At the end of 2024, the outlook for the year ahead seemed very uncertain. A new government was taking office in the U.S., Canada faced its own political questions, and PWL had just entered a new partnership with OneDigital—understandably prompting some clients to wonder what it might mean for them.
Twelve months later, we are in a much stronger position—and grateful for it. While risks always remain, it’s fair to say that 2025 turned out far better than most expected.
OneDigital has been an outstanding partner, supporting our growth and helping us build a truly national presence. In August, we welcomed TCM Financial Studios in Regina to the PWL family, followed by EB Wealth in Halifax in November. We continue to engage with firms across the country to build what we believe is the best wealth management firm in the industry: one that puts financial planning first, with a unified investment philosophy delivered by a cohesive team of advisors.
Markets also exceeded expectations in 2025. Despite headlines dominated by artificial intelligence and tariff concerns, Canadian equities outperformed U.S. markets, and international markets delivered strong results as well. With a third consecutive year of double-digit returns, client portfolios are healthier than ever. For a detailed review of market performance, read Ray Kerzérho’s annual commentary.
Meanwhile, PWL advisors have continued to elevate the client experience through ongoing improvements in skills, knowledge, and technology. We are developing a comprehensive wealth management checklist to ensure every planning opportunity is considered for every client. We began 2025 with new financial planning software that enables more personalized advice, and our projects team is now rolling out a digital account opening system—freeing up more time for advice rather than paperwork. In short, we are committed to creating and implementing the best tools to support our advisors and clients.
Looking ahead, we hope 2026 is as strong as this past year. But regardless of what unfolds, your portfolio and financial plan are prepared. The surprises of 2025 remind us why we plan for a wide range of outcomes rather than trying to predict the future. Whatever comes next, we’ll be here to navigate it—together.
