Rewind 2019

Dec 05, 2019 | Kyle Sarai


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Where did the year go?! The final month of 2019 is shaping up to be the busiest of the year for us, as we will be hosting our annual client dinner on Thursday, December 5th. Each year, we gather clients together for a social networking event where, over an excellent meal, we feature educational guest speakers. It is a wonderful opportunity for us to catch up with our clients and keep them updated on current economic trends and market conditions. This year, we are pleased to present Mikhail Pasic of our Portfolio Advisory Group as well as Steve Saretsky, a Lower Mainland real estate specialist.

In November, I attended the RBC Dominion Securities' President’s Club conference in Toronto, where I was invited for a sit down with RBC Wealth Management CEO David Agnew. He provided an update on the firm's performance, and was pleased to announce that RBC Wealth Management is now managing 28% of high net worth client assets in Canada, bringing the total to $370 billion dollars under management. Our closest competitors, BMO Nesbitt Burns and CIBC Wood Gundy, manage just less than $300 billion combined. This remarkable gain is the result of superior client service from the advisors at our firm, who have worked diligently since 2002 to grow assets under management from $120 billion to $370 billion. We can attribute our success to the directors of our wealth management division, who have been tirelessly promoting and investing in integrated wealth management and not exclusively focusing on portfolio management. What this means for our clients is a diversified service, where all their needs can be met in one place. Currently, across Canada, RBC Wealth Management has 220 chartered accountants and estate lawyers who work with investment professionals to help clients create financial, business succession, estate, will & trust plans. These individuals are a vital part of our practice and provide untold value to our clients at no extra cost to them.

Where are we going in 2020?

With North American markets returning over a 20% gain in 2019, there has been a positive bounce back from the Q4 correction of last year. Speaking with our Portfolio Advisory Group during my trip to Toronto, it was mentioned that two of the six economic recession indicators have turned negative with one becoming neutral. Back in September and October, we started the process of decreasing clients' equity exposure in the event the probability of a recession were to increase. We still believe this is the time to take some gains off the table and secure our clients’ portfolios, and we will continue with this strategy until any of the economic indicators prove otherwise.

I want to wish you all a happy holiday season and look forward to hopefully seeing you in the New Year!

Sincerely,

Kyle Sarai MBA