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Investors launch lawsuit against advisor, National Bank

CBC reported that Gray said things came to a head in March when the economy started collapsing because of COVID-19 and National Bank stepped in, demanding the accounts be paid up immediately. Gray said his 29 clients lost about $36 million. They're seeking $40 million in damages. "They're frightened and scared and they feel betrayed," Gray told CBC of his clients. This is not the first time Saturley's investment strategies have landed him in trouble. In 2004, he was fined $10,000 for unauthorized trading in client accounts. In 2008, while working as an advisor at CIBC Wood Gundy, Saturley's clients...

FSRA estimating jump in DB pension solvency off rebound in markets

Staff | September 15, 2020 The median projected solvency for Ontario’s defined benefit pension plans increased to 90 per cent at the end of 2020’s second quarter, up from 85 per cent in the first quarter, as measured by the Financial Services Regulatory Authority of Ontario. The regulator estimated about three-quarters of plans had double-digit investment returns for the quarter, partially offset by the drop in solvency observed the previous quarter. Net of fees, the estimated return stood at 10.9 per cent and 11.1 per cent before expenses. Just 26 per cent of pensions are projected to be fully funded on a solvency...

Why have equity markets got "weird"?

He told WP that while the coronavirus was the catalyst that set the market spiralling, the actual spiral was more of an endogenous event as markets became fundamentally broken from a liquidity and pricing standpoint. Hoffstein saw hedging pressures, a kind of “derivative tail wagging the market dog”, and it set him off on a research project to examine the narratives and ask: why the market is acting differently? He found three main threads. Firstly, that the U.S. Federal Reserve’s policy, aside from creating a moral issue, is forcing investors to take more risks. Secondly, that the growth of passive investing is...

Fed has done 'spectacularly job' at saving economy

He said: “There are very few alternatives to investing in stocks. Income-related real estate has a great deal of uncertainty because of the lockdown. Bonds give you no return, especially after inflation and taxes. Common stocks are the most attractive. Millennials, who have been absent until now, have now started investing in the market. You also have people who have been sitting home bored investing in the market more than ever before. “It reminds me of 1999 to 2000, when we had many housewives trading in the market. These housewives were outperforming many of the professionals when stocks were a...

Tax Deductible Mortgage in Canada

Column: Back to the plan

In 2013, FP Canada conducted a three-year study of almost 15,000 people. Without fail, those who had a comprehensive financial plan (“the Planners”), ... Source