Explore every episode of the podcast Beyond The Bank

In this episode of Beyond the Bank, Andrew Auerbach welcomes Som Seif, the visionary Founder and CEO of Purpose Unlimited, for an in-depth conversation about entrepreneurship in the wealth management space. Som shares insights from his journey of founding Claymore Investments, which he sold to BlackRock Inc. in 2012, co-founding WealthSimple, and his current role at Purpose Unlimited.
With a background in investment banking at RBC Capital Markets and a degree in engineering from the University of Toronto, Som has consistently demonstrated a commitment to innovation, customer-centricity, and creating lasting impact in the financial sector. He also serves as Co-Chair of the University of Toronto’s Defy Gravity Campaign and is active on the AGO Foundation and Next Canada boards.
Som and Andrew explore the entrepreneurial mindset in the wealth management industry, how Som has built multi-billion-dollar platforms by listening to customer needs, and his passion for creating solutions that put customers first. They also discuss the evolution of advice in the financial industry and Som’s belief that the future belongs to those who focus on delivering value through personalized, outcome-oriented approaches.
Tune in to hear how Som Seif has reshaped the wealth management industry and what lessons he believes can guide future entrepreneurs in this space.

 Andrew Auerbach provides a detailed market overview as the Fed prepares to announce a potential rate cut. Andrew discusses the significance of this decision, the continued strength of gold, and the role of long-term financial planning in navigating market volatility. He also highlights Warren Buffett's recent strategies, the concentration of tech stocks in global markets, and insights on government debt. Stay informed on these critical financial topics and understand how they impact your investment strategy. 

 In this insightful episode of Beyond the Bank, Andrew Auerbach and Jean Blacklock dive into their latest Globe and Mail column, discussing the staggering economic and societal costs of alcohol and tobacco. Jean shares her extensive research from the Canadian Substance Use Costs and Harms Report, shedding light on how tobacco’s net societal cost pales in comparison to that of alcohol. They explore the contrasting societal reactions to public health guidance on tobacco in the past versus alcohol today, while also touching on the broader impacts of processed foods and junk food advertising. The episode offers a nuanced perspective on individual choices and their far-reaching financial implications for society. 

 In this episode of Beyond the Bank, Jean Blacklock welcomes esteemed estate planning expert Sara Plant to discuss the intricacies of wills, powers of attorney, and navigating difficult family dynamics in estate planning. Sara shares her expertise from decades of experience, offering valuable insights on key topics like powers of attorney, guardianship, and planning for family cottages. A must-listen for anyone looking to create a sound and thoughtful estate plan. 

 In this episode of Beyond The Bank, Jean Blacklock sits down with Rob Carrick, renowned Globe and Mail columnist, to discuss his 30-year career in personal finance journalism. Rob shares his perspectives on how financial planning has evolved, the unique challenges faced by different generations, and the impact of consumerism on saving. Tune in for a deep dive into trends in wealth management, the importance of estate planning, and how families can navigate financial conversations across generations. 

 In this episode, Andrew Auerbach sits down with Mike Stritch, CEO of Bulletproof Capital, to explore his 25-year journey in the investment industry. Mike shares his experiences transitioning from institutional investment management to leading a single-family office, offering valuable insights on career development, wealth management, and navigating market crises. 

 In this episode of Beyond The Bank: The Future of Canadian Wealth Management, Jean Blacklock sits down with Andrew Auerbach to share the journey of writing her latest book, From the Heart: Bringing Your Full Self to Estate Planning. Jean delves into the meticulous process behind the book's creation, offering insights into the 7-step framework that guides her approach. This discussion unveils how her unique method integrates relational principles with the technicalities of estate planning, providing a comprehensive guide for those looking to navigate the emotional and legal complexities of legacy planning. 

In this episode, Andrew Auerbach provides a comprehensive market update for August 2024. He delves into the current state of major indices, discusses recent volatility, and examines the impact of inflation data . Andrew also explores historical precedents for recessions, the ongoing strength of gold, and the challenges facing Canadian banks. Whether you’re an investor or simply interested in market dynamics, this episode offers valuable insights into the economic landscape.

 In this episode, Andrew and Jean explore the hidden conflicts of interest that can arise in the financial services industry, particularly focusing on referral fees and advisor compensation structures. They also discuss the ethical implications of advisors switching firms for financial gain and how these practices can affect client trust. 

Introduction: Jean and Andrew discuss the Globe column on fiduciary standards in investment management.
Discretionary vs. Brokerage Relationships: Examination of how discretionary investment management differs from traditional brokerage relationships.
Evolving Industry Standards: Discussion on how the lines between discretionary and brokerage relationships have blurred over the past 20 years.
Case Study: Reflection on Claire O'Hara’s article about a potential conflict of interest at a Canadian firm.
Fiduciary Standards: Importance of maintaining high standards of care and transparency in fiduciary relationships.
Compensation Models: Analysis of how compensation structures impact client interests and industry practices.
Regulatory and Industry Alignment: The need for industry-wide conversations and alignment on fiduciary standards and compensation transparency.
Conclusion: Andrew’s call to action for industry-wide improvement and ongoing dialogue to benefit clients and firms alike.

Introduction: Andrew Auerbach and Jean discuss thought leadership in boutique wealth management.
Boutique Wealth Management in Canada: Overview of the growth and opportunities for boutique firms compared to the U.S. market.
Delisle Advisory’s Role: Andrew shares his vision for Delisle’s impact on the Canadian wealth management landscape.
Steps to Launching a Boutique Firm: Detailed look at the regulatory, operational, and strategic steps involved in setting up a boutique wealth management firm.
Challenges and Insights: Addressing the complexities of registration, compliance, and firm establishment.
Future Plans: Andrew and Jean discuss their commitment to thought leadership and supporting the growth of boutique firms.
Contact and Resources: How to connect with Delisle Advisory and access resources for those interested in starting their own boutique firm.

Introduction: Andrew Auerbach introduces the topic of estate planning and its emotional complexities.
Jean discusses the difficulties advisors and clients face in estate planning.
Three Client Categories:

• Confident Clients: Those who have clear and fair estate plans.
• Procrastinators: Clients who delay estate planning due to discomfort with mortality.
• Reluctant Clients: Those with troubling issues, such as unequal financial support among heirs.

Advice for Advisors: Techniques for handling clients in each category and recommendations for addressing emotional roadblocks.
Role of Psychotherapy: Jean discusses how therapy can assist in navigating emotional challenges and improving estate planning.
Mediation: Benefits of mediation for resolving conflicts among beneficiaries.
Closing Thoughts: The importance of addressing both emotional and legal aspects of estate planning for effective outcomes.

• Introduction:
  
  
  • Andrew provides an update on the current market conditions, emphasizing the rapid changes and key themes affecting the markets.
• Market Volatility and Rate Hikes:
  
  
  • Discussion on historic rate hikes and their delayed impact on the economy, typically felt 12-18 months later.
  • Current signs of economic strain, particularly in consumer behavior and employment levels, reflecting the lagging effects of these rate hikes.
• Geopolitical Tensions and the VIX Spike:
  
  
  • Geopolitical tensions in the Middle East, Russia, and Ukraine have led to increased market volatility.
  • The VIX (volatility index) spiked dramatically, reaching 66, a level not seen since the financial crisis and COVID pandemic.
• Canadian Banks and Financials:
  
  
  • Underweight position in Canadian banks due to their heavy exposure to potential economic slowdowns.
  • Discussion on the risk associated with the $3.9 trillion in outstanding loans by the Canadian banks.
• Performance of Major Indices:
  
  
  • Despite the volatility, major indices like the S&P 500, NASDAQ, and TSX show positive year-to-date performance.
  • The S&P 500 is up 11%, NASDAQ up 11%, and TSX is up 6%.
• Magnificent Seven Stock Analysis:
  
  
  • Detailed analysis of the "Magnificent Seven" stocks, highlighting their strong year-to-date performance but recent pullbacks.
  • Focus on Nvidia's 102.8% YTD performance and recent 20% drop, discussing the importance of valuation and market cycles.
• AI and Market Fervor:
  
  
  • Commentary on the hype around AI and the parallels to the dot-com boom.
  • Reminder of the importance of cautious investment and avoiding momentum-driven decisions.
• Expected Rate Cuts by the Fed:
  
  
  • Universal consensus on significant rate cuts by the Fed, with expectations of three rate cuts by the end of 2024 and a potential fourth in January.
• Gold as a Hedge:
  
  
  • Gold's role as an effective hedge against market recessions, with continued high performance and Delisle’s overweight position in gold.
  • Discussion on global gold accumulation trends, particularly in Eastern countries.
• Delisle Portfolio Positioning:
  
  
  • Overview of Delisle’s portfolio strategy: underweight in equities, underweight in Canadian financials, overweight in utilities and gold, with international exposure in India and Japan.
  • Positive outlook on the continued strategy and its performance through 2024.

Introduction:

• Andrew welcomes Sandra Henderson, COO of Delisle Advisory and a longtime partner and friend.
• Sandra shares her excitement about discussing the creation of Delisle Advisory.

Sandra Henderson’s Background:

• Nearly 30 years in financial services and wealth management.
• Leadership roles in both Canada and the United States.
• Experience as Chief Operating Officer in wealth management, learning the intricacies of the business.

Differences Between Canadian and U.S. Wealth Management:

• Sandra discusses the stark differences in wealth management practices between the two countries.
• U.S. clients' preference for non-proprietary products and a true fiduciary approach.
• The competitive landscape in the U.S. with numerous independent firms and client preferences for diversified wealth management.

The Rise of Independent Firms:

• Sandra explains why many advisors in the U.S. leave large institutions to start independent firms.
• The flexibility and client-focused approach of independent firms.
• The growing trend of RIAs (Registered Investment Advisors) in the U.S., representing a significant portion of the market.

Challenges and Opportunities in Canada:

• Discussion on why Canada’s wealth management market is different and less competitive.
• Sandra’s belief that Canada is on the cusp of a significant shift towards independent wealth management.
• The role of client education and demand in driving this change.

The Future of Wealth Management in Canada:

• Andrew and Sandra explore how client expectations are shifting towards independent models.
• The importance of delivering a fiduciary standard that puts clients' interests first.
• Predictions on how the Canadian market will evolve and embrace the independent model seen in the U.S.

• Introduction to Delisle Advisory Group: Jean Blacklock and Andrew Auerbach introduce their new boutique wealth management firm, Delisle Advisory Group, and discuss what sets it apart in the industry.
  
  
• Career Journeys: Andrew shares his early start in financial services, his decision to stay with Canada Trust over a trading floor position, and his rise through various leadership roles at BMO. Jean reflects on her path from law to estate planning and eventually into executive roles in wealth management.
  
  
• Key Career Insights: Both Jean and Andrew emphasize the importance of choosing the right workplace culture, the value of doing exceptional work in any role, and the significance of intuition in career decisions.
  
  
• Advice for Young Professionals: They offer guidance on navigating career choices, highlighting the importance of focusing on the immediate job and contributing meaningfully, rather than constantly seeking the next promotion.
  
  
• Personal Reflections: The episode also touches on the personal dynamics between Jean and Andrew, both as business partners and as a married couple, and how their individual experiences have shaped their approach to wealth management at Delisle.
  
  
• Looking Ahead: Jean and Andrew conclude with their vision for Delisle Advisory Group, emphasizing a client-centered approach that prioritizes deep, meaningful conversations over traditional financial planning.