Lessons from our AGM+:
Insights, Inspiration, and Gratitude
In today’s email:
- How we’re investing in ourselves to serve you better — key takeaways from Harbourfront’s AGM+
- This week’s market wrap: optimism meets caution in global markets
- Sector Spotlight: why industrials and infrastructure are quietly gaining strength
- Quote of the Week from investing legend George Soros
Beyond the Portfolio
Last week, our team took some time away to hear from some incredible industry leaders — a perfect way to kick off our planning season. Over the next few weeks, we’ll be digging into what we learned and putting new strategies in place to serve you even better.
But we’d love to hear from you too. We’re always looking for ways to make your experience with us even stronger — whether that means better service, more innovative solutions, or simply improving how we stay connected. What do you love most about working with us? What could we do better? Just hit reply to this email — we’d really love your thoughts.
And in the spirit of Thanksgiving, our team made donations totaling $1,500 to local food banks. We’re grateful for the opportunities we have, and we know this time of year can be difficult for many Canadians. Giving back is one small way we can say thanks for all that we’ve been given.
The Scoop
Last week, our team stepped away from the day-to-day to attend Harbourfront’s AGM+ 2025, and I can honestly say it was one of the most energizing events we’ve ever been part of. For a few days, we were surrounded by some of the most forward-thinking minds in wealth management — sharing ideas, challenging old assumptions, and exploring where our industry is headed next.
We came home with new insights, stronger connections, and a renewed sense of purpose — all focused on one thing: helping our clients live better, more confident financial lives.
The team made soup that was handed out over the Thanksgiving weekend to families in need. This was made possible with the collaboration of Whole Hearted.
The Psychology Behind Better Decisions
One of the most eye-opening sessions came from BE Works, a firm that specializes in behavioural science. We dug into why people make the financial decisions they do — even when they know better.
It turns out, we’re all wired with biases that shape how we handle money: the instinct to stick with what’s familiar, the tendency to focus on short-term pain instead of long-term gain, or simply running out of mental energy to make good decisions.
As advisors, understanding this helps us design better conversations and plans — ones that help clients avoid emotional mistakes and stay focused on what really matters over time. This session reinforced something we’ve always believed: our role isn’t to lecture, it’s to guide.
Opening Doors to the World of Private Markets
Another standout discussion featured leaders from Partners Group, Apollo Global Management, and Hamilton Lane — some of the biggest names in private markets. They shared where the next wave of opportunity lies, particularly in infrastructure, private credit, and secondaries.
The theme was clear: the world is changing fast. Decarbonization, data centres, and the growing demand for private lending are creating opportunities that used to be reserved for large institutions. The encouraging part is that through platforms like Harbourfront, investors like our clients now have access to those same strategies — ones designed to generate steadier returns and reduce volatility.
Hearing that directly from global experts reminded us why this evolution in wealth management is so important — it’s levelling the playing field for investors.
Retirement Is About More Than Money
A session that really hit home was led by Paul Marion, who heads Harbourfront’s Multi-Family Office. He reminded everyone that retirement planning is about far more than just the numbers — it’s about identity, purpose, and social connection.
He shared stories about clients who had done everything right financially, but still struggled with loneliness or loss of purpose once they stopped working. His message was simple but powerful: you don’t retire from something — you retire to something.
That resonated deeply with us. Our job isn’t just to build retirement plans, but to help clients create meaningful, fulfilling lives after work — to make sure the “life part” of the plan is as strong as the financial one.
Learning from Canada’s Best
One of the highlights of the event was the Growth Champions Panel, where top-performing practices from across the country shared how they’ve grown — not just in size, but in the way they serve clients.
Some talked about leveraging technology to free up more time for personal connections. Others shared how they built client communities, hosted events, and created consistent touch points that go far beyond portfolio reviews.
Every story had a common thread: growth isn’t just about doing more — it’s about doing better. Hearing how others across the Harbourfront network are raising the bar was both motivating and reassuring. We’re all moving in the same direction — toward deeper relationships and smarter, more client-centred advice.
The Takeaway
We came back from AGM+ feeling proud, grateful, and inspired. These few days reminded us that the best investment we can make is in ourselves — in learning, connecting, and growing so that we can serve our clients better. Over the next few weeks, the team will be reflecting on lessons learnt and will be implementing new ideas to better serve you.
Whether it’s understanding the psychology behind decisions, finding new ways to access global opportunities, or helping clients live happier retirements, everything we learned comes back to one purpose: helping you achieve financial confidence and peace of mind that lasts.
Market Minute
Last week, markets globally were mixed, buffeted by economic uncertainty, geopolitical tension, and rate expectations. Investors seemed hopeful yet cautious—treading carefully amid signals that volatility may lie ahead.
Canadian Markets:
Canadian equities held up relatively well. With domestic conditions more stable and somewhat insulated from U.S. political drama, the TSX saw modest gains (or at least less downside) over the week. The stronger relative showing suggests that local fundamentals are helping balance external pressures.
Also worth noting: in its monthly commentary, Edward Jones emphasized that rate cuts by both the Bank of Canada and the U.S. Fed, along with tailwinds in gold and tech, provided fuel for broader market gains in September — this backdrop is partially carrying into early October.
U.S. Markets:
Markets started the week on shaky footing as worries over a protracted government shutdown weighed on sentiment. Investors also parsed mixed messages out of Washington regarding China trade and tariffs.
Still, optimism around potential Federal Reserve rate cuts supported a rebound: tech and growth names helped lift the S&P 500 and Nasdaq.
The Dow Jones ended the week relatively flat, as gains in industrials and energy were offset by pressure in more interest rate–sensitive sectors.
Global Markets:
Trade tensions with China resurfaced, especially around rare earths and export controls, adding stress to commodity and materials names.
Meanwhile, the IMF warned that markets are growing complacent in the face of mounting risks and that a sharp, disorderly correction is possible if expectations get derailed.
Hedge funds, in response, have been reducing U.S. exposure and increasing allocations to industrial names abroad.
Sector Spotlight:
One of the more interesting moves lately is how hedge funds and institutional players are tilting toward industrial and global infrastructure–related sectors. Reuters recently reported that many funds are reducing U.S. equity exposure and adding exposure to industrials abroad, in response to growing trade tensions and policy uncertainty at home.
Why Industrials?
- These names tend to benefit directly from global capital spending, trade, logistics, and supply chain modernization.
- With more attention on decarbonization, infrastructure build-outs (like energy grids, EV charging, data centers), and nearshoring, industrials are in the sweet spot of secular trends.
- They can also act as a relative hedge when more speculative sectors (e.g. tech) face valuation pressure.
In Canada, industrial exposure is somewhat muted relative to the U.S., but the opportunity lies in capturing global industrial growth through diversified funds or strategies. It’s a reminder—not every chance lives in tech or headlines. The structural drivers behind infrastructure and industrial development are among the quiet workhorses that often underpin long-term returns.
Takeaway: As markets wobble and risks rise, industrials and infrastructure themes are being viewed more as sources of stability and growth rather than just cyclicality. It’s one of those “look where the herd isn’t yet fully running” angles worth paying attention to.
Quote of the Week:
“It’s not whether you’re right or wrong that’s important, but how much money you make when you’re right and how much you lose when you’re wrong.”
— George Soros
Trends to Watch This Week:
Here’s what were watching this week:
- Fed & Rate Cuts: With markets pricing in a high probability of one or more rate reductions, every data release will be magnified.
- Earnings Season: Big names in tech, industrials, and financials will deliver results that could re-shape market sentiment.
- China & Trade Policy Moves: Any new policy or rhetoric around exports, rare earths, or tariffs could trigger outsized moves.
- Valuation Risks: The IMF’s caution reminds us that elevated multiples, especially in tech, leave markets vulnerable to disappointment.
Summary:
Markets are in a delicate balance: investors are hopeful for easing policy and strong earnings, but uncertainties around geopolitics and valuations are mixing in more caution. In Canada, relatively stable fundamentals are helping buffer external pressures. Our message remains steady: stay focused on long-term goals, don’t let short-term noise derail your strategy, and lean on the kind of disciplined guidance that keeps you grounded.
Final Thought
Our work is never complete. Each person on the team is constantly trying to improve, whether it’s obtaining new designations, taking courses, or attending events like the recent AGM+. We are very proud of the work we do for our clients, but are always looking for ways to elevate the experience and results.
We look forward to hearing from you and learning more about how we can make this relationship even more impactful.
Until next time, stay informed and strategically invested!
Trevor
