Durand Blackett of RBC Dominion Securities Inc.

02/05/2026

Leanne Kaufman, President and CEO of RBC Royal Trust, joined David Chilton on The Wealthy Barber podcast to discuss one of the most essential—yet often overlooked—aspects of managing wealth: estate planning.

In the conversation, Leanne breaks down the do’s and don’ts of estate planning including why everyone (regardless of age or net worth) needs a Will, the value of a “when I die” binder and some mistakes to avoid.

Watch the full episode here: https://bit.ly/49YFCJV

02/04/2026

Asking yourself these three questions about your goals, tax considerations and contribution room can help you make the right decision. The post TFSA or RRSP: Which Canadian Investment Account is Right for You? appeared first on RBC Royal Bank.

If you find yourself wondering whether you should choose a TFSA or RRSP, ask yourself these three questions.

02/03/2026

The Wealth Perspective

Memo #11 | Your Will is one of the most important documents you’ll ever sign.

Not because it’s complex.
Not because it’s morbid.
But because it’s decisive.

A Will is the difference between your wishes being followed and your affairs being settled by default rules you didn’t choose. Without one, provincial legislation determines who administers your estate, how assets are distributed, and when beneficiaries receive them. Even well-intentioned families can be left navigating delays, added costs, and unnecessary stress.

A properly prepared Will does a few essential things.

It names the person or institution you trust to carry out your wishes.
It ensures assets are distributed the way you intend.
It protects minor children and vulnerable beneficiaries.
And it gives clarity at a time when clarity matters most.

Just as importantly, a Will is not a one-time task.

Life changes. Families grow. Relationships evolve. Assets shift. An outdated Will can create just as many problems as having no Will at all. That’s why reviewing it regularly, and especially after major life events, is so important.

Your Will should also be part of a broader plan. Beneficiary designations, joint ownership, business interests, and trusts all interact with it. When those pieces aren’t aligned, the results can be unintended and costly.

At its core, a Will is an act of responsibility.

It’s about making decisions now, so the people you care about aren’t forced to make them later. It’s not about planning for the end. It’s about protecting what matters, and who matters, no matter what.

01/27/2026

The Wealth Perspective

Memo #10 | Estate planning is about responsibility, clarity, and care.

When most people hear the words estate planning, their minds go to the end.
End of life. End of work. End of the story.

That framing is understandable, but it’s also what causes so many people to delay it.
Estate planning isn’t about anticipating the worst. It’s about preparing thoughtfully for the inevitable, so the people you care about aren’t left navigating uncertainty at an already difficult time. And contrary to popular belief, it isn’t something reserved for the elderly.

In reality, just about everyone benefits from having a plan.

Without one, families can face unnecessary taxes, legal costs, delays, and confusion. Decisions you assumed were obvious may be left to legislation, courts, or stressed loved ones trying to interpret what you “would have wanted.” Even well-intentioned families can find themselves in conflict simply because there was no clear direction.

A well-considered estate plan does a few important things quietly, but powerfully.

It helps preserve more of what you’ve built.
It simplifies the transition of assets.
It protects beneficiaries who may not yet be ready to manage an inheritance.
And it gives your family clarity at a moment when clarity matters most.

At its heart, estate planning is an extension of good financial planning. It’s about aligning your assets, your values, and your intentions. It’s about making deliberate choices rather than leaving outcomes to chance.

And it doesn’t have to be complicated.

For most people, estate planning is less about creating something new and more about organizing what already exists. Taking stock. Asking the right questions. Having the right conversations. And working with qualified professionals who can help ensure everything fits together properly.

Planning for tomorrow, today, is one of the most practical and caring decisions you can make. Not because it prepares for an ending, but because it protects the people and priorities that define your life.

01/20/2026

The Wealth Perspective

Memo #9 The Value of Advice

The image highlights something that often gets overlooked in conversations about investing.

Working with an advisor isn’t just about picking investments. It’s about outcomes.

Canadian data consistently shows that individuals who work with an advisor tend to be more successful at building wealth and achieving their long-term goals.

A few points stand out:

Confidence and satisfaction matter.
Nearly 90% of Canadian mutual fund and ETF investors report being satisfied with their advisor. That trust matters, especially during uncertain markets.

Guidance can meaningfully impact retirement savings.
Canadians who work with an advisor have historically accumulated significantly higher retirement savings over time. Not because advisors predict markets, but because plans are built, monitored, and adjusted with discipline.

Better planning supports better retirement outcomes.
Higher savings often translate into greater flexibility and confidence in retirement spending. That’s not about excess, it’s about choice and peace of mind.

Advice doesn’t eliminate uncertainty.
But it can help bring structure, perspective, and consistency to financial decisions that unfold over decades.

In a world full of noise, having a trusted guide can make a real difference, not just in portfolios, but in people’s lives.

01/14/2026

Did you know that cutting calories might not just help you lose weight, it could also support healthier aging? Research shows that reducing daily calories by up to 25 percent may slow some age-related changes and decrease inflammation, a key contributor to aging.

Learn how calorie-conscious eating can help protect your body, your brain and your longevity in How Calorie Reduction Can Slow Aging from our partners at Cleveland Clinic Canada, your experts in living well. https://cle.clinic/3NmF8V2

To find out more about our strategic relationship with Cleveland Clinic Canada, reach out to me.

01/13/2026

The Wealth Perspective
Memo #8: Control What You Can

Markets are unpredictable. They always have been.

Inflation rises and falls.
Interest rates change.
Geopolitical events appear without warning.
Headlines and social media amplify every market move.

None of that is within your control.

What is within your control is far more important.

Your goals.
Why you’re investing in the first place matters more than short-term market noise.

Your time horizon.
Short-term volatility looks very different when viewed through a long-term lens.

Your risk tolerance.
A portfolio should be built around your ability to stay invested, not around today’s headlines.

How much you save and invest.
Consistency often matters more than timing.

Your behaviour.
Emotions don’t always cooperate, but awareness and guidance go a long way.

Successful investing isn’t about predicting the next market move.
It’s about building a plan around the things you can influence, then sticking to it when the noise gets loud.

When markets feel uncertain, refocusing on what you control can be one of the most powerful decisions you make.

01/08/2026

Money can be a sensitive topic for Canadians and a source of stress and tension in our lives. But what if you could change your relationship with money and improve your overall wellbeing?

Listen to our latest episode on financial therapy to learn more, and kick off your year with confidence: https://bit.ly/4qNkw6Y

01/06/2026

The Wealth Perspective

Memo #7: Why Diversification Still Matters

Take a moment to study the image below.

Each year tells a different story.
The strongest-performing asset class changes constantly.
Last year’s winner often becomes this year’s laggard.

This is exactly why diversification remains one of the most important strategies in investing.

Here are three simple takeaways worth remembering:

1. Leadership rotates more than most people expect.

US equities, Canadian equities, bonds, cash, emerging markets, no single asset class stays on top for long. Chasing last year’s winner usually means arriving late.

2. Diversification reduces the pressure to be “right.”

When portfolios are spread across asset classes, regions, and styles, you don’t need to predict which market will outperform next. Your portfolio is already positioned to participate wherever returns show up.

3. Balanced portfolios are built for consistency, not headlines.

They rarely top the charts in any single year. But over time, they aim to deliver steadier results with fewer emotional swings, helping investors stay invested through changing market cycles.

Markets will always surprise us.
Diversification doesn’t eliminate risk, but it helps manage it.

And in investing, managing risk is just as important as pursuing returns.

12/31/2025

The Wealth Perspective

Memo #6: Staying Invested When Markets Feel Uncomfortable

If you look closely at the chart below, you’ll notice something important.

The line doesn’t move smoothly upward. It zigzags. It stumbles. It pulls back during moments that felt scary in real time, Black Monday, the Tech Wreck, the Global Financial Crisis, COVID-19, and everything in between.

And yet, over time, the direction remains clear.

Here are three reminders worth keeping in mind when markets feel unsettled:

1. Volatility is not an exception, it’s part of the journey.

Equity markets have always moved through periods of uncertainty, fear, and disruption. That’s not a flaw in the system; it’s the price of long-term growth.

2. When volatility fades, markets have historically moved forward again.
Bear markets and recessions don’t last forever, even though they often feel endless while we’re in them. Recovery has followed every major downturn.

3. Perspective helps investors stay invested.
The biggest risk for many investors isn’t market volatility itself, it’s abandoning a long-term plan during short-term discomfort.

Charts like this aren’t meant to predict the future. They’re meant to remind us how markets have behaved through decades of challenges, and why patience, discipline, and guidance matter.

Sometimes the most powerful investment decision is simply staying the course.

12/23/2025

The Wealth Perspective

Memo #5: The real market cycle isn’t price. It’s emotion.

This image captures what investors experience time and again, even if they don’t always recognize it in the moment.

As markets rise, optimism turns into excitement, thrill, and eventually euphoria. Confidence grows. Risk feels distant. Portfolios feel “right.” Ironically, this is often the point of maximum potential risk, when investors are most tempted to chase returns, increase risk, or abandon discipline.

Then markets turn.

Confidence fades into anxiety, fear, and panic. Headlines grow louder. Checking portfolios becomes uncomfortable. At the bottom sits despondency, the emotional low point where many investors feel compelled to sell just to feel relief. Yet this is often the point of maximum potential opportunity.

Most long-term damage isn’t caused by markets themselves.
It’s caused by decisions made in emotional moments.

This is why successful investing depends less on prediction and more on behaviour:

• Having a clear plan tied to long-term goals
• Accepting volatility as part of the journey, not a failure of it
• Creating distance from daily noise and short-term headlines
• Leaning on objective guidance when emotions start to take over

Markets will rise and fall.
Emotions will cycle just as predictably.

Discipline is what keeps investors aligned with their goals when it matters most.

12/16/2025

The Wealth Perspective

Memo #3: What Affects the Value of a Stock?

In the dynamic world of investing, stock prices fluctuate constantly, influenced by a complex interplay of factors. Whether you’re a seasoned investor or new to the markets, understanding what drives these changes is key to making informed decisions. Let’s break it down.

The Basics: How Stocks Trade

Stocks are listed on exchanges like the Toronto Stock Exchange (TSX) or the New York Stock Exchange (NYSE), where they’re bought and sold throughout the trading day. Prices shift in real time, reacting to news, data, and market sentiment. But how do investors gauge whether a stock is “cheap” or “expensive”?

The Price-to-Earnings (P/E) Ratio: A Valuation Snapshot

One common metric is the P/E ratio, calculated as:
P/E Ratio = Stock Price per Share ÷ Earnings per Share

A higher P/E relative to industry peers might suggest a stock is overvalued, while a lower ratio could signal it’s undervalued. However, this is just one tool, context matters.

The Role of Stock Indices

Investors often measure market health through stock indices, which track a basket of stocks. Familiar examples include:

Dow Jones Industrial Average (DJIA): 30 major U.S. companies.
S&P 500: 500 large U.S. firms across sectors.
S&P/TSX Composite Index: Canada’s leading benchmark.
These indices act as economic barometers, reflecting broader trends and investor confidence.

What Truly Drives Stock Value?

While short-term prices can swing on headlines or speculation, long-term value hinges on fundamentals:

Earnings and Growth Potential: A company’s profitability and future growth prospects are primary anchors. Consistent earnings growth often correlates with rising stock prices.

Company Strength: The quality of products/services, management, and competitive edge matters. A strong brand or innovative leadership can command higher valuations.

Economic Conditions: Interest rates, inflation, and GDP growth shape investor behavior. For example, rising rates may pressure stock prices by increasing borrowing costs.

Investor Sentiment: Market psychology, driven by news, geopolitical events, or trends, can amplify volatility. Fear or greed often leads to overreactions.

Competitor Dynamics: Rival innovations, market share shifts, or industry disruptions directly impact a company’s outlook.

The Long-Term View

While short-term noise (e.g., earnings misses, tweets, or rumors) can cause price swings, long-term stock performance is overwhelmingly tied to a company’s ability to generate sustainable earnings. As Warren Buffett famously said, “In the short run, the market is a voting machine, but in the long run, it is a weighing machine.”

Final Thought

Stock values are not arbitrary, they reflect a blend of financial health, market perception, and external forces. By focusing on fundamentals and tuning out the noise, investors can better navigate volatility and align their portfolios with enduring value.

What factors do you weigh most when evaluating stocks? Share your perspective in the comments!