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

Behavioural Finance

Benjamin Felix

The Rational Reminder Podcast Ep. 29 – Clearing Up the Holiday Back-Up: Podcast Housekeeping and Round Up

January 18, 2019

Welcome back to The Rational Reminder Podcast! Today we are riding solo with no guests and just going over some recent developments, in-house news, and gearing up for some more great shows in the pipeline.

Personal Wealth

PWL Capital

Fair Winds and Following Seas, Captain

January 17, 2019

We are saddened by the passing of John Bogle, founder of the Vanguard Group. He was 89.

Behavioural Finance

Nancy Graham

A Trick Question: What Should You Do During Volatile Markets?

January 16, 2019

Is the market too hot or too cold for your temperament? Is it time to dive back in or dodge back out?

Personal Wealth

Nancy Graham

Business Women of the Year Awards – Celebrating Canadian Women Entrepreneurs

January 11, 2019

I am proud to announce that starting this year, my PWL Capital team will be the title sponsor for a series of events culminating with the Business Women of the Year Awards (BYAs) gala in April 2019.

Personal Wealth

Benjamin Felix

The Rational Reminder Podcast Ep. 28 – Staying Ahead of the Curve: The History of Dimensional Fund Advisors

January 11, 2019

Today on the podcast we are very excited to welcome Brad Steiman who is the Canadian Head of Financial Advisor Services for Dimensional!

Behavioural Finance

Anthony Layton

Tony’s Take: Buying when the merchandise is on sale

January 11, 2019

It’s natural to wonder where the markets are headed this year, especially after what was a pretty grim end to 2018. I understand the desire, but the simple truth is we have no idea what’s going to happen and neither do the army of market forecasters we see in the media every day.

DIY Investing

Benjamin Felix

Devilish Details Can Derail Your Small-Cap Stock Funds

January 4, 2019

Most investors accept that small-cap stocks have outperformed large-cap stocks over the long-term. This “size effect” was the first market anomaly to challenge the single-factor, capital asset pricing model. Unfortunately, as I’ll explain in this post, I’m unaware of any funds currently available to a DIY investor that DO properly apply the small-cap effect.

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 – December 2018
  
  Looking for reliable data on recent market performance? Here you’ll find a PDF document of the monthly statistics for the month of December for the various Canadian, U.S. and international markets that we follow.
  Published: December 31, 2018
  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 – December 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 December for the various Canadian, U.S. and international markets that we follow.
  
  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
- 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
- Your 2018 Tax Return – Tax Reporting Information
  
  To help you complete your income tax return, the following document is an overview of the most common Canadian tax slips.
  
  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
  
  National Bank Independent Network (NBIN) is a division of National Bank Financial Inc. (NBF Inc.), as well as a trademark owned by National Bank of Canada (NBC) that is used under license by NBF Inc.
  
  Download Document
- 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.
  
  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
  
  National Bank Independent Network (NBIN) is a division of National Bank Financial Inc. (NBF Inc.), as well as a trademark owned by National Bank of Canada (NBC) that is used under license by NBF Inc.
  
  Download Document
- Toronto Team – Model ETF Portfolios (December 2018)
  
  This document provides the performance data for the Model ETF Portfolios as of December 2018, as compiled by the Toronto team.
  Published: January 7, 2019
  Contributors
  Download Document
- Passmore & Felix – Dimensional Global Portfolios (December 2018)
  
  This document provides the performance data for Dimensional Global Portfolios for December 2018, as compiled by the Passmore & Felix team.
  Published: December 31, 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 (December 2018)
  Summary
  
  This document provides the performance data for the Model ETF Portfolios as of December 2018, as compiled by the Toronto team.
  
  Contributors
  Download Document
- Passmore & Felix – Dimensional Global Portfolios (December 2018)
  Summary
  
  This document provides the performance data for Dimensional Global Portfolios for December 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 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
We chose Nancy Graham and PWL because of their 100% transparent management of our investments, and their calm, rational approach to investment strategies. Unlike most other investment advisors, PWL chooses investment vehicles without hidden commission and transaction fees, and thus do not suggest transactions that benefit the advisor more than the investor. Our investments, as selected on Nancy’s advice and expertise, have lower costs than commission-based products, leaving more return for us.

Kristine van der Pas-Norenius, Entrepreneur and Strategy Consultant
PWL has provided me with the peace of mind that comes from knowing my investments aren’t exposed to unnecessary risks. They’ve always made a point of promptly answering any questions I’ve had and processing all my instructions in an expeditious manner, which has led to a very positive working relationship.

Richard Z Maple, Ontario
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
I completely agree with PWL’s investment philosophy as well as greatly valuing their customer service.

Doug McKenzie Managing Director
Excellent past experience. Personal touch. Advisors take the time to learn what my goals are and my comfort level in terms of risk. Regular follow ups.

Chris Layer

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.

Cameron Passmore

CIM®, FMA, FCSI, Portfolio Manager

Ottawa
François Doyon La Rochelle

CFA, Portfolio Manager

Montreal
Dan Bortolotti

CFP, CIM®, Portfolio Manager

Toronto
Benjamin Felix

MBA, CFA, CFP, Associate Portfolio Manager

Ottawa
James Parkyn

CIM, FCSI, F.Pl, Portfolio Manager

Montreal
Shweta Shrivastava

MBA, CIM®, Portfolio Manager

Montreal
Dustin Tate

CFA, MFin., Investment Advisor

Toronto
Graham Westmacott

MBA, CFA, Portfolio Manager

Waterloo
Susan Daley

CFA, CFP, Portfolio Manager

Waterloo
Shannon Bender

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

Toronto
Peter Guay

MBA, CFA, Portfolio Manager

Montreal
Anthony Layton

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

Montreal
Mario Chandonnet

Senior Financial Planner & Financial Security Advisor

Montreal
Justin Bender

CFA, CFP, B.Comm., Portfolio Manager

Toronto
Nancy Graham

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

Ottawa

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 – December 2018

Market Statistics – November 2018

Market Statistics – October 2018

Market Statistics – September 2018

Market Statistics – August 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

Your 2018 Tax Return – Tax Reporting Information

NBIN Best Execution Public Disclosure Statement

The Safe-Keeping of your Assets

Accounts and Services Agreement and Disclosures

Introducing/carrying broker disclosure statement

Summary

Summary

Summary

Summary

Summary

Toronto Team – Model ETF Portfolios (December 2018)

Passmore & Felix – Dimensional Global Portfolios (December 2018)

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

Nancy Graham & Her Team – PWL Model Portfolio Return Methodology

Contributors

Contributors

Contributors

Contributors

Summary