Managed Money Reporter Newsletter — Issue 296, November/December 2016

Editors: Carl Spiess & Allan McGlade

Featured Articles

Season's Greetings — Team photo

By Carl Spiess, CFP, CIM, FMA, FCSI, MBA

Our team would like to wish you and your family all the best for the holidays and 2017. Attached is our annual team photo. Hover over the image to see us in a less formal pose!


Market updates — Discussion with Ben Bernanke

Carl Spiess

The biggest news of 2016 was definitely the US election. Along with the Brexit decision, populist voting took the pollsters and establishment by surprise. The markets continued their upward swing and even a US interest rate increase didn't significantly dampen the growth in equity markets. Our analysts have short and longer term updates at the links below. We will continue to recommend balance in client portfolios and look forward to reviewing your portfolio with you in 2017 to prepare for the future.

As part of our due diligence beyond Scotia's research, Andrew and I had the opportunity to sit in on a discussion PIMCO hosted with Ben Bernanke. The conversation was actually on the date of the recent 0.25% increase in the Federal Reserve rate, which slowed the recent momentum in the equity markets and caused some volatility in the bond markets. We view both of these reactions as healthy and normal.

A discussion with Ben Bernanke - 14 Dec, 2016


Year-end tax planning and dates

If you are planning on topping up an RESP account, we would be pleased to help. Most transactions should be underway by December 23 however, as our offices will be closed on the December 26th and 27th and also January 2nd.

Tax Loss Selling Deadlines

The last day for tax-loss selling is December 23, 2016 in Canada and December 27, 2016 in the US. Please contact us if you would like to review any tax strategies for your non-registered investment accounts.

For a complete review of tax planning considerations into 2017, including marginal tax rates on various sources of income, please see this article:

Year-end tax planning - Considerations ahead of 2017


New CRM2 reports coming in 2017

We are pleased that you will be receiving new reports in the new year with greater rate of return and fee disclosure clarity. These are somewhat cryptically called Client Relationship Model 2 (CRM2) reports after the new industry reporting standard. Our team has generated similar reports for clients, as requested, in the past, but having them automated will be a great time saver for our team and provide more information for our clients. See this brochure that outlines more about the fee descriptions included in the upcoming reports and the wide variety of services those fees cover.

The value of wealth management advice

Here at the Spiess McGlade Team, our services include:

  • Staying up to date with economic conditions and regulatory changes.
  • Ongoing advisor education and training.
  • Maintaining license requirements in all applicable provinces and disciplines.
  • Client asset allocation and risk monitoring.
  • Ensuring clients are aware of and taking advantage of TFSA, RRSP and other tax sheltering options.
  • Proactive review of investment holdings.

ScotiaMcLeod enables and supports us and helps ensure your best interests are being met. Here's how:

  • Investment, market and economic research
  • Providing advisor support and education
  • Maintaining and updating training capabilities
  • Developing technology, servicing and administrative platforms
  • Supervising regulatory requirements
  • Branding, marketing and communications
  • Client communications, such as account statements, tax documents and trade confirmations

Clients in our fee based programs receive a great document outlining the services included in our engagement and fee schedule:

Dollar vs. Time Weighted Returns

One interesting item to note is that the new reports will use a dollar-weighted return as mandated by our regulators. Dollar and time-weighted returns each have their benefits. A dollar-weighted return allows for comparisons of how your timing in the market affected your returns (i.e. how did the timing of my having extra money to invest or needing to withdraw impact my overall returns over time?). Whereas, a time-weighted return allows for comparison with other investments or indices (i.e. is my advisor getting me the same, better or worse rates than the market?). Please ask us if you would like to have a time-weighted return calculation prepared to compare against a benchmark, as the new reports will only provide dollar-weighted returns. This report from Fidelity has a good comparison of the two return methodologies:

Understanding Returns, Fidelity


Team News — New title & toy drive

Andrew McGoey's title has been changed to Senior Wealth Advisor, recognizing his long-standing service to clients of the Spiess McGlade Team. Congratulations Andrew and thank you for all you contributions to our clients' investment success.

We are also pleased to note that our team members Brenda Cordeiro and Debbie Ann Espiritu were leaders in our branch's teddy bear campaign. Here are two very cuddly photos how their efforts will help less fortunate kids this winter.


Scotiabank — A great place to work

For the 3rd year in a row, Scotiabank has been named one of the World's Best Multinational Workplaces by the Great Place to Work® Institute. Scotia has been recognized as a great place to work in Canada, Chile, Costa Rica, Dominican Republic, El Salvador, Mexico, Panama and Peru. Our team here is very pleased to be part of such a successful global company.

World's best multinational workplaces - Great Place to Work® Institute

The 25 Best Global Companies to Work For - Fortune


Recommended Link of the Month

The Financial Planning Standards Council ( issues the CFP credential and ensures that advisors like me, Allan, Andrew and David adhere to rigorous standards and have a written obligation to put clients' interests ahead of our own. Ensuring adherence to these standards protects both the Canadian public and the reputation of the financial planning profession.

In addition to their main website, they also have a great site for the public at:



Contact Us

T.  416.863.RRSP (7777)
F.  416.863.7479

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