Anthony Layton

MBA, CIM®, CEO, Portfolio Manager

Tony is a founding partner, CEO and Portfolio Manager at PWL Capital Inc. in Montreal with over 35 years of experience helping clients achieve their financial goals. He is a firm believer that conflict-free advice is the only way to properly serve Canadian investors.
Tony is a founding partner, CEO and Portfolio Manager at PWL Capital Inc. in Montreal with over 35 years of experience helping clients achieve their financial goals. He is a firm believer that conflict-free advice is the only way to properly serve Canadian investors.
Business Wealth
Calendar Dates Papers Days Everywhere

Tony’s Take – Counting our blessings

It’s hard not to feel a little depressed when you pick up the newspaper or switch on the TV news these days. There seems to no end to the trouble in the world. From the latest antics in Washington to tensions with China to the Brexit mess to riots in France to the lack of progress on climate change, the problems just seem to keep piling up.

Personal Wealth
Shopping Mall Crowd Shoppers Walking Busy

Tony’s Take: Responsible investing is a great option

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.

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

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.

Market Research
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Tony’s Take: The worst of times, the best of times

What’s the worst month for stock market returns? If you said October, you would be wrong, but no one would blame you. Many people associate October with stock market misery because of three infamous crashes that occurred during the month—the Great Crash of 1929, the Black Monday crash of 1987 and the financial crisis crash of 2008.

Personal Wealth
Female Financial Advisor Shaking Hands Clients

Tony’s Take: Clients first!

I didn’t think a recent report on sales practices at Canada’s big six banks got enough attention in the investment industry. Its conclusions are a wake-up call for those who think we don’t need tougher investor protection in this country.

Business Wealth
Lunch Restaurant Young Man Paying With Credit Card

Tony’s Take: No free lunch

They say there’s no free lunch in life. But for some Canadian investment advisors, there’s not only been free lunches, but free golf trips, free tickets to sports events and concerts by the likes of Madonna, Paul McCartney and Justin Bieber, and other pricey gifts.

Business Wealth
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Tony’s Take: Overcharged

How would you feel if you were charged thousands of dollars for advice you never received? Well, that is exactly what’s been happening to clients of discount brokers who bought mutual funds carrying commissions normally paid to financial advisors.

Personal Wealth

Tony’s Take: Misguided Beliefs

It’s no secret many investors underperform the market indexes with disastrous consequences for their retirement savings. The list of bad investing behaviour is unfortunately all too familiar. We know these are losing strategies thanks to decades of academic research. So why don’t more investment advisors steer their clients toward better, more rational decisions?

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.

Personal Wealth
Female Client Happily Talking Cellphone Taking Notes

What is an IPS and why you need one

Investment advisors make sales calls every day, pushing investments that often aren’t in their clients’ best interest. Sometimes they don’t even bother to make a call. They just load up accounts with investments and beg for forgiveness later, if and when things go wrong.

Personal Wealth
Multi Generation Family Beach Child Taking Photo Cellphone

Introducing Family Matters with Tony Layton

Your family is the most important thing in your life. That’s why it’s so important to take care of your wealth. It’s what you’ve worked for—it’s the key to your family’s security and the lifestyle you desire. But how do you protect it? How do you grow it without taking too much risk?

Personal Wealth
Female Client Discussing Needs Financial Advisor

Why CEFEX Matters for PWL clients

When you give your hard-earned money to an investment advisor, you are entrusting them to help your financial future and build and manage an investment portfolio to help. Unfortunately, your best interests may not be shared by that advisor, and it seems the standard being considered by regulators will fall short of what’s needed.

Personal Wealth
People Lining Up Bank For ATM Machine

Tony’s Take: BMO latest to announce excess-fee repayment

This week, BMO Nesbitt Burns Inc. and three other Bank of Montreal investment advisory units joined CIBC, TD Bank, Scotiabank and CI Investments in agreeing to repay over-charged fees to its clients. The Ontario Securities Commission (OSC) announced that BMO will compensate its clients about $50-million in excess fees that were not previously detected.

Compliance & Governance
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Tony’s Take: CIBC’s fee settlement reinforces need for advisor ‘Client Best Interest’

Embedded fees in mutual funds sold in Canada are already high, but when they are charged to clients within fee-based investment accounts, the situation goes from the sublime to the ridiculous. Disturbing news of substantial overcharging of clients by a major bank underlines the urgent need for full disclosure of all fees paid by an investor.

Compliance & Governance
Male Female Professionals Shaking Hands In Front Building

Why fiduciary duty is an important asset for investment advisors in Canada

When someone enlists the services of an Investment Advisor, they generally do so after deciding they understand their needs and has an approach compatible with their goals and personality. In Canada, there is no fiduciary duty that requires an advisor to act in a client’s interests, whereas, in Australia and the UK, this duty does exist.