In this episode of the Rational Reminder Podcast, we are joined by Theresa Ebden, Vice President of the Investor Office at the Ontario Securities Commission, for a deep dive into how regulators are thinking about modern investor risks—from AI-powered scams to finfluencers and the gamification of investing apps. Theresa explains how the OSC works to protect investors through policy, education, behavioral research, and direct engagement with the public, and why investor education is one of the most powerful tools regulators have.

Key Points From This Episode:

(0:01:55) Overview of the OSC and why its investor research and education work matters.

(5:42) What the Ontario Securities Commission does and its mandate to protect investors and capital markets.

(6:25) Inside the OSC Investor Office: policy, education and outreach, and the investor contact centre.

(9:28) How the Investor Office identifies priority issues using inquiry data, behavioral insights, and global collaboration.

(12:11) The nature of investor inquiries: fraud, crypto confusion, complaints, and recovery room scams.

(14:01) How contact-centre data feeds into education, outreach, and policy responses.

(16:07) Overview of GetSmarterAboutMoney.ca and its role in investor education.

(20:43) Major retail investor risks today: AI-enhanced scams, finfluencers, dark patterns, and gamification.

(24:43) What to do if you're impersonated by AI in scam advertisements.

(29:28) What a "finfluencer" is and the different categories they fall into.

(31:01) Research findings on how strongly finfluencers influence investor decisions.

(32:55) Why non-investors are especially vulnerable to finfluencer advice and social-media scams.

(36:11) How investors can evaluate online financial advice and check credentials.

(38:02) Regulatory challenges in overseeing finfluencers and online financial content.

(41:04) How AI magnifies traditional scams and why AI-enhanced fraud is more effective.

(43:42) Mitigation strategies: education, just-in-time warnings, and system-level tools.

(47:25) Relationship investment scams and why they are especially damaging.

(52:53) Research on gamification in investing apps and its effects on investor behavior.

(55:25) The Get Smarter About Trading simulator and how it demonstrates gamification effects.

(57:19) How gamification can be used positively to improve diversification and outcomes.

(58:16) Theresa's perspective on success and her focus on improving the individual investor experience.

Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p

Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/

Rational Reminder on YouTube — https://www.youtube.com/channel/ Benjamin Felix — https://pwlcapital.com/our-team/

Benjamin on X — https://x.com/benjaminwfelix

Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/

Dan Bortolotti — https://pwlcapital.com/our-team/

Dan Bortolotti on LinkedIn — https://ca.linkedin.com/in/dan-bortolotti-8a482310

Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)

Ben Felix and Braden Warwick are joined by Dr. Charles Chaffin, a leading voice in financial psychology, to explore why investors so often act against their own best interests—and how better tools and frameworks can help bridge the gap between rational plans and real human behavior. The conversation blends behavioral finance, goal setting, and risk profiling, while also introducing a new evidence-based risk tolerance questionnaire now being made publicly available to listeners. The episode digs into why humans are wired for short-term survival rather than long-term optimization, how biases and environment shape financial decisions, and why coaching—not transactions—is becoming the advisor's most important role. Charles explains concepts like money scripts, financial flashpoints, identity-based goals, and financial self-efficacy, tying them directly to investing behavior and client outcomes. The discussion also goes deep on financial risk tolerance: what it really is, why people consistently misjudge it, and why psychometric tools outperform traditional questionnaires.

Key Points From This Episode:

(0:00:00) Introduction to Episode 395 and guest Dr. Charles Chaffin

(0:01:15) Charles' background in financial planning psychology and authorship

(0:02:30) Why PWL wanted to move beyond the Grable–Lytton Risk Tolerance Scale

(0:03:40) Introduction to the Money and Risk Inventory (MRI) and full disclosure

(0:04:55) Announcement: Public access to a psychometric risk tolerance questionnaire

(0:05:10) Risk tolerance vs. risk capacity—and how PWL combines both

(0:06:43) Why firms must map risk scores to asset allocations themselves

(0:08:35) The role of psychology in financial planning beyond technical advice

(0:10:17) The Klontz–Chaffin model of financial psychology

(0:12:05) Why humans are "bad with money": survival brains and emotions

(0:13:30) How heuristics and biases derail long-term planning

(0:15:42) Tools for overcoming bias: automation, pre-commitment, and friction

(0:21:29) How environment and social context shape financial behavior

(0:26:38) Financial flashpoints and their lasting impact on risk tolerance

(0:29:35) Financial self-efficacy and why low confidence leads to avoidance

(0:36:01) Money scripts: avoidant, worship, status, and vigilant

(0:40:07) Why understanding your own money scripts matters

(0:41:19) Common behaviors that lead to poor financial outcomes

(0:42:59) Practical strategies for recognizing and mitigating bad behaviors

(0:48:22) The role of identity in goal setting

(0:50:07) Why goals matter for motivation and behavior alignment

(0:52:56) Intrinsic vs. extrinsic goals and self-determination theory

(0:58:26) When quitting a goal is the right decision

(1:00:26) What financial risk tolerance really is

(1:02:16) Why people consistently misjudge their own risk tolerance

(1:03:31) How stable risk tolerance is over time—and what changes it

(1:05:12) Why reassessing risk tolerance regularly improves outcomes

(1:06:05) Handling couples with mismatched risk profiles

(1:07:37) Psychometric vs. revealed-preference risk questionnaires

(1:09:30) Evidence showing psychometric tools better explain real risk-taking

(1:10:39) Where traditional risk tolerance questionnaires fall short

Links From Today's Episode:

PWL Risk Profile Tool — https://research-tools.pwlcapital.com/research/risk-profile Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p

Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/

Rational Reminder on YouTube — https://www.youtube.com/channel/ Benjamin Felix — https://pwlcapital.com/our-team/

Benjamin on X — https://x.com/benjaminwfelix

Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/

Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)

Equal-weighted index funds sound like an elegant solution to some of today's biggest investor anxieties: high market concentration, elevated valuations, and outsized influence from a handful of mega-cap stocks. In this episode of the Rational Reminder Podcast, Ben Felix, Dan Bortolotti, and Ben Wilson take a deep, evidence-based look at whether equal weighting actually improves portfolios—or simply introduces new risks under a different name. The discussion breaks down how equal-weighted indices differ fundamentally from traditional market-cap-weighted indexes, why equal weighting has historically outperformed in certain periods, and what's really driving those results beneath the surface. The team explains how equal weighting tilts portfolios toward smaller, cheaper, and more volatile stocks, while also systematically trading against momentum due to frequent rebalancing.

Key Points From This Episode:

(0:01:10) Introduction to Episode 394 and discussion about declining enthusiasm over long podcast runs.

(0:02:00) PWL Capital's growing work with institutional clients and why index-based approaches are rare in that space.

(0:05:12) Episode topic introduced: equal-weighted index funds and why listeners keep asking about them.

(0:06:00) Definition of market-cap-weighted vs. equal-weighted indexes using the S&P 500 as the main example.

(0:07:14) Historical outperformance of equal-weighted S&P 500 indexes and why start dates matter.

(0:09:00) Equal weight vs. cap weight performance over the last decade: meaningful recent underperformance.

(0:10:21) Market concentration concerns and why equal weighting appears attractive during periods of high valuations.

(0:12:00) Why market-cap-weighted indexes do not mechanically buy more overvalued stocks as prices rise.

(0:16:14) Trading costs explained: explicit vs. implicit costs and why turnover matters more than TER.

(0:19:16) Capital gains, tax efficiency, and reporting differences between Canadian and U.S. funds.

(0:21:07) Market concentration historically shows little relationship with future returns.

(0:24:58) Volatility comparison: equal-weighted indexes are meaningfully more volatile due to small-cap exposure.

(0:25:12) Equal weighting increases exposure to small-cap, value, and high-volatility stocks.

(0:28:58) Sector distortions created by equal weighting and why this represents uncompensated risk.

(0:31:21) Unintended consequences: sector bets, security-level overweights, and forced rebalancing.

(0:32:30) Turnover is roughly 10× higher in equal-weighted funds than cap-weighted equivalents.

(0:33:15) Equal weighting behaves as a systematic anti-momentum strategy.

(0:34:02) Multi-factor regression results: positive size and value exposure, negative momentum loading.

(0:36:33) Rebalancing frequency trade-offs and how quarterly rebalancing amplifies momentum drag.

(0:42:21) Comparison with alternative approaches that target similar factor exposures more efficiently.

(0:44:47) Why backtests are seductive—and why live fund results matter more.

(0:47:40) Investor behavior, uncertainty, and the constant search for strategies that "fix" the market.

(0:48:41) Factor investing in disguise: most deviations from cap-weighting are just factor tilts.

(0:53:06) Equal weighting as an acceptable strategy—if investors understand and accept the trade-offs.

(0:57:18) Listener feedback, enthusiasm jokes, and discussion about Spotify video uploads and audio speed.

Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p

Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/

Rational Reminder on YouTube — https://www.youtube.com/channel/ Benjamin Felix — https://pwlcapital.com/our-team/

Benjamin on X — https://x.com/benjaminwfelix

Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/

Dan Bortolotti — https://pwlcapital.com/our-team/

Dan Bortolotti on LinkedIn — https://ca.linkedin.com/in/dan-bortolotti-8a482310

Ben Wilson on LinkedIn — https://www.linkedin.com/in/ben-wilson/

Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)

What if financial planning were approached the same way engineers design aircraft, medical treatments, or complex systems—with clearly defined objectives, constraints, and rigorous trade-off analysis? In this episode, Benjamin Felix is joined by Braden Warwick for a deep dive into what it means to engineer financial outcomes. Drawing on Braden's background as a PhD-trained mechanical engineer and his work building financial planning software at PWL Capital, the conversation reframes financial planning as a design problem rather than a speculative exercise. They explore the critical distinction between a financial plan and a financial projection, why uncertainty does not invalidate good planning, and how professional communication under uncertainty can build trust with clients—especially those from technical backgrounds. The discussion highlights the importance of goals-based planning, sensitivity analysis, and explicitly quantifying trade-offs when clients have multiple competing objectives.

Key Points From This Episode:

(0:00:04) Introduction to Episode 393 and the return of Braden Warwick (0:02:50) Braden's role at PWL and his experience deploying Conquest Planning software (0:05:46) The tension between low industry entry barriers and professional standards in financial planning (0:07:54) Braden's background in mechanical engineering and academia 0:09:33) Financial plans vs. financial projections: why uncertainty doesn't make a plan "wrong" (0:12:59) Lessons from medicine and engineering on communicating decisions under uncertainty (0:15:15) An engineering framework for financial planning: objectives first, then solutions (0:18:42) Why surface-level goals like "minimize tax" or "maximize returns" often miss what really matters (0:21:19) Evaluating plans against goals using projections, scenario analysis, and sensitivity analysis (0:24:28) Why sensitivity analysis helps planners focus on what actually drives outcomes (0:29:27) Handling multiple competing goals using trade-off analysis and Pareto frontiers (0:36:46) Practical ways planners can present trade-offs without complex math (0:39:25) Case study setup: professional financial planning with corporate clients (0:40:20) Salary vs. dividends for business owners when optimizing for legacy goals (0:44:26) Why financial planning software outputs can be misleading without context (0:48:23) The importance of understanding how planning software calculates key metrics (0:50:22) Using PWL's free retirement tool to analyze CPP and OAS timing decisions (0:53:44) Approximating Monte Carlo outcomes using standard error of the mean (0:56:16) Linking "bad" and "terrible" outcomes to plan success probabilities (0:58:44) How CPP and OAS deferral affects sustainable spending and downside protection (1:02:46) What makes PWL's CPP calculator different from typical break-even tools (1:05:15) Why wage inflation assumptions materially affect CPP deferral decisions (1:07:46) Closing framework: goals, constraints, sensitivity analysis, and quantified trade-offs (1:09:36) Financial planning as an emerging discipline rooted in engineering-style thinking

Links From Today's Episode: Live Webinar: How Much Do You Need to Retire in Canada? | Feb 12 @ 12NN EST | Register here — https://pages.pwlcapital.com/webinar-how-much-do-you-need-to-retire-in-canada?utm_source=rational%20reminder&utm_medium=rr_ep393&utm_campaign=webinar_retirement

Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p

Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582.

Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/

Rational Reminder on YouTube — https://www.youtube.com/channel/

Benjamin Felix — https://pwlcapital.com/our-team/

Benjamin on X — https://x.com/benjaminwfelix

Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/

Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)

ETFs were once almost synonymous with low-cost, sensible investing. But that era is changing fast. In this episode, Ben Felix, Dan Bortolotti, and Ben Wilson introduce and unpack the concept of "ETF slop"—the explosion of complex, high-fee, behaviorally engineered ETFs that are designed to attract assets rather than improve investor outcomes. The trio traces how ETFs evolved from simple index-building tools into wrappers for increasingly speculative strategies. They discuss how the ETF "halo effect" can mislead investors into equating structure with quality, and why innovation in financial products often benefits manufacturers more than end investors. From thematic hype to downside "protection" that isn't what it seems, the episode offers a clear framework for thinking critically about modern ETF offerings.

Key Points From This Episode:

(0:00:04) Introduction to the Rational Reminder Podcast and the hosts. (0:00:39) Ben introduces the idea of "ETF slop" and why ETFs are no longer synonymous with sensible investing. (2:20) More actively managed ETFs now exist than index-tracking ETFs in the U.S. (3:30) ETFs increasingly engineered to attract assets rather than improve investor outcomes. (4:04) Record ETF launches in 2025: over 1,000 in the U.S. and 300+ in Canada. (6:43) Average management fees on newly launched ETFs rival traditional active mutual funds. (7:47) The ETF "halo effect" and why structure is mistaken for quality. (10:31) What an ETF actually is—and why it's just a wrapper for a strategy. (11:13) The first ETF was launched in Canada and still exists today. (14:40) ETFs as tools for speculation versus long-term investing. (17:08) Evidence that simpler allocation funds reduce harmful investor behavior. (20:35) Why too much product choice can make good investing harder. (21:40) Four categories of ETF slop introduced: thematic, buffer, covered call, and single-stock ETFs. (22:16) Why thematic ETFs appeal to optimism and extrapolation bias. (24:04) Evidence that most thematic ETFs underperform after launch. (26:25) Morningstar data: almost no thematic ETFs outperform over long horizons. (28:55) Why exciting narratives don't translate into superior returns. (31:25) Buffer ETFs explained: capped upside with partial downside protection. (34:31) Research showing high fees, high costs, and inconsistent protection. (38:16) Why simple stock/bond mixes dominate buffer ETFs even in drawdowns. (42:53) Covered calls: high income today, lower total returns tomorrow. (45:48) Why covered call ETFs systematically underperform their underlying assets. (47:38) Income needs can be met more efficiently without covered calls. (48:19) The cult-like following driven by double-digit yield marketing. (49:57) Single-stock ETFs as the "sloppiest" form of ETF slop. (53:44) Leveraged and inverse ETFs magnify volatility and complexity. (56:20) Research showing massive underperformance versus simple benchmarks. (58:56) Why these products resemble speculation more than investing. (1:03:35) Complexity in investment products is strongly linked to poor outcomes. (1:05:48) John Bogle's warning: beware of new and "hot" investment products. (1:06:48) Why ETFs are powerful tools—but only when used correctly.

Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p

Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/

Rational Reminder on YouTube — https://www.youtube.com/channel/ Benjamin Felix — https://pwlcapital.com/our-team/

Benjamin on X — https://x.com/benjaminwfelix

Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/

Cameron Passmore — https://pwlcapital.com/our-team/

Cameron on X — https://x.com/CameronPassmore

Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/

Ben Wilson on LinkedIn — https://www.linkedin.com/in/ben-wilson/

Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)

Financial planning is built on assumptions — about markets, inflation, longevity, human behaviour, and even the questions clients bring into the room. In this episode, Ben and Braden welcome a diverse panel that originally came together at the FP Canada Conference to explore how those assumptions influence planning outcomes in practice. Joining them are Adam Chapman, a retirement-focused planner who helps clients turn their money into memories; Joe Nunes, an actuary with decades of pension and longevity experience; and Aaron Theilade, Director of Continuing Education at FP Canada. Together, the panel unpacks how to make assumptions credible, how to stress-test them, how to navigate client bias, and how planners can blend math with humanity to create better client outcomes.

Key Points From This Episode:

(0:00:04) Why this episode: recreating a conference panel on planning assumptions.

(0:01:03) Braden on the panel's value for planners and DIY investors.

(0:02:32) Meet the guests: Adam, Joe, Aaron, and Braden.

(0:06:04) Assumptions matter: directional accuracy > prediction.

(0:07:47) Actuarial view: start with inflation, bond yields, and risk capacity.

(0:09:38) Engineering mindset: plan for expected and unexpected outcomes.

(0:13:21) Client pushback: longevity surprises and hidden assumptions.

(0:16:59) Asset allocation: strategic, goal-based, informed by behaviour.

(0:20:57) Software limits: life is too variable for perfect modeling.

(0:22:01) Behaviour gap: retirees spend less over time despite inflation.

(0:25:18) Software guides; planners interpret and humanize outputs.

(0:28:48) Use assumptions based on the specific question (e.g., withdrawals).

(0:30:31) Always ask: "Why are we modeling this?"

(0:34:15) Handling bias: reframe assumptions to reveal inconsistencies.

(0:38:19) Assumptions evolve: returns, spending, and research all change.

(0:42:38) Longevity beliefs: explore "why," not just the data.

(0:50:38) Core truth: every plan is wrong — planning is iterative.

(0:52:20) When to update: depends on age, goals, and material changes.

(0:57:23) PWL approach: twice-yearly updates + adjustments during extremes.

(1:00:03) Tips: focus on behaviour, communication, goals, and integration.

(1:10:02) Success: relationships, impact, freedom, and sharing knowledge.

Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p

Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/

Rational Reminder on YouTube — https://www.youtube.com/channel/ Benjamin Felix — https://pwlcapital.com/our-team/

Benjamin on X — https://x.com/benjaminwfelix

Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/

Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)

In this first episode of 2026, we sit down for a deep dive into one of the hottest concerns coming from clients and listeners lately: Is the U.S. stock market dangerously concentrated—and are we in an AI bubble? Ben, Dan, and Ben unpack the data, the history, and the psychology behind today's valuations, drawing lessons from past episodes of market euphoria such as Nortel in Canada, the dot-com boom, and Japan's 1989 peak. They explain why high market valuations—not concentration—pose the bigger challenge, how bubbles historically fuel real economic innovation while hurting investors, and why diversification continues to offer the only reliable protection against unknowable futures. Along the way, they revisit examples of how value stocks, small-cap value, and global diversification have fared across different market regimes.

Key Points From This Episode:

(0:00:40) What RR is about: evidence-based insights, synthesis episodes, expert interviews, and long-form inquiry — not debates.

(0:04:20) Why listeners value RR: transparency, friendly inquiry, returning to topics over time, and the hosts' dynamic.

(0:09:25) Rising concern: clients asking whether U.S. market concentration and an AI bubble mean it's time to exit stocks.

(0:11:10) Advisors echo similar worries: U.S. politics, all-time highs, and emotional decision-making.

(0:14:20) Today's data point: Top seven U.S. stocks = 36% of S&P 500; 32% of the total U.S. market — highest on record.

(0:16:10) Why people fear concentration: a decline in the Magnificent Seven could meaningfully drag down the index.

(0:17:30) Canada's cautionary tale: Nortel once hit 36% of the TSX — collapsed to zero — but the market recovered by 2005.

(0:21:20) Bubbles through history: canals, railways, fiber optics, dot-coms — innovation funded by speculation.

(0:25:30) Dot-com parallels: huge ideas, low cost of capital, lots of failures — but lasting infrastructure remained.

(0:28:40) AI dominance: Since ChatGPT, AI-linked companies drove 75% of S&P returns, 80% of earnings growth, 90% of capex.

(0:31:15) Reminder: No bubble calls — just context. High prices don't equal an inevitable crash.

(0:33:10) Concentration vs. valuation: concentration shows weak links to future returns; valuations matter far more.

(0:35:05) Market timing trap: U.S. valuations were high in 2021 — selling then would have been disastrous.

(0:36:40) The U.S. lost decade: 2000–2010 returns were flat; in CAD, recovery didn't happen until 2013.

(0:38:55) Value stocks held up: U.S. value and small-cap value delivered positive returns while broad indexes stagnated.

(0:41:00) Recency bias reminder: Canadians once avoided U.S. stocks entirely after a decade of underperformance.

(0:44:05) Japan 1989: World's largest market crashes — still not recovered in real terms 36 years later.

(0:47:10) Global diversification wins: A 40% Japan-weighted global portfolio still performed fine thanks to U.S. growth.

(0:49:00) Cross-country data: Many markets are far more concentrated than the U.S. — still delivered solid returns.

(0:52:30) Valuation evidence: Higher CAPE = lower future returns — economically strong pattern across countries.

(0:55:40) Core lesson: Diversification + discipline. You will always hold winners and losers — that's the point.

(0:57:55) Practical ways to lower concentration risk: global equity funds, small caps, and Canada's 10% cap rule.

(1:00:30) Why active managers don't help: only ~30–47% outperform depending on concentration trend.

(1:03:25) Final takeaway: high valuations may imply lower returns, but prediction is impossible — stay diversified.

(1:05:15) After-show review: Addressing a one-star critique ("Fartcoin Designer") with humour and community context.

Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p

Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/

Rational Reminder on YouTube — https://www.youtube.com/channel/ Benjamin Felix — https://pwlcapital.com/our-team/

Benjamin on X — https://x.com/benjaminwfelix

Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/

Cameron Passmore — https://pwlcapital.com/our-team/

Cameron on X — https://x.com/CameronPassmore

Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/

Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)

In this special year-end episode, Ben and Cameron turn the spotlight inward for a behind-the-scenes look at the Rational Reminder podcast. They're joined by the extended team that keeps the show running—from compliance to editing to marketing—to reflect on a landmark year in the podcast's evolution. We hear from Multimedia Specialist Matt Gambino, Compliance Reviewer Ross Brayton, long-time Marketing Lead Angelica Montagano, and others who share their roles, personal stories, and what the show means to them. Ben and Cameron also discuss the podcast's growth trajectory, the impact of joining OneDigital, standout market events from 2025, and what's ahead for 2026. It's a thoughtful, personal, and often funny conversation that celebrates community, nerdiness, and meaningful work.

Key Points From This Episode:

(0:01:00) Behind the scenes: Why the entire Rational Reminder team joined the mic for this special episode.

(0:01:40) Meet the production crew: From video editing to compliance and marketing.

(0:02:54) From 767 to 334,000: How the podcast grew since August 2018.

(0:04:40) YouTube's rising role: Now 33% of all podcast consumption.

(0:07:24) AMA evolution: How listener Q&As became a regular series in 2025.

(0:08:45) Bringing in PWL advisors: Sharing real-world financial planning experience on the pod.

(0:10:05) 12,500 members: Rational Reminder Community continues to thrive.

(0:11:30) OneDigital acquisition reflections—one year later, no pressure to cut costs or change values.

(0:14:23) Compliance-free growth: Maintaining service levels while scaling the firm.

(0:15:06) Market surprise of 2025: Canadian small caps up 35%+ year-to-date.

(0:16:55) Real estate rewind: National average home prices down 20% since 2022 peak.

(0:19:24) Rent declines too: Down 7% YoY in Toronto, 4.4% in Vancouver.

(0:20:39) Looking back: A wild year of unexpected returns and market resilience.

(0:21:00) A different kind of year-end episode: No highlight reel—just team storytelling.

(0:23:53) [Matt Gambino] The editor speaks: Role evolution, creative direction, and 200+ episodes later.

(0:28:42) YouTube growth: From 11,000 to 46,000 subs under Matt's watch.

(0:32:55) Matt on money: What 4 years editing the pod taught him about finance and happiness.

(0:36:54) Defining success: Matt's answer after years of listening to the show.

(38:40) [Ross Brayton] Compliance from the inside: What Ross listens for, and why disclaimers got longer.

(0:43:05) Ross on investing: From Warren Buffett books to podcast fact-checker.

(0:46:11) Planning life after financial independence: Ross poses a thoughtful challenge.

(0:47:41) [Angelica Montagano] The original marketer: How the podcast started in a hallway.

(0:50:14) Early tech struggles: Mono recordings, brick recorders, and lots of duct tape.

(0:51:53) COVID's silver lining: Why lockdowns accelerated the pod's evolution.

(0:54:20) Launching the RR Community: From 100-member goal to 12,500+ and counting.

(0:55:49) Podcast = Brand: How RR became central to PWL's identity and communication.

(0:57:26) What's next: Angelica's dreams for live events and even a coffee table book.

(0:59:10) Angelica on investing: From ex-banker cynicism to believer in behavior and psychology.

(1:00:38) Favorite moment: Hearing real stories of how listeners' lives have been changed.

(1:01:36) Defining success: Impact, confidence, and financial empowerment.

Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p

Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/

Rational Reminder on YouTube — https://www.youtube.com/channel/ Benjamin Felix — https://pwlcapital.com/our-team/

Benjamin on X — https://x.com/benjaminwfelix

Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/

Cameron Passmore — https://pwlcapital.com/our-team/

Cameron on X — https://x.com/CameronPassmore

Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/

Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).

In this special year-end AMA, the full PWL crew — Ben Felix, Cameron Passmore, Ben Wilson, and Dan Bortolotti — sit down together for the first time on the podcast to reflect on the roller-coaster that was 2025 and to tackle a wide range of thoughtful listener questions. The episode begins with reflections on a year that included wild market swings, an extraordinary rally few predicted, major changes within PWL, and personal milestones. From there, the team dives deep into the psychology of staying invested, the real risks of inexperienced investors going 100% equities, the complexity of asset location and pre-tax vs. after-tax allocation, and how to talk to family members who are paying too much in investment fees.

Key Points From This Episode:

(0:04) Introduction — first-ever full-team recording and setup for the year-end AMA.

(1:12) Why not all AMA questions could be answered — over 400 submissions and many not suited to the format.

(1:48) 2024 market recap — from early-year panic to strong double-digit global equity returns.

(3:59) The speed of recoveries — why missing a quick rebound can permanently derail returns.

(5:34) Cameron's lessons from 2024 — unpredictability, growing adoption of evidence-based investing, joining a bigger organization, and driverless-car optimism.

(7:41) Ben Wilson becomes a co-host — an unplanned evolution shaped by listener feedback.

(9:51) Dan on humility in forecasting and reconnecting with theoretical research.

(11:18) Ben's personal year — firm acquisition, equity value jump, and navigating his cancer diagnosis.

(12:32) Talking to parents about high fees — emotional dynamics, non-confrontational questions, and the danger of implied judgment.

(23:01) Should beginners hold 100% equities? Behavioral risk, volatility blindness, and why it shouldn't be the default allocation.

(30:35) Pre-tax vs. after-tax asset allocation — why RRSP dollars aren't equal to TFSA dollars and how that changes true risk exposure.

(36:09) Why PWL rarely optimizes asset location — complexity, low payoff, and behavioral clarity.

(44:42) What PWL does (and doesn't) offer — discretionary management, integrated planning, outside specialists, and tax deductibility rules.

(49:04) "I know I need index funds — but how do I actually buy them?" Robo-advisors vs. one-ticket ETFs and why placing a trade is the real barrier.

(57:47) Ben's lessons as a new homeowner — maintenance costs far above expectations and the hidden burden of being your own contractor.

(1:01:54) The strangest portfolios — single-stock windfalls, leverage without client awareness, bullion-only strategies, and the infamous "meatloaf portfolio."

Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p

Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/

Rational Reminder on YouTube — https://www.youtube.com/channel/ Benjamin Felix — https://pwlcapital.com/our-team/

Benjamin on X — https://x.com/benjaminwfelix

Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/

Cameron Passmore — https://pwlcapital.com/our-team/

Cameron on X — https://x.com/CameronPassmore

Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/

Ben Wilson on LinkedIn — https://www.linkedin.com/in/ben-wilson/

Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)

In this episode, the team digs into the newly updated 2025 edition of The Wealthy Barber — Dave Chilton's iconic Canadian personal finance book that helped shape millions of financial journeys. Ben, Dan, and Ben walk through the biggest lessons Dave has reworked for a world of high housing costs, social-media-fueled spending pressure, new tax-sheltered accounts, and the ever-present noise of investing advice. This discussion explores why the book remains so effective: it blends timeless principles with approachable storytelling, humor, and deeply practical guidance. The conversation also highlights Dave's real-world insights from reviewing thousands of personal financial situations across Canada. You'll hear how the book explains foundational habits like paying yourself first, why simple investing beats stock picking, how renters can build wealth, and why understanding your own spending is the key to unlocking both financial progress and happiness. Whether you're brand new to money or a seasoned investor, the updated lessons hit harder in 2025 than ever before.

Key Points From This Episode:

(0:04) Introduction — recording early and setting up a deep dive into the updated Wealthy Barber.

(0:53) Why the new 2025 edition lands so well: humor, modern references, and timeless lessons.

(1:30) Dave Chilton's real-world insight from reviewing thousands of Canadians' financial situations.

(2:23) Why the storytelling works — characters, humor, and accessible teaching.

(3:45) Inside the narrative: Roy the barber, Matt, Maddie, Jess, Kyle, and the barbershop regulars.

(7:53) Lesson 1: "You can do this" — personal finance isn't about math, it's about simple principles.

(12:08) Lesson 2: Save 10% and pay yourself first — habit beats theory, compounding does the rest.

(14:29) Why saving is hard today: algorithms, FOMO, lifestyle creep, and rising costs.

(16:57) The behavioral case for saving early, even if economists say otherwise.

(18:52) Lesson 3: Be an owner, not a loaner — stocks vs. bonds and the engine of human ingenuity.

(22:49) The investor's paradox — the less you think you know, the better you invest.

(24:05) Why indexing wins: skewed stock returns and the impossibility of picking winners.

(27:49) How investing has changed since 1989 — indexing is now widely accessible.

(28:18) "The world feels scary today…" — the 1847 quote showing it always feels that way.

(34:03) RRSP vs. TFSA — identical outcomes at equal tax rates, and why RRSPs shine when taxed lower later.

(39:12) Debunking the RRSP "tax bomb" — why high earners still benefit most.

(42:06) Lesson 4: Housing — the four levers to buy today (cheaper homes,

(46:34) Why today's young buyers need new strategies, not 1980s nostalgia.

(48:02) Longer amortizations: counterintuitive but often financially sound.

(49:05) Leverage vs. psychology — why borrowing to invest feels scary even when the math matches.

(52:36) Renting isn't throwing money away — disciplined renters can match homeowner wealth.

(53:51) The hidden costs of owning — repairs, trees, chimneys, and constant surprises.

(55:44) The Canadian stigma around renting — and why it's undeserved.

(56:42) Lesson 5: Spending — "faulty brain wiring," social pressure, and unconscious habits.

(1:00:46) The multi-month spending summary — tedious but life-changing for both finances and happiness.

(1:02:43) Joy units per dollar — reallocating spending to maximize happiness.

(1:03:47) Practical rules: delay big purchases, beware car costs, indulge selectively, and remember "$1 saved = $2 earned."

Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p

Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/

Rational Reminder on YouTube — https://www.youtube.com/channel/ Benjamin Felix — https://pwlcapital.com/our-team/

Benjamin on X — https://x.com/benjaminwfelix

Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/

Cameron Passmore — https://pwlcapital.com/our-team/

Cameron on X — https://x.com/CameronPassmore

Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/

Ben Wilson on LinkedIn — https://www.linkedin.com/in/ben-wilson/

Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)

What happens when alternative investments shift from niche products to the industry's go-to value proposition? In this episode, we're joined by financial planner and self-described "pathological nerd" Aravind Sithamparapillai for a rigorous exploration of private markets, product due diligence, advisor incentives, and the narratives driving the surging popularity of alts. Aravind has become known in advisor circles for asking the uncomfortable questions at conferences—the ones that expose gaps in explanations, shaky assumptions, and in some cases, outright contradictions. In this conversation, he shares the stories and analytical frameworks behind his deep dives into mortgage funds, private credit, private real estate, IRR-based marketing, vintage stacking, stale pricing, operational risk, and why even large professional allocators get burned. We explore how advisors are selling alts, how funds are pitching them, what due diligence actually requires, how expected returns can be decomposed, and why illiquidity and "low correlation" benefits rarely play out in practice. Aravind also explains how some funds maintain stable NAVs through "extend and pretend," how gating works, why audited financials aren't a safety blanket, and why even top-tier firms miss red flags.

Key Points From This Episode:

(0:00:38) Aravind's introduction and reputation for deep, "pathological" research

(0:02:23) Why alts have become embedded in Toronto's planning culture

(0:03:38) Client pressure, advisor FOMO, and the belief that 60/40 is "broken"

(0:05:31) Aravind's personal path into indexing, factors, and Dimensional

(0:10:46) Why he started digging into alts: curiosity, client conversations, and advisor narratives

(0:13:47) The "conference meme": why he asks questions others avoid

(16:58) The role of intellectual honesty vs. industry narratives

(20:19) The pivotal 2023 mortgage fund story: duration, turnover, and a major contradiction

(22:51) "Extend and pretend": how stable NAVs can be manufactured

(28:59) What "gating" actually means and why it matters

(31:48) Marketing tactics: cherry-picked start dates and chart crimes

(32:47) IRR manipulation, vintage stacking, and anchoring bias

(36:35) Why comparing gross private credit returns to net equity returns is misleading

(39:18) The problem with "low correlation" as a selling point

(41:00) Why rebalancing with illiquid assets often fails in practice

(44:58) How Aravind builds expected return estimates for alts

(47:07) Private real estate: why expected returns often land near public market levels

(48:48) A case study: apparent outperformance disappears once you match the right benchmark

(51:43) The idiosyncratic risk of overweighting single-sector, single-region REITs

(55:12) Why most advisors don't truly understand the all-in fees

(58:00) What real due diligence should include (and why it's so hard)

(1:00:35) Should advisors trust third-party due diligence providers?

(1:02:58) How much comfort should investors take from audited financials?

(1:05:02) Why valuation levels (1–3) matter and why most private funds use Level 3 inputs

(1:06:00) The overall conclusion: markets work, but alts require extraordinary scrutiny

Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p

Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/

Rational Reminder on YouTube — https://www.youtube.com/channel/ Benjamin Felix — https://pwlcapital.com/our-team/

Benjamin on X — https://x.com/benjaminwfelix

Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/

Cameron Passmore — https://pwlcapital.com/our-team/

Cameron on X — https://x.com/CameronPassmore

Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/

Ben Wilson on LinkedIn — https://www.linkedin.com/in/ben-wilson/

Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)