Wealth management has always been the art and science of strategizing. Relying on advice from experienced and savvy professionals, sometimes hunches, but always personal.
In Calgary, especially over the past five years, wealth management has undergone significant change driven by shifting client expectations, rapid technological advancement and increased economic uncertainty.
The new wealth management bottom line is that investors today are more informed and more engaged, nudging advisors to adopt a more holistic, client-centred approach.
“Wealth management has evolved from a product-driven industry to a planning and advice-driven profession,” explains Ryan Gubic, founder and personal CFO of Calgary’s MRG Wealth. “It has become less about transactions and products, and more about personal CFO-style guidance, integrating investment, tax and life planning so families can achieve clarity, confidence and freedom in an increasingly complex world.”
He notes that Calgary families and business owners now face layered issues. Corporate investing, cross-border tax, intergenerational wealth and private-market opportunities. It is why advisors have had to expand beyond portfolio management to provide integrated advice that blends all the important financial aspects of their lives including financial management, investments, tax, risk, retirement and estate considerations.
Although they key factor of stability in wealth management continues, it is a bit shaken by uncertainty, particularly about the Canadian economy. In Calgary, throughout the country and globally, economy jitters are impacting wealth management strategies.
Across the board, uncertainty around inflation, interest rates, geopolitical tensions and market volatility is making individuals more cautious. Many are shifting from a ‘growth at all costs’ mindset to a more balanced, defensive approach focused on protecting what they have.
According to the 2024 Retirement Report, Fidelity Investments Canada found that Canadians feel less certain about their retirement plans due to inflation and the rising cost of living. The findings highlight the importance of having a written financial plan and working with an advisor to achieve retirement goals.
Retirement readiness is a vital issue. The Report found that many Canadians are postponing their retirement plans due to economic uncertainty, with a notable difference in optimism between retirees and pre-retirees.
The wealth management jury has always been out on the contentious topic of playing stock market as a viable aspect of wealth management. The unpredictability, risk and the notorious volatility of the stock market serve as vintage cautions regarding the impact of stage-in-life dabbling in the stock market as part of wealth management.
In Calgary, while the stock market continues to be a core component of wealth management, advisors suggest a trending shift from active stock picking to disciplined portfolio design.
Gubic agrees that the stock market remains vital to long-term growth, but adds that in today’s environment, it is about strategy, structure and discipline – not speculation.
The best wealth plans use markets as one component of a broader system designed to give clients clarity and confidence through every cycle. He cautions that volatility in the stock market is the price of admission for long-term returns – not a signal to panic.
“In today’s economy, where inflation, interest rates and geopolitical uncertainty all move markets, the key is discipline and context. There are also investment options outside the stock market that can help diversify portfolios to reduce volatility. Don’t try to time the waves. Instead, build a portfolio that can surf them. Staying invested, diversified and disciplined is what turns volatility into opportunity.”
He suggests investors should focus less on predicting short-term swings and more on positioning portfolios to ride through them. Holding a globally diversified mix of assets rather than chasing what’s hot. Keeping cash or short-term reserves to avoid selling good investments during downturns. Rebalancing regularly systematically instead of emotionally.
“After all, markets recover, but investors who overreact often don’t!”
Some trending indicates that the focus has moved from trying to beat the market toward efficient asset allocation. This involves alternative investments and risk management strategies with a focus on achieving goals.
Diversifying beyond stocks and bonds can help reduce risks and achieve goals. Private real estate, private equity, private infrastructure, private credit and other non-traditional asset classes can be tools to smooth volatility and improve diversification.
Technology and transparency are also critical. Digital platforms, real-time reporting and automation continue to raise expectations for clarity, responsiveness and education.
Savvy wealth management professionals emphasize that today’s wealth management clients now expect the same on-demand visibility from their advisor that they get from online banking, forcing firms to modernize.
According to Robert Armstrong, head of Multi-Asset Strategies with ATB Financial, “The wealth and investment management industry is constantly evolving. While investors do have more options available than ever before, the product proliferation is now overwhelming investment and wealth management and complicating some investment decisions.”
He points out that although the ‘quest for yield’ has been an investor staple for decades, driven by the universal desire for cash flow, the past five years or so have dramatically reshaped the landscape.
The stock market is arguably one of the best vehicles for achieving long-term financial goals, including the ability to generate sustainable yield. Success hinges on having an honest assessment of personal risk tolerance.
The experts agree. Prudent portfolio construction and diversification remain critical tools to manage volatility, ensuring that market fluctuations can be withstood without making premature, panic-driven decisions.
“Since the onset of the pandemic, we have seen inflation and GIC rates move together, experiencing a significant, synchronized uptick that makes the search for true yield more complex than ever. For a moment, GIC returns climbed with interest rates and clients locked in some attractive terms during that period. However, those higher rates did not last. Those same clients who locked in a GIC at 4+ per cent will need to re-evaluate their options when they renew. “
Particularly with the stock market and other solid wealth management options, the rapid growth of investment products in the market has democratized access in many ways.
ATB’s Armstrong warns that just because a product is available does not mean it is appropriate in all investor portfolios. “Like crypto, future-based non-traditional indexes and leveraged products. They may have enormous potential on the upside, but come with significant risks that are often not as well understood by the public. While upside potential is important, there must be time spent the managing risk.
“Mitigating and avoiding large drawdowns have a meaningful impact on the overall return expectations. For instance, a 20 per cent drawdown takes a +25 per cent return to recover and break even. The true test of any investment thesis is not the bull market, but the sudden downturn.”
Some wealth management strategies are not about bull markets, downturns or the roller coaster of the economy. It is the wealth management impact of age and stage-in-life.
“Age and lifestage change everything,” Calgary’s Ryan Gubic emphasizes. “Not just how much risk you can take, but how much risk you need to take. Early on, you want growth and compounding. Later, you want stability and control. Good wealth management adapts at every stage, so your money always matches life, not just the market.
“Younger investors are in the wealth-building phase, so time is their biggest asset. Mid-career professionals start to shift from accumulation to optimization, balancing investment growth with debt reduction, tax efficiency, and family or business planning. Later in life, retirees and near-retirees prioritize income sustainability and capital protection. The focus turns to cash-flow planning, tax-efficient withdrawals and minimizing the need to sell equities during market downturns. Liquidity, guaranteed income products and fixed-income strategies play a bigger role.”