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.

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 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.