At PWL Capital, we’re on a mission to change the way Canadians invest. We take the guesswork out of managing your portfolio.

No fads. No guesswork. No drama.

Who We Are

PWL Capital is a privately owned wealth management firm that manages more than $1 billion in client assets. PWL provides discretionary portfolio management services with integrated financial planning from offices in Montreal, Toronto, Ottawa and Waterloo.

What We Do

Premium Ongoing Service

Our clients benefit from semi-annual performance reporting, regular meetings, financial planning, and systematic rebalancing.

Unbiased Financial Advice

We are paid directly by our clients, so our advice is never influenced by commissions or incentives from financial products.

Science-based Portfolio Management

We focus on what we can control: selecting an asset mix, managing risk, minimizing fees and taxes, and encouraging discipline.


Rip-offs on a Massive Scale

By: Dan Solin · April 29, 2016 - 0 comments

Why settle for ruining the retirement dreams of one individual investor at a time when doing so on a massive scale is far more lucrative? That seems to be the strategy of some retirement plan sponsors, consultants, endowments and their advisors.

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How much does your advisor care about your retirement?

By: Graham Westmacott · April 28, 2016 - 0 comments

Recently I was invited to attend a focus group to discuss a mutual fund company’s idea for a new retirement product. During the discussion, it dawned on me that advisors think about retirement risk rather differently than their clients. To understand why this occurs requires a more precise understanding of retirement risk.

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Bonds: Individual Securities or ETFs?

By: Raymond Kerzérho · April 22, 2016 - 2 comments

Sometimes, investors feel that holding actual bonds is less risky than a bond ETF. Aside from the advantages of credit diversification and operating efficiency provided by bond ETFs, the major difference between these two strategies is that index ETFs will sell and replace bonds once their maturity decays to less than one year (because they are then considered to change asset classes, from fixed income to cash), while individual securities portfolios can hold bonds to maturity. The reason some people feel more comfortable with individual bonds is that holding bonds to maturity makes them seem a less volatile investment: after all, a bond that is held to maturity will produce a return that is close to its yield-to-maturity at time of purchase, regardless of any interest-rate fluctuations that occur in the meantime. But is this true? Is the perceived safety of individual bonds warranted?

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Portfolio Management and brokerage services are offered by PWL Capital Inc, which is regulated by Investment Industry Regulatory Organization of Canada (IIROC), and is a member of the Canadian Investor Protection Fund (CIPF).

Financial planning and insurance products are offered by PWL Advisors Inc., and is regulated in Ontario by Financial Services Commission of Ontario (FSCO) and in Quebec by the Autorité des marchés financiers (AMF). PWL Advisors Inc. is not a member of CIPF.