resource
- Personal Wealth
  
  The Investment Answer (Goldie & Murray, 2011)
  Published: May 23, 2018
  
  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.
  
  View Resource
- Personal Wealth
  
  The Behavior Gap
  Published: May 23, 2018
  
  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.”
  
  View Resource
- Personal Wealth
  
  Keeping the Cottage in the Family
  Published: August 20, 2017
  
  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
  
  View Resource
- 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.
  
  Learn More
- 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.
  
  Learn More
- 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.”
  
  Learn More
- 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
  Learn More
- Protection Against Fraud Checklist
- Personal Wealth
  
  Protection Against Fraud Checklist
  Published: April 20, 2017
  
  This checklist provides information on additional steps that you can take to protect yourself from identity theft and fraud.
  Contributors
  
  View Resource
- 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
  Learn More

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
Honest, knowledgeable information. There is a big focus on teaching the basis for their decisions instead of just saying what they will do.

Cameron has taught me a lot about how to invest my money in smarter ways. He took time to teach me how stock markets work and where stock market returns actually come from, instead of just suggesting specific funds and products to buy. I have never had another financial advisor that is this dedicated to their clients understanding of money and financial planning.

Adam Becevello Software Developer
You guys are amazing. That simple.

Nick S. Software Developer
Firstly, I want to say I am very pleased with Graham’s financial advice. Over the 7 years we have worked together, he has taken much time to listen carefully to my need to have my retirement funds safe and to the myriad work/life changes that came along.

Elizabeth Ritchie
Cameron and team were most helpful in making our transition from US to Canada as smooth as possible given several complications and they have continued to provide guidance and advice that keeps us feeling confident about where we are headed.

They have spared us sleepless nights.

Ruth McKinney and Fred Faust Retired
PWL Capital has handled my finances for about 10 years. My confidence level is high as I start into a time of life when significant transitions are made. I rest assured that PWL and its staff are on top of my financial affairs and work within a conservative, reliable and standards-driven organization.

Jill Willington Richmond Hill, Ontario

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.

Shweta Shrivastava

MBA, CIM®, Portfolio Manager

Montreal
Dan Bortolotti

CFP, CIM®, Portfolio Manager

Toronto
Nancy Graham

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

Ottawa
Cameron Passmore

CIM®, FMA, FCSI, Portfolio Manager

Ottawa
Anthony Layton

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

Montreal
Susan Daley

CFA, CFP, Portfolio Manager

Waterloo
Shannon Bender

CFP, CIM®, B.Comm., Portfolio Manager

Toronto
James Parkyn

CIM, FCSI, F.Pl, Portfolio Manager

Montreal
Justin Bender

CFA, CFP, B.Comm., Portfolio Manager

Toronto
Graham Westmacott

MBA, CFA, Portfolio Manager

Waterloo
Peter Guay

MBA, CFA, Portfolio Manager

Montreal
Benjamin Felix

MBA, CFA, CFP, CIM®, Portfolio Manager

Ottawa
Mario Chandonnet

Senior Financial Planner & Financial Security Advisor

Montreal
François Doyon La Rochelle

CFA, Portfolio Manager

Montreal
Dustin Tate

CFA, MFin., 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

At home, but here for you

Market Statistics – December 2020

PWL Toronto – Market Statistics (December 2020)

Market Statistics – November 2020

PWL Toronto – Market Statistics (November 2020)

Market Statistics – October 2020

Summary

Contributors

Summary

Contributors

Summary

Contributors

Summary

Contributors

Summary

Contributors

Five Factor Investing with ETFs

The Value Premium: Fact or Fantasy?

Dollar Cost Averaging vs. Lump Sum Investing

The Passive Vs. Active Fund Monitor (Year-end 2019)

Retirement in Canada: Facts and Figures

Summary

Contributors

Summary

Contributors

Summary

Contributors

Summary

Contributors

Summary

Contributors

Modified Dietz Rate of Return Calculator (2020)

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

Summary

Contributors

Summary

Contributors

Summary

Contributors

Summary

Contributors

Summary

Contributors

The Safe-Keeping of your Assets

Your 2019 Tax Return – Tax Reporting Information

Your 2018 Tax Return – Tax Reporting Information

NBIN Best Execution Public Disclosure Statement

Accounts and Services Agreement and Disclosures

Summary

Summary

Summary

Summary

Summary

Team Graham Model Portfolios – December 31, 2020

Team Parkyn-Doyon La Rochelle Model Portfolios – December 31, 2020

Team Layton-Guay Model Portfolios – December 31, 2020

Passmore & Felix – Dimensional Global Portfolios – December 31, 2020

Team Toronto Model ETF Portfolios – September 30, 2020

Summary

Contributors

Summary

Contributors

Summary

Contributors

Summary

Contributors

Summary

Contributors

Playing the Winner’s Game (Swedroe, 2013)

The Investment Answer (Goldie & Murray, 2011)

The Behavior Gap

Keeping the Cottage in the Family

Summary

Summary

Summary

Summary

Contributors