Advisors give their top 10 recommended reads, from oldies but goodies to today’s hot bestsellers.Lawrence Sawyer/Getty Images/iStockphoto
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Alexandra Horwood is every publisher’s dream. The portfolio manager and investment advisor with Alexandra Horwood and Partners at Richardson Wealth Ltd. in Toronto, admits to spending thousands of dollars on books each year, reading dozens herself – but also ordering armloads online to send to clients.
Giftwrapped and everything.
But these aren’t random picks. During client chats, Ms. Horwood turns to the bookshelf behind her desk routinely, grabs a relevant tome, holds it out and asks the client if they would read it.
“If they say, ‘Yeah, I’d love that,’ then I literally e-mail my assistant and say, ‘Send a copy of this book to their house,’” Ms. Horwood explains.
Not only does it usually arrive the next day, but delivery can be free and there’s little work involved beyond click and send.
“It’s easy and impactful – and it shows I’m paying attention to what they’re telling me,” she says, going on to explain that having clients read the books also puts them on the same page as her.
“I want to impact their thinking and psychology around investments, wealth, their future and what they want to achieve.”
While not exactly the same as kicking back with the latest Emily Henry rom-com or a Jon Krakauer adventure chronicle, digging into a valuable financial book can be perfect for clients’ lazy summer days when there’s more time to read and reflect on big-picture goals.
Globe Advisor asked five advisors – Ms. Horwood, Jenna Wilmot-Anderson, financial advisor at Wilmot Financial Services Inc. in Fergus, Ont.; Ivan Arturo, certified financial planner (CFP) with IAB & Associates Financial Solutions at Sun Life Financial Inc. in Richmond Hill, Ont.; Alysha To, senior financial planner with Chernick & Associates Wealth Management Group at Richardson Wealth in Vancouver; and Andy Kovacs, CFP with Moments of Truth Insurance Services Corp. at Sun Life, in Markham, Ont. – to weigh in on what’s worth a look this sweltering season.
Here are their top 10 recommended reads, from oldies but goodies to today’s hot bestsellers.
The Defining Decade: Why your Twenties Matter – and How to Make the Most of Them Now,by Meg Jay
Talking to clients’ teens and young adult children about money is important for building the family relationship, but it’s not exactly lucrative in the short run. Do the kids a solid and pass this book into youthful hands with one directive: Read it. Forget today’s swirls of TikTok misinformation, this book offers tested advice for everything from finding the right job to getting into a saving routine and purchasing real estate. The Defining Decade is about building a strong foundation for a lifetime of wise financial decisions.
The Psychology of Money: Timeless Lessons on Wealth, greed and Happiness, by Morgan Housel
Don’t be surprised if someone recommends this book to you, which teaches readers how psychology, luck, risk and behaviour intermingle. It seems to be everywhere. No wonder a few of our advisors have it on their reading list. The author shares 19 short stories outlining how and why people make financial decisions. The takeaways are fascinating.
The Wealthy Barber Returns: Dramatically OlderandMarginally Wiser, by David Chilton
Speaking of classics, after publishing the juggernaut The Wealthy Barber independently, which sold more than two million copies in Canada, Mr. Chilton gave the beloved book this update. New advisor Ms. Wilmot-Anderson loves that it eschews a get-rich-quick mentality in favour of playing the long game – and it gives her pointers on how to explain complex financial concepts in simple, jargon-free language to clients.
Wealth Planning Strategies for Canadians, 2023, by Christine Van Cauwenberghe
According to Ms. To, this newly updated guide is “a must-read for anyone seeking to make informed decisions about their financial future.” This edition breaks down advice and information into life stages – single, married, parenting children, a transition to retirement and eldercare. Real-life examples and case studies help complex concepts stick.
How Not to Move Back in With Your Parents: The Young Person’s Complete Guide to Financial Empowerment, by Rob Carrick
“I’ve got to give a shout-out to The Globe’s Rob Carrick” says Mr. Kovacs who recommends this book for the boomerang generation stumbling under the weight of student loans and out-of-reach mortgages while attempting to launch careers. Rather than leaving parents out of the equation, Mr. Carrick wisely gives advice to both generations, encouraging them to see eye-to-eye in troubling times.
Don’t Worry, Retire Happy!: Seven Steps to Retirement Security, by Tom Hegna
American public television darling Tom Hegna gives solid advice in this concise book that outlines seven steps to retirement security. While harder to find in hardcopy these days, the e-book is worth checking out, particularly for its surprising advice on building predictable income streams after retirement.
Moneybunnies series, by Cinders McLeod
Do clients have little ones at home? This well-received and charming series of financial literacy picture books for children aged three to eight is as age appropriate as they come. Canadian Ms. McLeod, a former newspaper cartoonist and art director, crafts four books, Earn It!, Spend It!, Save It!, and Give It! that teach concepts like patience, hard work and philanthropy without moralizing.
The Slight Edge: Turning Simple Disciplines into Massive Success and Happiness,by Jeff Olson
While not strictly a financial book, this 2013 volume teaches readers how putting energy into something consistently over time can reap surprising results. For advisors who work with clients who have difficulty reining in spending or visualizing retirement decades into the future, The Slight Edge will help them focus on simple, daily choices.
Kids, Wealth and Consequences: Ensuring a Responsible Financial Future for the Next Generation, by Richard Morris and Jayne Pearl
Wealth advisors working with high-net-worth and ultra-high-net-worth clients know how sticky parenting decisions can be for this set. Just because money is no object doesn’t mean they should buy that BMW i8 for their teen, right? And let’s not get started on passing wealth down to younger generations. That’s a minefield. Luckily, Kids, Wealth and Consequences covers it all. Gift this book and be prepared for clear-eyed conversations.
Willing Wisdom: 7 Questions Successful Families Ask,by Thomas William Deans
Struggling to incorporate legacy planning with some clients? Willing Wisdom provides a structure for having meaningful conversations about wealth and inheritance with loved ones. The author’s approach emphasizes nurturing relationships, Ms. To says, reminding us that wealth management isn’t just about money, “but also about maintaining family harmony and building a lasting legacy.”
TORONTO – Canada’s main stock index was higher in late-morning trading, helped by strength in energy stocks, while U.S. stock markets also moved up.
The S&P/TSX composite index was up 34.91 points at 23,736.98.
In New York, the Dow Jones industrial average was up 178.05 points at 41,800.13. The S&P 500 index was up 28.38 points at 5,661.47, while the Nasdaq composite was up 133.17 points at 17,725.30.
The Canadian dollar traded for 73.56 cents US compared with 73.57 cents US on Monday.
The November crude oil contract was up 68 cents at US$69.70 per barrel and the October natural gas contract was up three cents at US$2.40 per mmBTU.
The December gold contract was down US$7.80 at US$2,601.10 an ounce and the December copper contract was up a penny at US$4.28 a pound.
This report by The Canadian Press was first published Sept. 17, 2024.
TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets climbed to their best week of the year.
“It’s been almost a complete opposite or retracement of what we saw last week,” said Philip Petursson, chief investment strategist at IG Wealth Management.
In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.
The S&P/TSX composite index closed up 93.51 points at 23,568.65.
While last week saw a “healthy” pullback on weaker economic data, this week investors appeared to be buying the dip and hoping the central bank “comes to the rescue,” said Petursson.
Next week, the U.S. Federal Reserve is widely expected to cut its key interest rate for the first time in several years after it significantly hiked it to fight inflation.
But the magnitude of that first cut has been the subject of debate, and the market appears split on whether the cut will be a quarter of a percentage point or a larger half-point reduction.
Petursson thinks it’s clear the smaller cut is coming. Economic data recently hasn’t been great, but it hasn’t been that bad either, he said — and inflation may have come down significantly, but it’s not defeated just yet.
“I think they’re going to be very steady,” he said, with one small cut at each of their three decisions scheduled for the rest of 2024, and more into 2025.
“I don’t think there’s a sense of urgency on the part of the Fed that they have to do something immediately.
A larger cut could also send the wrong message to the markets, added Petursson: that the Fed made a mistake in waiting this long to cut, or that it’s seeing concerning signs in the economy.
It would also be “counter to what they’ve signaled,” he said.
More important than the cut — other than the new tone it sets — will be what Fed chair Jerome Powell has to say, according to Petursson.
“That’s going to be more important than the size of the cut itself,” he said.
In Canada, where the central bank has already cut three times, Petursson expects two more before the year is through.
“Here, the labour situation is worse than what we see in the United States,” he said.
The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.
The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.
The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.
— With files from The Associated Press
This report by The Canadian Press was first published Sept. 13, 2024.
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
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