Timeless Wealth with Durkin Dietz: Recent Episodes
Durkin Dietz
Are women smarter than men? What is all the buzz about millennials and wealth? How does one plan for the retirement they always envisioned?
Senior Wealth Advisors and Portfolio Managers Sean Durkin and Amy Dietz-Graham provide a wealth of insight and thoughts into strategically growing your wealth and planning for the future in this dynamic and fast-changing world.
From hot and timeless topics like 'Women and Wealth' to issues surrounding 'Millennials and Wealth', Sean and Amy are 'on-the-money' to aid you in growing and developing your financial and investment intelligence. Listen to various financial planners, entrepreneurs, executives, and investment gurus as they engage in informative & entertaining chats.
Whether you're driving to work or dropping the kids off at hockey practice, tune into Timeless Wealth where meaningful, unconventional, and contrarian discussions are carried out to help you make informative decisions which can impact you, your family, and your loved ones.
The Timeless Wealth podcast empowers individuals and families with the confidence and inspiration to make life-enhancing decisions.
In our latest All Bets on Her Podcast, we’re thrilled to feature National Bank Financial’s Tania where she delved into her financial journey.
Tania shared her excitement about the pivotal decisions she’s made in her life regarding finances, and the proactive steps she took that she is most grateful for.
Key highlights from the conversation:
Embracing Early Action- She was particularly fond of taking charge early on to get a head start towards financial independence.
Empowering Community- supporting other women in achieving financial independence by encouraging each other to take a seat at the financial and decision-making table.
Definitely worth checking out!! Tune in for the full chat!
In this episode, Sean and Jalal sit with Angelo Katsoras, Geopolitical Analyst at National Bank Financial, to discuss global tensions and issues pertaining to the modern investor.
The dialogue was fabulous and enlightening. We delved into the Russia-Ukraine War, Israel-Hamas conflict, global electrification efforts, and China-Taiwan-US tensions.
Now things may seem bleak, globally. But Angelo did a great job in detailing out a series of advantages and strengths that both Canada and the U.S. possess in their arsenal, setting them apart from other regions globally.
National Bank Financial - Wealth Management (NBFWM) is a division of
National Bank Financial Inc. (NBF), as well as a trademark owned by
National Bank of Canada (NBC) that is used under license by NBF. NBF is a
member of the Investment Industry Regulatory Organization of Canada
(IIROC) and the Canadian Investor Protection Fund (CIPF), and is a
wholly-owned subsidiary of NBC, a public company listed on the Toronto
Stock Exchange (TSX: NA).
The information contained herein has been prepared by Amy Dietz-Graham, a
Wealth Advisor at NBF. The opinions expressed do not necessarily
reflect those of NBF.
National Bank Financial - Wealth Management (NBFWM) is a division of
National Bank Financial Inc. (NBF), as well as a trademark owned by
National Bank of Canada (NBC) that is used under license by NBF. NBF is a
member of the Investment Industry Regulatory Organization of Canada
(IIROC) and the Canadian Investor Protection Fund (CIPF), and is a
wholly-owned subsidiary of NBC, a public company listed on the Toronto
Stock Exchange (TSX: NA).
The information contained herein has been prepared by Amy Dietz-Graham, a
Wealth Advisor at NBF. The opinions expressed do not necessarily
reflect those of NBF.
philanthropy #advisors #nationalbank
NBF is not a tax advisor and clients should seek professional advice on tax-related matters, including their personal situation. Please note that comments included in this letter are for information purposes only and are not intended to provide legal, tax or accounting advice. The comments reflect the opinion of their author only and may not reflect the views of NBF.
National Bank Financial - Wealth Management (NBFWM) is a division of National Bank Financial Inc. (NBF), as well as a trademark owned by National Bank of Canada (NBC) that is used under license by NBF. NBF is a member of the Investment Industry Regulatory Organization of Canada (IIROC) and the Canadian Investor Protection Fund (CIPF), and is a wholly-owned subsidiary of NBC, a public company listed on the Toronto Stock Exchange (TSX: NA).
The information contained herein has been prepared by Amy Dietz, a Wealth Advisor at NBF. The opinions expressed do not necessarily reflect those of NBF.
“The rainy days do come”
Check out Lagom Collections: https://lagomcollections.com/
Jalal Midani and I had the wonderful opportunity to engage in a discussion with Jennifer Steckel Elliott for our new series, ALL Bets on HER. During the episode, Jennifer imparted valuable financial and life insights drawn from her journey.
Jennifer discovered that a key to achieving success in financial and life choices is the effective communication and clear expression of one’s principles and values, whether it be with a spouse, offspring, coworkers, or others.
Her transition from a thriving career in marketing and client services to founding Lagom Collections was inspired by her love for technology and design and driven by that creative-entrepreneurial spirit. This innovative platform enables individuals to personalize their living spaces by displaying their treasured book collections, thus allowing their walls to mirror their unique identities.
It was a fabulous and rich chat, and certainly a blast to record. Some
of our favourite takeaways are:
-The rainy days do come- be prepared!!
-Speak Up! Don’t Ask, Don’t Get
-Articulating your values and priorities to your family members is crucial to sustainable wealth growth and a joyful life!
-It is important to know when to start having these conversations with your children, so that they may also learn from the lessons and experiences you have gone through.
Thank you again Jennifer!
National Bank Financial - Wealth Management (NBFWM) is a division of
National Bank Financial Inc. (NBF), as well as a trademark owned by
National Bank of Canada (NBC) that is used under license by NBF. NBF is a
member of the Investment Industry Regulatory Organization of Canada
(IIROC) and the Canadian Investor Protection Fund (CIPF), and is a
wholly-owned subsidiary of NBC, a public company listed on the Toronto
Stock Exchange (TSX: NA).
The information contained herein has been prepared by Amy Dietz-Graham, a
Wealth Advisor at NBF. The opinions expressed do not necessarily
reflect those of NBF.
At National Bank Financial, the Young Women Student Mentorship Program is a passion for us.
This program is designed to help young women students enter the financial industry and learn more about the different roles in wealth management with the goal of having more women in the industry.
Over the years, the program has evolved and grown across Canada and our partnerships have grown to be with more than 42 universities from coast to coast.
Learn more about our Young Women Student Mentorship Program at:
Finding your way as a female investment advisor | National Bank Financial - Wealth Management (nbfwm.ca)
We were joined by Jonathan Durocher where we spoke about the future of the advisor-client relationship and how National Bank is carving new avenues to move from being the best-kept-secret to a more dominant player in banking and wealth management.
Among the many things we spoke about, including AI, Jonathan delved into how the advisor-client relationship is evolving and where he sees it in the next 5-10 years. As an advisor, having access to a wider variety of data will increase client satisfaction because clients are coming to their advisor for a wide spectrum of non-financial inquiries.
wealthmanagement #nationalbank #advisors
It’s that time of year where we’re all brainstorming hard and rushing to get those last-minute holiday presents and stocking stuffers.
To help with some ideas, our yearly Holiday Gifts is now out for 2023!! Sean, Jalal, and I, rounded up our top picks for this holiday season. All items are Canadian, supporting Canadian companies and individuals:
For those that love books, pets, and art:
-
Golden Love- J. B. Simon-
-
A Life Well Danced- Jane Gall Spooner-
Want to get a young adult more interested in saving money and finances?
-
How to Turn $100 into $1,000,000-
-
How To Money-
Who doesn’t love awesome snacks and great coffee during the holidays? Guilty!
-
Balzac’s Coffee- Special Anniversary Blend-
-
Aware Winning Saltwinds Coffee-
-
Mary Macleod’s Shortbread-
Sean loves funky socks…..Nothing to get you in the holiday spirit like pajamas & funky socks…..
- SAXX socks-
Love Yoga? Yearning for that six-pack and bettering your balance after munching through the holidays?
- Montreal Board-
And finally….talk about the bachelor fridge...if you’re anything like Jalal who only has water, a can of Red Bull, and coffee creamer in his fridge, then this is for you…
- Koolatron Mini Fridge-
Seriously Jalal! It’s called a grocery store!
Tune in for some fun, laughter, and a chat about each item.
Hope you enjoy & Happy Holidays to all!!!
As inflation is seemingly coming down in October and November of 2023, what are some factors that contribute to the levels of inflation?
What is the difference between headline and core inflation?
How can individuals and investors behave in this inflationary period both from an investment perspective, and from a spending perspective?
Is the Canadian financial system in trouble?
2023 marked a significant year for the Canadian banking system. As we witnessed the downfall of a few regional banks down south of the border, many Canadians became concerned about the downfalls rippling through up to Canada.
In addition, more concern and questions have been rising in the past few weeks as we hear of a few of the large financial institutions cut employee head count.
In order to understand the difference between our banking system and that of our southern neighbor's, we invited Teresa Lesyk, Director & Head of Cash Management with the National Client Group here at National Bank, to take us through a deeper and more comprehensive analysis of the key differences.
With Teresa's guidance and expertise, we learned that Canada has a much more centralized and robust financial system than that of the U.S., inevitably making it much more stable. The very nature and structure of our banking system is very different and hence generally does not go through the same headwinds as their peers down in the U.S.
canadianbanking #financialinstitutions #nationalbankofcanada
As October rolls over, many parents have most likely just paid their children’s college education bills (looking at you Sean). And while inflation is the hot topic spoken about in nearly every grocery store, café, and news-channel- (I recently was sitting with a friend at a café and heard a couple on their first date talking about how the rising cost of groceries made them re-think their dating habits!!) - an interesting fact is that the rising cost of education has drastically outpaced that of inflation and wage-growth.
For example, if you became a parent to a new-born recently, the cost of post-secondary education by the time they are old enough to be admitted will be much higher than where it’s at now.
So in light of autumn and the new school year being in full swing, Sean, Jalal, and I sat down to discuss the rapid rise of the cost of education in the past 20-30 years, and how an RESP can help not only in saving for a child’s education, but can also be a very effective tool for beating the rising cost.
Happy listening!
Last week, Jalal and I invited Matthew Persram with the Creative Industries team here at National Bank to chat about TIFF and how the actor’s strike south of our border ties with this exciting event.
In this insightful and engaging discussion, we spoke about what the strike is about and how there needs to be an evolution and modernization of the entertainment operating model to keep up with the changes of our times- specifically regarding the rise of subscription-based services.
We finished off by chatting about what we’re looking forward to at TIFF and the discussions at the different events that National Bank of Canada is proud to be a part of.
Corporate clients have been finding the new lending territory difficult to traverse. A recent survey has shown that a whopping 79% of large banks’ senior loan officers stated that their banks have tightened credit underwriting standards for commercial & industrial loans so far in 2023 and in 2H22.
Jalal Midani and I invited Jonathan Khan with the National Client Group back again to sit with us and share his expertise pertaining to the 5 C’s of credit and how Canadian businesses are being affected by corporate lending in 2023.
In a nutshell, the 5 C’s are:
- Capacity
- Capital
- Collateral
- Character
- Conditions
With the National Client Group of National Bank Financial & National Bank of Canada, we take it upon ourselves to support Canadian businesses and Canadian entrepreneurs as they navigate through this new high-interest rate environment.
National Bank's Philantra Foundation was founded to help individuals and businesses do philanthropic work in a way that is meaningful to them.
Philanthropy plays an essential role in society and ensures the general well-being of the community in many business sectors. Whatever your philanthropic goal, the Philantra Foundation will help you incorporate it into your overall financial, fiscal, and estate planning.
The Philantra Foundation’s vision is to make philanthropy accessible, simple, and beneficial for all:
- By helping donors support long-term causes close to their hearts
- By supporting charities achieve their charitable goals
- By advising professionals on how to leverage funds for philanthropic project
To learn more about Philantra, visit: https://www.nbc.ca/personal/savings-investments/philantra-foundation.html
The Difficulties, Life, and Pleasure of an Entrepreneur!!
Advisors can deliver value specifically tailored for entrepreneurs and their businesses to make sure all the strings are pulling in the same direction. As ‘entrepreneurs’ ourselves, we at National Bank Financial have a passion for creating a customized financial ecosystem to ensure that your personal and business finances are working together to meet your goals.
Here are the top 4 ways we can add value to a business owner:
1) Longevity of relations
2) Access- a greater variety of custom investment options
3) Integration- an ecosystem of services
4) Coordination- removal of silos
Baseball is a lot like life. And in our context, it's a lot like investing. Even the best ranked teams could lose to the worst ranked teams in any given game. Similarly, even the best portfolios could have negative days.
Generally, no one game determines the fate of the team- losing one game does not equate to the end of the world. Investing is similar in that if a portfolio is properly diversified, one holding does not determine the outcome of the entire portfolio.
In baseball, you could make all the right choices and still lose a game. In investing, you could do all the research and due diligence, and still come out wrong sometimes. That's baseball, that's investing, and that's life.
If you're looking to grow your team, here is a 4-step toolkit to enhance the impact of growing and managing your team.
Step 1) Identify the BUSINESS NEED
Step 2) Establish the ROLE NEED
Step 3) ATTRACT the ideal candidate and LEAD the interview
Step 4) Onboarding, INTEGRATION, and continuous improvement
What is SVB? What happened with SVB? And is it indicative of a deep financial crisis like that of 2008? What protections are there for Canadians in the event of a bank collapse?
In this episode, Amy and Sean explain what happened with SVB and whether or not its collapse affects Canadians in general.
Tune in to also find out what protections there are for Canadians in the case of an insolvent bank.
What qualities do you look for in an accountant?
Filing taxes can be one of the most nerve-racking responsibilities of the year. The more complex your situation is, the more nerves can fire.
BUUUTTT- working with a diligent accountant, can relieve MUCH of the stress.
Wealth Advisors get asked a lot as to what to look for when hiring an accountant. Or the infamous, “Do you know a good accountant?”
The answer is subjective because everyone’s situation, needs, and wants, may be a little different. When vetting an accountant here are some factors to consider.
1) Credentials
2) Find an accountant that matches your energy level- similar to the dating world, finding an accountant that’s on par with your wavelength can enhance the relationship.
3) Strategic
4) Communicative and Accessible
5) Keen attention to detail
6) Relevant experience
7) Technological proficiency
To kick off our book review series, we chose Morgan Housel's, Psychology of Money, first released in 2020.
An excellent read, Housel's work is short yet full of insight. Rather than talking about the technicalities of investing, Housel instead introduces a narrative element to each principle in order to show that success in investing is dependent on the psychology of the individual more than the numerical foundations/details of the market or of specific investments.
For those not interested in reading about money or financial growth, you may still find Housel's principles and rules important and relating to other areas of life.
A very well written and relevant piece of work, The Psychology of Money earns our Timeless Recommendations badge.
Businesses in 2023 will be facing much turbulence. Credit is contracting and inflation is high. They will be forced to optimize their structure to be more efficient.
In order to leverage opportunities and effectively grow, businesses may want to look into optimizing their working capital or cash flow.
Amy sat down with Jonathan Khan, Relationship Director with the National Client Group, to get some details on how optimizing cash flow can aid a business in becoming leaner and more efficient.
2022 was full of surprises and, frankly, nerve racking experiences. As for 2023, while some analysts are optimistic about the markets, others are not.
So, in response to concerns regarding how 2023 is going to look like, Amy & Sean sit to give their thoughts about how 2023 may shape up to look like and share what other firms are speculating for the year ahead.
'Tis the Season! The holidays are a "timeless time" (pun intended:) to give back and support local. From supporting your local cafe or brewery to the local candle maker to the Canadian author, it's the season for joy and community.
In this 2022 holiday special, Amy and Sean thought it would be a clever idea to share some local and unique gift-giving ideas for the holidays!
Tune in and you be the judge!! We hope you enjoy the show:)
Gift Ideas in the episode:
Kids Books:
www.amooseinamapletree.com
A Moose in a Maple Tree by Troy Townsin
Foodie: Salt Springs Kitchen co.
Hot Mango Spicy Pepper Spread
https://saltspringkitchen.com/
Green thumb:
Radical Roots
www.radicalroots.ca
Sports Fan
Our Game Too
https://www.chapters.indigo.ca/en-ca/books/our-game-too-influential-figures/9781970159820-item.html?ikwid=our+game+too&ikwsec=Home&ikwidx=0#algoliaQueryId=0141bc0857a1e0778ec98efd575edc20
We are, We can, We Will
https://www.amazon.ca/We-Are-Can-Will-Champion/dp/1970159847
Hostess Gift
Soy Candles
Lamb + Kiss Candles
https://www.lambandkiss.com/
Dance Collection Danse
https://www.dcd.ca/
Ganaoque Arts Network
https://www.ganarts.ca/
Canadian Books:
Theory of Crows- David Robertson
14 Days- Edited by Margaret Atwood
Gift Baskets:
The Happy Box- https://thehappybox.ca/
It's all fun and games until the truth and "fibs" start getting clever!
In this 2022 holiday special, Sean and Amy thought to test each other on who knows the other better. The game is "Two Truths and a Lie". If you're a pro at never have I ever, you gotta try it.
If you're thinking about what to play with your friends and family over the holidays with some drinks in hand by the fireplace- give this game a shot. It's a ton of fun. Up the stakes and maybe the loser of each guess has to down a drink, or 4 :)
Enjoy the good vibes and Let It Snow!!
If you're a business owner thinking of selling one day, you gotta listen to this.
A lot of times, some parts of the business may be in your head. Perhaps it's that "special recipe" you use for your main dish in your restaurant. Or it's some special supplier for the oil you use for your bearings when manufacturing machinery. If you are looking to selling the business one day, these things need to be jotted down and documented for the buyer.
In other words- no one pays for the secret moving parts that you keep in your head.
I think we all LOVE teenagers, RIGHT? What's not to love. We can all agree that “THEY’RE THE BEST”! That “I know it all” attitude is ‘charming’.
That being said, it can prove challenging to teach them about money (anything for that matter)- especially when they want to be buying $400 shoes.
In this episode, Amy and Sean give some insight on how to approach your teenage children with the money topic and what to keep in mind when trying to pass on certain values and habits.
If you were betting on October '22 to drag the markets even lower than September, then you'd be disappointed. Markets gained this time around. Historically, October has been a bad month for markets. But in 2022- of the approx. 70 percent of the companies on the S&P 500 that reported earnings, nearly 72% of those beat analyst estimates. More companies increased dividends and share buyback was also on the rise. The month certainly disappointed analysts, but rewarded investors (at least just a bit).
If you were told you can get paid to own shares in a company, while keeping all the gains from the shares, would you believe it? Welcome to the world of 'dividends'. Not only will select dividend-paying shares increase in share price (over time), but the dividend income derived from these shares have historically nearly always outpaced inflation- and by a long shot. Incorporating dividend-paying investments in a portfolio is an excellent strategy to solidify its strength. You can also compound the growth by turning the income around and automatically reinvest it!
We've perhaps all received those phone calls alleging we are in trouble with the CRA or that Immigration Canada wants to deport us. As the world gets complex and sophisticated, fraudsters up their game. No- the prince of Nigeria is not trying to reach you. In this episode, Amy and Sean sit with Teresa Lesyk, Director and Head of Cash Management, to discuss, first, the different ways fraudsters have come up with to try and trick individuals, and second, what you can do to stay safe and not fall victim to the various schemes.
Ever wonder if engineers make great investors? Did you know engineering and investing share some overlapping attributes, while simultaneously butting heads in key areas? Amy sits down with Ontario Society of Professional Engineers' very own Jerome James to answer some crucial and critical questions regarding engineers and the investment world.
In this LIVE Event, we invited National Bank's geopolitical analyst, Angelo Katsoras to give us deeper insight into major global and market-influencing events including the Russia-Ukraine war, Europe's energy crisis, and the global transition into green energy. His conclusion? That these are very challenging times- times that demand reanalysis and re-strategizing.
In response to the lows of September, and more top economists arguing for the heightened probability of a recession in '22/'23, Sean and Amy thought it would be a good idea to sit down and discuss a few things. Why are the markets behaving the way they are? What would a recession in '22 or '23 look like? What can investors and individuals in general do to leverage and take advantage of a possible recession?
Amy and Sean take money even deeper by relating it those tiny humans that keep parents awake (literally and metaphorically) at night. Yes, we’re talking about KIDS. From swear jars to gummy bears and treats, there are a few ways to embed ‘discipline’ in your children so that the concept of “currency” becomes a consideration in their life afterwards, increasing their chance and intelligence to attain financial success.
Fiiiiiiinally- the moment we've ALL been waiting for. Sean and Amy set out to discuss the 3rd secret to successful investing- WEALTH TRANSFER. In the final episode of the series 3 Secrets to Successful Investing, we talk about how wealth transfer builds on the first 2 secrets to become a crucial factor for successful investing.
How does the BoC measure inflation. What is a "basket" and does it have easter eggs or goodies? How does inflation affect the stock market? AND FINALLY....ARE WE HEADED INTO A RECESSION, IF WE'RE NOT ALREADY IN ONE". In this live event, Amy and Sean seek to answer the burning questions we all have regarding inflation, the lag of inflationary numbers, and any relations to the equity markets.
With interest rates rising, should you be getting a variable rate or fixed rate mortgage. What determines the rate of the two types? Should you be using your cash to pay down debt or take advantage of the market right now? Side-stepping a little away from investments, Amy and Sean seek to answer questions they've been getting regarding mortgages and paying down debt in light of anticipated interest rate hikes.
In the second of three episodes Sean and Amy discuss the second "secret" to successful investing- TIME. Much easier said than done, a characteristic of successful investors is giving yourself, your portfolio, and your investments, time to develop to grow. Start early, stay invested, and don't forget why you started investing in the first place. Stay on track, and don't lose sight.
In our first ever LIVE Event, Sean and Amy sat down to answer questions and provide insight and thoughts regarding interest rate hikes amidst extreme market volatility, market uncertainty, and decades-high inflation.
In this episode, Sean and Amy talk about expectations of investing. Financial planners and investment advisors always get asked "What return will you provide for me"? The idea here is that absolute dollar and percentage returns are not the only way to measure returns on investments- and in some cases, they may not be the healthiest standard either. Listen in to get the full rationale.
In this episode, Amy and Sean speak about the unique obstacles facing businesses in post-Covid times. Businesses and their executives need to learn to adapt to a riskier future by pro-actively planning and strategizing for the inevitable societal and global problems of the future. In other words, the ingenuity of executives and, more broadly, of humans, will be put to the test.
In this first of three episodes, Sean and Amy share their first "secret" to successful investing- namely, buying when an apocalypse seems to be in the air and everyone is selling. Listen in to hear about strategies and thoughts about this secret that investors such as Warren Buffet and Charlie Munger swear by.