Even if you’re not an investment collector—ahem, you know who you are—it’s a good bet that the number of holdings and accounts in your portfolio have grown right along with your age and net worth.
As assets grow, it’s only natural to want to diversify across investment types and perhaps even delve into investment arcana, such as commodities or private real estate. And you’ve likely ended up with multiple TFSAs and RRSPs.
Thanks to all of these forces, investors can readily end up with what I think of as “portfolio sprawl”—too many accounts and too many holdings within them. Diversification is desirable, but when taken to an extreme, it can become difficult to keep tabs on what you have. That’s particularly true if you have individual stocks and actively managed mutual funds, which require at least some level of ongoing oversight. Portfolio sprawl can also make portfolio maintenance a heavier lift, since it’s harder to get your arms around your total asset allocation. Tax time may be more complicated than it needs to be, too.
The good news is that with a little bit of effort, it’s possible to arrive at a minimalist portfolio with fewer moving parts—both accounts and holdings.
Here are the five steps to a minimalist portfolio:
Inventory and document what you have.
Consolidate like accounts.
Revisit your target asset allocation.
Populate the accounts with simple building blocks.
Establish a plan for keeping it up to date.
Step 1: Inventory and document what you have.
The first step in the process is to conduct an inventory of your financial accounts. You can stick narrowly to your investments, but I’d recommend that you broaden the inventory process to encompass all of your financial relationships—banking, insurance, and so on. As you do so, document all of your account information—account numbers, passwords, financial professionals you deal with, and so on. You can use a spreadsheet for this job. Encrypt the document or, if it’s something that you plan to print out, keep it under lock and key. This document will help you identify streamlining opportunities and, if you keep it updated, can be a guide for your loved ones to know what you own if they need to help manage your accounts at some point.
Step 2: Consolidate like accounts.
The next step toward a minimalist portfolio is to identify opportunities to merge accounts of the same type. If you’ve been saving and investing for a while, you probably have assets in registered accounts like RRSPs and TFSAs, and taxable/nonretirement accounts. While it’s usually not advisable and may not even be possible to combine assets held in different tax silos, duplicate accounts of the same type provide prime opportunities for streamlining. By carefully following the rules for combining like account types and letting the firms deal with one another to execute the transfer of funds, you should be able to streamline without causing a taxable event.
Step 3: Revisit your target asset allocation.
Once you’ve finished the account-consolidation process, it’s a good time to reconsider your portfolio’s asset allocation, particularly if you haven’t done so for a while. You can use the portfolio tool on Morningstar.ca to examine your current asset-class positioning and compare it with your targets. If you don’t have targets and expect to use the assets for retirement, good target-date funds can help you get in the right ballpark.
Step 4: Populate the accounts with simple building blocks.
Armed with targets for your portfolio’s asset allocation, you can then switch into an ultrasimple, minimalist portfolio mix. The goal of a minimalist portfolio is to use the fewest number of holdings to achieve diversification. Broad-market index funds and exchange-traded funds lend themselves particularly well to this effort, providing broad asset-class exposure in a single shot and with very low expenses. If you have small accounts, all-in-one funds like target-date funds can be a terrific solution, especially if you’re not yet retired. (In retirement, I like the idea of maintaining discrete exposure to asset classes, the better to pick and choose where to go for cash on an annual basis.)
Making changes to tax-sheltered portfolios won’t result in any taxes as long as the funds stay inside the account shell. However, you’ll want to take care when making changes to your taxable accounts because selling appreciated assets can result in a tax bill. If your taxable accounts require a major overhaul, be sure to get some tax advice and/or calculate the tax bill before proceeding.
Step 5: Establish a plan for keeping it up to date.
Establishing a minimalist portfolio will mean few oversight obligations on an ongoing basis. But unless you’re sticking with target-date funds or some other self-managed option, you’ll still need to keep tabs on your portfolio’s asset allocation as the years go by. I like the idea of using an investment policy statement to document the parameters of your portfolio—your asset allocation, how often you’ll monitor your portfolio, and what the catalysts will be for making changes. With a minimalist portfolio in place, a good annual checkup is all you really need, and you’ll probably have to make changes even less frequently than that.
CHICAGO (AP) — United Airlines has struck a deal with Elon Musk’s SpaceX to offer satellite-based Starlink WiFi service on flights within the next several years.
The airline said Friday the service will be free to passengers.
United said it will begin testing the service early next year and begin offering it on some flights by later in 2025.
Financial details of the deal were not disclosed.
The announcement comes as airlines rush to offer more amenities as a way to stand out when passengers pick a carrier for a trip. United’s goal is to make sitting on a plane pretty much like being on the ground when it comes to browsing the internet, streaming entertainment and playing games.
“Everything you can do on the ground, you’ll soon be able to do on board a United plane at 35,000 feet, just about anywhere in the world,” CEO Scott Kirby said in announcing the deal.
The airline says Starlink will allow passengers to get internet access even over oceans and polar regions where traditional cell or Wi-Fi signals may be weak or missing.
Sony has made it easy for Canadian consumers to preorder the PlayStation 5 Pro in Canada directly from PlayStation’s official website. Here’s how:
Visit the Official Website: Go to direct.playstation.com and navigate to the PS5 Pro section once preorders go live on September 26, 2024.
Create or Log in to Your PlayStation Account: If you don’t have a PlayStation account, you will need to create one. Existing users can simply log in to proceed.
Place Your Preorder: Once logged in, follow the instructions to preorder your PS5 Pro. Ensure you have a valid payment method ready and double-check your shipping information for accuracy.
Preorder Through Major Canadian Retailers
While preordering directly from PlayStation is a popular option, you can also secure your PS5 Pro through trusted Canadian retailers. These retailers are expected to offer preorders on or after September 26:
Best Buy Canada
Walmart Canada
EB Games (GameStop)
Amazon Canada
The Source
Steps to Preorder via Canadian Retailers:
Visit Retailer Websites: Search for “PlayStation 5 Pro” on the website of your preferred retailer starting on September 26.
Create or Log in to Your Account: If you’re shopping online, having an account with the retailer can speed up the preorder process.
Preorder in Store: For those who prefer in-person shopping, check with local stores regarding availability and preorder policies.
3. Sign Up for Notifications
Many retailers and websites offer the option to sign up for notifications when the preorder goes live. If you’re worried about missing out due to high demand, this can be a useful option.
Visit Retailer Sites: Look for a “Notify Me” or “Email Alerts” option and enter your email to stay informed.
Use PlayStation Alerts: Sign up for notifications directly through Sony to be one of the first to know when preorders are available.
4. Prepare for High Demand
Preordering the PS5 Pro is expected to be competitive, with high demand likely to result in quick sellouts, just as with the initial release of the original PS5. To maximize your chances of securing a preorder:
Act Quickly: Be prepared to place your order as soon as preorders open. Timing is key, as stock can run out within minutes.
Double-Check Payment Information: Ensure your credit card or payment method is ready to go. Any delays during the checkout process could result in losing your spot.
Stay Informed: Monitor PlayStation and retailer websites for updates on restocks or additional preorder windows.
Final Thoughts
The PlayStation 5 Pro is set to take gaming to the next level with its enhanced performance, graphics, and new features. Canadian gamers should be ready to act fast when preorders open on September 26, 2024, to secure their console ahead of the holiday season. Whether you choose to preorder through PlayStation’s official website or your preferred retailer, following the steps outlined above will help ensure a smooth and successful preorder experience.
For more details on the PS5 Pro and to preorder, visit direct.playstation.com or stay tuned to updates from major Canadian retailers.
Since the PlayStation 5 (PS5) launched four years ago, PlayStation has continuously evolved to meet the demands of its players. Today, we are excited to announce the next step in this journey: the PlayStation 5 Pro. Designed for the most dedicated players and game creators, the PS5 Pro brings groundbreaking advancements in gaming hardware, raising the bar for what’s possible.
Key Features of the PS5 Pro
The PS5 Pro comes equipped with several key performance enhancements, addressing the requests of gamers for smoother, higher-quality graphics at a consistent 60 frames per second (FPS). The console’s standout features include:
Upgraded GPU: The PS5 Pro’s GPU boasts 67% more Compute Units than the current PS5, combined with 28% faster memory. This allows for up to 45% faster rendering speeds, ensuring a smoother gaming experience.
Advanced Ray Tracing: Ray tracing capabilities have been significantly enhanced, with reflections and refractions of light being processed at double or triple the speed of the current PS5, creating more dynamic visuals.
AI-Driven Upscaling: Introducing PlayStation Spectral Super Resolution, an AI-based upscaling technology that adds extraordinary detail to images, resulting in sharper image clarity.
Backward Compatibility & Game Boost: More than 8,500 PS4 games playable on PS5 Pro will benefit from PS5 Pro Game Boost, stabilizing or enhancing performance. PS4 games will also see improved resolution on select titles.
VRR & 8K Support: The PS5 Pro supports Variable Refresh Rate (VRR) and 8K gaming for the ultimate visual experience, while also launching with the latest wireless technology, Wi-Fi 7, in supported regions.
Optimized Games & Patches
Game creators have quickly embraced the new technology that comes with the PS5 Pro. Many games will receive free updates to take full advantage of the console’s new features, labeled as PS5 Pro Enhanced. Some of the highly anticipated titles include:
Alan Wake 2
Assassin’s Creed: Shadows
Demon’s Souls
Dragon’s Dogma 2
Final Fantasy 7 Rebirth
Gran Turismo 7
Marvel’s Spider-Man 2
Ratchet & Clank: Rift Apart
Horizon Forbidden West
These updates will allow players to experience their favorite games at a higher fidelity, taking full advantage of the console’s improved graphics and performance.
Design & Compatibility
Maintaining consistency within the PS5 family, the PS5 Pro retains the same height and width as the original PS5 model. Players will also have the option to add an Ultra HD Blu-ray Disc Drive or swap console covers when available.
Additionally, the PS5 Pro is fully compatible with all existing PS5 accessories, including the PlayStation VR2, DualSense Edge, Pulse Elite, and Access controller. This ensures seamless integration into your current gaming setup.
Pricing & Availability
The PS5 Pro will be available starting November 7, 2024, at a manufacturer’s suggested retail price (MSRP) of:
$699.99 USD
$949.99 CAD
£699.99 GBP
€799.99 EUR
¥119,980 JPY
Each PS5 Pro comes with a 2TB SSD, a DualSense wireless controller, and a copy of Astro’s Playroom pre-installed. Pre-orders begin on September 26, 2024, and the console will be available at participating retailers and directly from PlayStation via direct.playstation.com.
The launch of the PS5 Pro marks a new chapter in PlayStation’s commitment to delivering cutting-edge gaming experiences. Whether players choose the standard PS5 or the PS5 Pro, PlayStation aims to provide the best possible gaming experience for everyone.
Preorder your PS5 Pro and step into the next generation of gaming this holiday season.
