Change is inevitable and a fundamental part of the human experience. Some moments in history present more change than others, and this appears to be one of those moments. With the right values and ethos, change can present an opportunity for meaningful evolution. Our goal is to continually evolve to serve you better – and to deliver what matters to you.
What a year!
The year’s end presents an excellent opportunity to reflect on what has been and what we have learned about our world and ourselves. And while we often think of the year we have just experienced as a “big one,” 2024 was, in fact, particularly seismic from a geopolitical and technological perspective.
Across the globe, an extraordinary number of countries (70+) held national elections, and across the board, voters dumped incumbents in what appears to be a major wave of desire for change. In fact, of the countries that are considered democracies, over 80% of officeholders saw their power diminished – for example, in India – or they lost outright, most notably in the U.S., Japan and the U.K. Some of those new governments are already making an impact, for instance in the U.K., while others are just getting warmed up. The incoming Trump administration hasn’t even been sworn in yet and is already causing sizable waves. 2025 promises to be another year of meaningful change.
2024 saw technological change surge into the zeitgeist of our time, with Artificial Intelligence (AI) – and particularly, Artificial Generative Intelligence (AGI) – dominating the headlines and seemingly every conversation. Technology stocks continued to drive markets through 2024, and there is little reason to doubt that they are likely to continue to dominate in the year – or even years – ahead. AGI will have a profound impact on how we live and work, and as has been discussed at various times over the past year in The Last Word, its benefits and risks will become clearer only over time.
Change = Opportunity ÷ Risk
Change is a double-edged sword, unavoidable and often uncontrollable. It brings with it risk, but also opportunity. The more risk related to the opportunity, the less likely that change will be positive. Thus, to make change work for you, the associated risk(s) must be managed or eliminated, which takes skill, experience and perspective.
At RBC PH&N Investment Counsel, we see change as exciting, as we can apply our skills at managing risk to safely and thoughtfully harness the opportunities that arise from change. This ability is important when it comes to building wealth, as preserving wealth is often focused on risk management, while growing wealth is often driven by recognizing and exploiting opportunity.
Evolution is a state of mind and method
Our ethos – what we believe in as stewards of your wealth – is focused on our clients achieving their goals. That means putting your goals and success at the centre of everything we do – not just in how we serve you, but in how we are structured to provide the right expertise and execution.
That’s how we leverage change to evolve, to consistently improve and enhance your experience and success. For example, we see AI as a tool to be used to enhance our ability to manage risks and identify opportunities, especially in the area of investment management. AI may also inform and assist in ever-changing areas within wealth planning, for instance tax planning, business management, insurance, and estate planning.
And, as the world around us changes, we continue to evolve and embrace new forms of investment solutions, such as alternative investing and private equity, while conversely choosing to be prudent and cautious around new developments like cryptocurrencies. A changing world also means we continue to evolve our advice to ensure we are providing you not only with guidance in financial matters, but also by understanding that your overall wellness is meaningful and material as you progress through life.
Your success = our goal
As circumstances and the world around us change, you need relevant and timely expertise, advice, and investment solutions that support you in managing risks and leveraging opportunities, thus smoothing your path to financial success. A wealth and investment management firm that embraces change, but more significantly its evolution in how it delivers on being the steward of your wealth, will help you do just that.
Talk to your Investment Counsellor today, and let’s chart a path towards your goals. No matter what an ever-changing world might have in store for us, together we will be ready to meet the challenge.
Past performance is not indicative of future results. Counsellor Quarterly has been prepared for use by RBC Phillips, Hager & North Investment Counsel Inc. (RBC PH&N IC). The information in this document is based on data that we believe is accurate, but we do not represent that it is accurate or complete and it should not be relied upon as such. Persons or publications quoted do not necessarily represent the corporate opinion of RBC PH&N IC. This information is not investment advice and should only be used in conjunction with a discussion with your RBC PH&N IC Investment Counsellor. This will ensure that your own circumstances have been considered properly and that action is taken on the latest information available. Neither RBC PH&N IC, nor any of its affiliates, nor any other person accepts any liability whatsoever for any direct or consequential loss arising from any use of this report or the information contained herein. This document is for information purposes only and should not be construed as offering tax or legal advice. Individuals should consult with qualified tax and legal advisors before taking any action based upon the information contained in this document. Some of the products or services mentioned may not be available from RBC PH&N IC; however, they may be offered through RBC partners. Contact your Investment Counsellor if you would like a referral to one of our RBC partners that offers the products or services discussed. RBC PH&N IC, RBC Global Asset Management Inc., RBC Private Counsel (USA) Inc., Royal Trust Corporation of Canada, The Royal Trust Company, RBC Dominion Securities Inc. and Royal Bank of Canada are all separate corporate entities that are affiliated. Members of the RBC Wealth Management Services Team are employees of RBC Dominion Securities Inc. RBC PH&N IC is a member company of RBC Wealth Management, a business segment of Royal Bank of Canada. ® / ™ Trademark(s) of Royal Bank of Canada. RBC, RBC Wealth Management and RBC Dominion Securities are registered trademarks of Royal Bank of Canada. Used under licence. © RBC Phillips, Hager & North Investment Counsel Inc. 2025. All rights reserved.
