Session 1
Summary
John Spitman talked about advanced wealth management strategies tailored for high-net-worth clients and business owners. Spitman emphasized integrating behavioral finance principles into discretionary investment management to mitigate biases like overconfidence, loss aversion, and the endowment effect. Key themes included tax-efficient wealth transfer (e.g., lifetime capital gains exemptions, corporately owned life insurance), business succession planning (partnership agreements, mid-market M&A), and structured fee models tied to asset tiers. He highlighted RBC’s solutions, such as the Compass Plan for insurance-as-asset strategies and Royal Trust’s solvency protection, while critiquing common behavioral pitfalls like frequent trading and equating volatility with risk.
Evaluation
Spitman’s presentation excelled in bridging theoretical behavioral finance concepts (e.g., Kahneman’s endowment effect) with actionable strategies, such as probate-optimized will structures and tiered fee models. His critique of Merrill Lynch’s findings on gender-based investment behavior added depth. The focus on tax minimization and business continuity was pragmatic. However, the dense technical content—such as gross-up dividend taxation mechanics—might overwhelm listeners. Spitman’s engaging delivery and use of case studies (e.g., mid-market M&A recurring revenue models) enhanced relatability, though broader macroeconomic context, like RBC’s 2025 outlook on Canadian equity markets, could have fortified his arguments (Singh & Nye, 2024).
Application
This presentation offers critical value for business owners and wealth managers seeking to align client behavior with long-term financial goals. For instance, Spitman’s emphasis on structured partnerships and insurance-as-asset strategies can mitigate succession risks in family-owned enterprises. Governments could adopt his probate efficiency frameworks to reduce legal bottlenecks in estate transfers. A complementary perspective is found in Singh & Nye (2024), which underscores Canada’s sluggish productivity growth and immigration-driven GDP challenges, reinforcing Spitman’s advocacy for diversified portfolios and tax-aware investing.
Session 2
Summary
Chris Polson and Dr. Christine Sawchuk presented an overview of the CBV (Chartered Business Valuator) program. The session highlighted the role of the CBV Institute in providing education and certification for business valuation professionals. Polson discussed his experience at Goldman Sachs and the importance of the CBV designation, while Sawchuk introduced the CBV program, which includes core and elective courses, and can be completed through asynchronous online learning and webinars. The session also touched on the efforts to unify the CBV program with other institutes around the world.
Evaluation
The presentation provided valuable insights into the CBV program and its relevance in the field of business valuation. Chris Polson shared his personal experiences and emphasized the significance of the CBV designation. However, his delivery was somewhat opinionated, particularly in his comparison of the engineering profession with business roles, which may have detracted from the overall message. Additionally, Polson’s advocacy for the CBV designation did not clearly differentiate it from other certifications like the CFA or CFP, which could have left the audience questioning the unique benefits of pursuing a CBV. In contrast, Dr. Christine Sawchuk’s introduction to the CBV program was kind and approachable, making her portion of the presentation more engaging and informative.
Application
The information presented in this session is particularly relevant for professionals considering a career in business valuation or those looking to enhance their credentials in this field. The CBV designation can be a valuable asset for individuals working in dispute resolution, mergers and acquisitions, and financial analysis. For businesses, having CBV-certified professionals can ensure accurate and reliable valuations, which are crucial for strategic decision-making and compliance. According to the CBV Institute, the CBV designation is recognized globally and can open up opportunities for international collaboration and career advancement (CBV Institute, 2025).
Session 3
Summary
Th fireside chat touched a range of topics, from Alex’s “full-circle” reflections on his past experience at McMaster World Congressto present days, to career advice, emphasizing the importance of curiosity and early, open-minded collaboration (as exemplified by leaders like Marylin Lynch). The session covered the unique offerings of ScotiaMcLeod, including its open architecture approach, which allows for a diverse range of products beyond those offered by the bank. The speakers emphasized the importance of a comprehensive wealth plan that addresses various facets of a client’s life, including insurance, business planning, wealth transfer, and tax exemptions. The discussion also touched on the evolving nature of wealth management, with a shift from product-based to solution-based approaches, and the potential impact of AI in the industry.
Evaluation
The fireside chat format provided an engaging and informative platform for the speakers to share their experiences and insights. Pogacean highlighted the importance of curiosity and asking questions, while Barone emphasized the value of being open-minded and collaborating with advisors early on. White shared his enthusiasm for working with campus communities and Western graduates. The session effectively conveyed the complexity nature of wealth management, from portfolio management to estate planning. However, the discussion could have benefited from more concrete examples or case studies to illustrate the practical application of their advice.
Application
The insights shared during this fireside chat are highly relevant for both current and aspiring wealth management professionals. The emphasis on a comprehensive and client-centric approach to wealth management can be applied across various industries, including engineering, where understanding client needs and providing tailored solutions are crucial. The recommendation of books such as “Atomic Habits” by James Clear and “The Psychology of Money” by Morgan Housel underscores the importance of continuous learning and behavioral finance in professional development. A complementary perspective is found in Scotia Wealth Management (2024), which forecasts 2025’s moderated GDP growth and interest rate trajectories, aligning with the panel’s emphasis on dynamic, solution-oriented planning.
Notes
S1
John Spitman, CFP - Senior Investment Counsellor | RBC Wealth Management
summary
Enhanced Wealth Management @ RBC
Discretionary Investment Management ← Behavioural Finance
PH&N Investment Counsel: High Assets and Wealth
Planning ← CFP
- Family continuity
- Wealth Transfer
- Investment management ← CFA
- Risk Management
Worry about the family ← continuity, will
Do-will structure (probate to Ontario)
Business-owner planning ← partnership agreement, insurance
Lifetime capital gains exemptions ← Balance sheets for operating costs
Assets outside of non-operating (selling companies)
Tax advantages
Mid-marker M&A
Recurring revenue as business when selling (recurring fees)
Fee structure: tiered based on assets (Custody fees and management fees)
- Annual 1M Fee and custody fees (decrease once it grow up)
- solvency protection at Royal Trust (separate from bank assets)
Mutual funds (RBC Dividend Funds, 0.2% additional fees against income) ← Tax Deduction (branch fund) (Three classes: RBF167 - series O, RBF607 - series F, RBF 266 - series A)
- 2% in Canada, 1.28% in RBC
Insurance as assets? ← Compass plan
Corporately owned life insurance (capital dividend account (CDA))
Graduated tax rate
Gross up for tax during dividend collection (+50K in Ontario)
Market cap evaluation
Benchmark portfolio based on biggest companies (GDP growth into business)
Multiple expansions and contraction (EPS - earning per shares and dividends) ← Earning powers
DOW: Share-prices weighed index (Golden Sachs has higher weights)
Behavioural finance to AVOID:
- frequent trading
- ignoring the impact
- Do due diligence
- Doing it alone
- Equating volatility as risk
- ignoring history
- Sell
Betrayal aversion (actions as a firm)
Overconfidence
Merrill Lynch Investment Managers - “When It Comes to Investing, Gender is a Strong Influence on Behaviour”
Endowment Effect (Kahneman, Knetsche, and Thaler (1990))
Loss Aversion Bias
Derivatives and Hedge funs
CSI (Canadian Securities Institute)
evals
Wealth Management are a lot about managing people, and beyond just working with portfolios and allocating funds
Touches a lot on behavioural finance, and some of its technical details
S2
Chris Polson, CBV - Partner | PwC Canada; Dr. Christine Sawchuk, CBV - President and CEO | CBV Institute
summary
Dispute Division at PwC (w/ each other and w/ governments)
overview CBV
- Core and Electives (1.5k relevant experience)
- async and online (webinars)
differentiate vs initiatives
Working towards unifying with what they did at CBV institute
evals
Chris:
- talked about his stint in Golden Sach → got a reality check wrt who he was back at school
- Very opinionated against engineers profession and doesn’t seem to give the same respect to the profession comparing to business
- Very standoffish and got off topics very fast
- Pressed on the importance of CBV, but doesn’t convey why one should do it where they can just get their CFA or CFP
- Not enjoyable to talk to, and have a pretty big ego :)
Christine:
- kind and approachable to introduction of the programs.
S3
Fireside chat: Alex Pogacean, CFP - Associate Portfolio Manager | Rod White Financial Group at Scotia Wealth Management; Charles Barone, CAIA - Advisor Practice Management | Scotia Wealth Management; Rod White, CIM - Senior Wealth Advisor & Portfolio Manager | Rod White Financial Group at Scotia Wealth Management
summary
Q1: MWC specials?
- Alex: full circle
- Rob: love working with the campus, and with people
Q2: Advices?
- Alex: be curious, ask question
- Barone: being in open-minded (maryln lynch, work with advisors very early on)
- Rob: Western grads
Q3: Brief description of Wealth Management?
- Alex: Scotia McClaude (Open Architecture)
- Portfolio that sells all products beyond the banks products
- planning, and relationship business
- Total Wealth Plan (design portfolio, faceits of client’s life - insurances, business, wealth transfer, tax exemption)
- Barone: Investment and Assets management (estate planning)
- Rob: Specialist and liason
Q4: Current, and Futures?
- Barone:
- Assets starts as portfolio, and product-based
- Accumulating assets (30 years)
- Now: Retiring and beyond needs on the solution-based for outlets
- Rob:
- The state of business with Wealthsimple
- AI as amplify, and agents for planners
Q5: Designation in Wealth Management?
- Alex: CFP, CIM, CSC (through CSI), CPH (ethics course)
- Portfolio, Tax, Planning
- Barone: Behaviour Financial Advice (BFA)
- Behavioural Finance and decision making
- Alternative Investing
Q6: Books recommendation?
- Barone:
- Atomic Habits, James Clear
- Nudge, Richard Thaler
- The Psychology of Money, Morgan Housel
- How to Win Friends and Influence People, Dale Carnegie
- The 7 Habits of Highly Effective People, by Stephen Covey
- For high-independence people
Q7: QAFP before CFP
Q8: Volatility
- Invest monthly
evals
Fireside chat are usually a good format, to learn about their experience.
Very informative, to talk about their experience.
Can be applicable to engineering field in terms of working with people.