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.


Fundamentals of Debt

By: Susan Daley · July 28, 2015 - 0 comments

Why do People Borrow?

People borrow to bring forward expenditure. Conversely, people save to defer expenditure. Bringing forward expenditure comes at a cost, interest, while saving is rewarded by investment returns. How much debt costs depends on the risk that the borrower may default (i.e. not pay the loan back), which is called credit risk, and the borrowing period (also known as term risk). A borrower who can borrow against assets they own (e.g. a house), will be able to borrow at a cheaper rate, than if the loan was not secured by assets.

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Ignoring the Shiller P/E

By: Ben Felix · July 13, 2015 - 0 comments

Back in August of 2014, I wrote a post titled Is it time to get out of the market? At that time, the Shiller Cyclically Adjusted Price Earnings Ratio, or Shiller P/E, a price earnings ratio based on the average inflation adjusted earnings from the previous ten years, stood at a level of 25.09 (vs. a long-term mean at that time of 16.54). Investors were feeling nervous, and headlines like It’s the worst possible time to buy stocks weren’t helping. Since August 2014 the S&P 500 Index is up 9.77% in USD, and a whopping 27.33% in CAD; getting out of the market, or waiting for a lower Shiller P/E before investing, would have resulted in significant missed opportunities.

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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.