AMA 11 - Your Parents' Advisor, 100% Equity Portfolios, and Investing $10 Billion | RR 388

Video Description

Meet with PWL Capital: https://pages.pwlcapital.com/en-ca/contact-us?utm_source=content&utm_medium=youtube&utm_campaign=rationalreminder_yt Avoid Online Scams: https://pwlcapital.com/stay-safe-online/ 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. Timestamps: 0:00:00 Intro 0:15:14 Question 1: I will attend the next annual meeting with [my parent's] advisor; what question(s) should I ask during this meeting to address the fee concerns? 0:26:46 Question 2: What are your opinions about investing in 100% equities being common for likely inexperienced and low knowledge investors being in this allocation? 0:36:29 Question 3: Do you adjust the allocation of assets for your clients based on account type? 0:51:23 Question 4: Does PWL Capital provide a whole team solution for wealth (I'm talking investment management, filing taxes - maybe even the legal side as well including estate planning) 0:56:08 Question 5: Ben Felix said “the investing side is solved” - presumably this means an index fund, not a managed mutual fund with 2-2.5% fees. And not a “speciality” index fund. How do I find these funds? 1:06:53 Question 6: Could you share some things that you learned about being a home owner, that maybe you were overlooking before? 1:12:26 Question 7: What are some of the weirdest portfolios some of your clients had when they came to you for the first time? 1:18:51 Question 8: Why does Dimensional offer ETFs only through advisors? 1:19:55 Question 9: If you had $10B at your disposal to test some market / portfolio / asset pricing related theory what would you test? 1:22:00 Question 10: Roles like portfolio management or equity research seem prestigious and lucrative, but if alpha is largely illusory, how do I reconcile doing work that might not really help clients? Links From Today’s Episode: 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/