Category Archives: Frank’s Update

Frank Mueller

Frank’s Administrative Update

Administrative Updates

We have some important administrative updates we’d like to share with you.

1. E-Consent Added to Wealthview Portal

The FundEX Wealthview portal now offers clients the option of electronically signing, or e-consenting, to most forms related to your portfolio. There are many advantages for the client:

  1. All documents shared from advisor to client, and back to advisor, are shared in a fully secured environment. This is especially important, as e-mail hackers and electronic theft are on the rise.
  2. The process can be faster and more convenient for clients, especially those who do not have access to a printer or scanner.
  3. Less documents that need to be printed means less negative impact on our environment.
  4. The document sharing feature of the portal can be used for any document, not just trade forms, that we need to send to you containing sensitive information.

If your portfolio is in the Nominee structure, you can already approve many types of trade requests verbally or via e-mail. However, Nominee account holders will still benefit from point 4 above when receiving non-trade related documents.

Which accounts can use e-consent?

Currently, only accounts that are solely owned can use e-consent. Jointly-owned accounts and corporate accounts are not eligible for e-consent.  E-consent for these accounts will be added in the future.

I don’t have access to Wealthview. How do I get access?

If you do not have your Wealthview portal access set up, please contact us. We will activate your Wealthview profile.

How do I access the document and provide consent?

You can follow our step-by-step guide below, or view the FundEX Tutorial in either English or French:

  • Login to the Wealthview Portal
    • Upon logging in, you’ll receive a pop-up saying, “Your documents repository has been updated.” Click on “My Documents”
    • Under “Awaiting Your Signature”, you’ll see your document. You will see a statement informing you that e-consenting is, for legal purposes, the same as a physical signature
    • Click the “I have read the acknowledgement above” box
    • Then, click the document itself (the blue item in the Consult column)
  • Read the document in full
    • At the bottom of the document, click the “I have read the acknowledgement above” box
    • If you notice an error, you can click the “Reject” button and comment on what the error was
    • If the document is acceptable, click the “Sign” button
    • You’ll be asked to enter your login password again to confirm the acceptance
  • The document will be processed and a green “thumbs-up” box will pop up saying the e-signature has been applied successfully. You’re done!
    • Your signed document can be printed or saved on your computer, but it will be saved in your portal for seven years.

2. Verbal Consent Required For All Redemptions

As a new compliance requirement and for the safety of our clients, we will require verbal confirmation of any redemption requests, regardless of the amount.

We are taking this step to ensure we have received redemption instructions from the account owner(s).

3. You First Website Update

We are hard at work on refreshing the You First website. We hope to have the new website go live within the next month.

As always, please let us know if you have any questions, comments, or concerns on any of the above subjects. We value your input, as our top priority is to create the most client-friendly service model possible.

Frank Mueller

Weekly Update – January 26, 2018

“There is a very easy way to return from a casino with a small fortune: go there with a large one” – Jack Yelton

TSX Down for the Week

The Toronto Stock Exchange’s S&P/TSX composite index rose on Friday by 35.21 points (0.22 per cent) and finished at 16,239.22. The financials sector was the lone loser on Friday, as the other nine of 10 main groups ended higher.

On the week, the TSX was down 114.24 points (0.70 per cent), as the Canadian market continues its recent trend of being outpaced by the U.S. markets. It certainly isn’t paying to be overweight in Canadian equities these days.

The Canadian Dollar rose 48 basis-points to sit at 81.25 cents (as at 3:50pm PST) versus the U.S. Dollar, as the Greenback softened.

Oil prices hit three-year highs on Friday, with Brent Crude gaining 10 cents (USD) to finish at $70.83 USD per barrel. Earlier on Friday, it hit $71.28 per barrel before pulling back.

West Texas Intermediate (WTI) jumped 63 cents per barrel to finish at $66.14 USD per barrel.

Gold dropped $14.20 USD an ounce on Friday (down 1.04 per cent), and finished at $1,348.70 USD an ounce.

All Three Major U.S. Indexes Set Record Closing Highs for Friday, and the Week

This week’s close capped the best four-week run for the three main U.S. indexes (NASDAQ, Dow Jones Industrial Average, S&P 500) since 2016. This week’s gains were spurred on by strong earnings reports, along with a softening U.S. dollar, which is benefitting exporters and multinationals.

The Dow Jones Industrial Average (DJIA) gained 223.92 points (0.85%) on Friday to close at 26,616.71, yet another record close. For the week, the DJIA was up 544.99 points (2.09 per cent).

The S&P 500 gained 33.62 points (1.18 per cent) Friday to close at 2,872.87, a gain of 62.5 points (2.23 per cent). Fourth quarter earnings for the S&P 500 has been estimated at 13.2 per cent, with 79.7 per cent of the 133 companies who have reported earnings so far beating expectations.

Finally, the NASDAQ jumped 94.61 points Friday (up 1.28 per cent), to close at 7,505.77, a gain of 169.39 points or 2.31 per cent.

U.S. Treasure Secretary Steven Mnuchin, while in Davos, Switzerland for the 2018 World Economic Forum, took a position opposite to the traditional U.S. position on the Greenback. He stated, “obviously, a weaker dollar is good for us (the U.S.) as it relates to trade and opportunities”.

His comments drove the Greenback to three-year lows on Wednesday. Interestingly, he made this comment only a day after U.S. President Trump – also in Davos for the 2018 WEF – called for a stronger Greenback.

Everyone knows that this growth won’t continue unabated forever; however, those with appropriate U.S. exposure in their portfolios are certainly benefitting in the short run. If you have questions about your portfolio’s allocation, let us know, and we can give you an updated outlook on your portfolio & adjust where necessary.

Weekly Market Wrap-Up

North America
The TSX closed at 16239, down -115 points or -0.70% over the past week. YTD the TSX is up 0.19%
The DOW closed at 26617, up 545 points or 2.09% over the past week. YTD the DOW is up 7.68%
The S&P closed at 2873, up 63 points or 2.24% over the past week. YTD the S&P is up 7.44%
The Nasdaq closed at 7506, up 170 points or 2.32% over the past week. YTD the Nasdaq is up 8.74%
Gold closed at 1349, up -7.00 points or 1.28% over the past week. YTD gold is up 2.98%
Oil closed at 66.24, up 2.71 points or 4.27% over the past week. YTD oil is up 9.63%
The USD/CAD closed at 0.8125, up 0.0126 points or 1.58% over the past week. YTD the USD/CAD is up 2.16%

The MSCI closed at 2234, up 37 points or 1.68% over the past week. YTD the MSCI is up 6.23%
The Euro Stoxx 50 closed at 3647, down -2 points or -0.05% over the past week. YTD the Euro Stoxx 50 is up 4.08%
The FTSE closed at 7666, down -65 points or -0.84% over the past week. YTD the FTSE is down -0.29%
The CAC closed at 5529, up 2 points or 0.04% over the past week. YTD the CAC is up 4.07%
DAX closed at 13340, down -95.00 points or -0.71% over the past week. YTD DAX is up 3.27%
Nikkei closed at 23632, down -176.00 points or -0.74% over the past week. YTD Nikkei is up 3.81%
The Shanghai closed at 3558, up 70.0000 points or 2.01% over the past week. YTD the Shanghai is up 7.59%

Fixed Income

The 10-Yr Bond Yield closed at 2.66, up 0.0200 points or 0.76% over the past week. YTD the 10-Yr Bond is up 10.83%

Sources: Globe Advisor, Dynamic, Reuters, Yahoo! Finance

Frank Mueller

Weekly Update – January 19, 2018

“Wealth consists not in having great possessions, but in having few wants” – Epictetus

TSX Marginally Up for The Week

The Toronto Stock Exchange’s S&P/TSX composite index rose on Friday by 68.99 points (0.42 per cent) to finish up at 16,353.46, a gain of 45.28 points (0.28 per cent) for the week. Though modest, the weekly gain put the index back in the right direction after last week’s loss.

Nine of the 10 main sectors posted wins on Friday. Financials and industrials led the way. The Energy sector was weighed down by an oil pullback. A barrel of Crude Oil fell by 38 cents (USD) on Friday to settle at $63.57 USD per barrel, a down-tick of 86 cents for the week (1.33 per cent).

The oil decrease also affected the Loonie, which weakened compared to the Greenback on Friday. As of 3:59pm EST, the Loonie had dropped 0.64 per cent versus the American Dollar, and sat at 80.01 cents USD.

Investors have now set their sights forward to next week’s NAFTA talks. Some analysts feel NAFTA is a risk, and could pull the Loonie down, should NAFTA be abandoned. Said Mark McCormick, North American head of Foreign Exchange Strategy at TD Securities: “The market is really going to have to price in a negative risk premium on the Canadian dollar, driven primarily on the breakup risks of NAFTA”.

Gold retreated from $1,339 USD per ounce to begin the week back to finish at $1,331.10 USD per ounce, shaving off $7.90 USD per ounce (0.59 per cent).

U.S. Markets Advance, Again

Another week, another plateau hit for the Dow Jones Industrial Average (DJIA). This week, it rose above 26,000 for the first time. On Friday, it gained 53.91 points (0.21 per cent) to close at 26,071.72. On the week, the DJIA was up 268.53 points (1.04 per cent).

The S&P 500 hit its own record closing high, gaining 12.27 points (0.44 per cent) on Friday to close out 2,810.30 (up 0.86 per cent for the week).

The NASDAQ also set a record closing high, climbing to 7,336.38 on the back of a 40.33 point, 0.55 per cent, Friday gain. NASDAQ gained 1.04 per cent for the week.

Disagreements between U.S. Senate Democrats and Republicans could lead to a government shutdown. The deadline is midnight Friday night (tonight). Senate Minority Leader Chuck Schumer and U.S. President Donald Trump met to negotiate an end to the impasse on Friday. The potential shutdown had a minor effect on U.S. markets, but these days, it seems nothing can impede their advance.

As Expected, Bank of Canada Raises Key Rate

As widely expected, the Bank of Canada raised its benchmark interest rate on Wednesday morning. As with the previous two rate hikes, this was an increase of 25 basis-points from 1.00 per cent to 1.25 per cent. This makes three rate hikes in a little over six months after the BoC held rates steady at 0.50 per cent for nearly nine years. Strong employment figures were among the main reasons that the BoC felt comfortable enough to enact the rate hike.

Two further rate increases are expected by the end of 2018.

As mentioned last week, the rate rise will affect new home purchasers (who didn’t have rate holds in place) and those who carry credit balances on their Home Equity Lines of Credit, regular lines of credit, or home owners with variable mortgage rates.


Sources: Globe Advisor, Yahoo! Finance

Frank Mueller

Weekly Update – January 12, 2018

“Success is not final; failure is not fatal: It is the courage to continue that counts.” – Winston S. Churchill

TSX Winning Streak Snapped

The Toronto Stock Exchange’s S&P/TSX composite index rose on Friday but still posted a weekly loss. Friday saw a 21.24-point rise, good for a 0.13 per cent gain. However, the TSX was down 41.26 points on the week, closing at 16,308.18 (down 0.25 per cent week-over-week). This was the first weekly decline in a month, after three consecutive weekly gains.

Cannabis producers were down sharply, but their losses were offset by resource, gold and lumber gains.

U.S. Crude Oil rose by $2.99 USD per barrel or 4.87 per cent this week, closing at $64.43 per barrel.

Gold rose to $1,339 USD per ounce this week, as the US Dollar depreciated.

The December jobs report once again showed strong growth in Canada, with 23,700 full-time jobs and 78,600 total jobs added. Canada’s unemployment rate fell to its lowest mark in 41 years, from 5.9 per cent in November down to 5.7 per cent for December.

However, David Rosenberg, Chief Economist and Strategist at Gluskin Sheff + Associates opined “at face value the (unemployment) number looks great, but… there are question marks beneath the surface that has me thinking it is overstating the strength in the economy”.

Undaunted, the Loonie took the jobs numbers and moved upward to settle at 80.24 cents to the Greenback. Should the Bank of Canada raise their key rate next week (more on that below) we can expect the Loonie to jump again.

U.S. Markets Continue to Rise

The Dow Jones Industrial Average (DJIA) continued to skyrocket this week. Last week, the DJIA rose above 25,000 for the first time; this week, after a rise of 228.46 points (0.89 per cent) on Friday, the major index rose to 25,803.19, good for a weekly gain of 507 points, an even two per cent gain.

The S&P 500 rose 18.68 points (0.67 per cent) on Friday to close out the week at 2,786, good for a weekly gain of 1.57 per cent.

NASDAQ gained 49.29 points (0.68 per cent) on Friday to close at 7,261, a weekly gain of 124 points (1.74 per cent).

Bank of Canada Expected to Raise Rates Next Week

This coming Monday, January 15th is the dreaded “Blue Monday 2018”, where the perfect storm of poor weather, short days and long nights, the realization of how much was *actually* spent over the holidays, the fact the holidays are now firmly in the rear-view mirror, low motivation levels, and finally, the realization that most or all of our New Year’s Resolutions have failed to take hold all combine to create the saddest day on the calendar year.

For those who haven’t managed to keep spending in check over the holidays (or otherwise), this Wednesday may add to the misery. The Bank of Canada is overwhelmingly expected by analysts to raise its benchmark rate to 1.25%, up from 1.00%, this coming week. Many big banks such as RBC, TD and CIBC have already raised their mortgage rates in anticipation.

As rates climb, you can expect credit balances with variable rates, such as variable rate mortgages, home equity lines of credit (HELOCs), and secured & unsecured credit lines to increase their rates accordingly. As a result, borrowers will now pay more interest each month on these balances. Credit card rates (which are generally sky-high at 19.99 – 28.99 per cent) won’t be affected, but the rates are so high that you shouldn’t carry balances anyway.

Bottom line: pay down those credit lines where possible to avoid paying more interest each month.


North America
The TSX closed at 16308, down -41 points or -0.25% over the past week. YTD the TSX is up 0.61%.
The DOW closed at 25803, up 507 points or 2.00% over the past week. YTD the DOW is up 4.39%.
The S&P closed at 2786, up 43 points or 1.57% over the past week. YTD the S&P is up 4.19%.
The Nasdaq closed at 7261, up 124 points or 1.74% over the past week. YTD the Nasdaq is up 5.19%.
Gold closed at 1339, up 14.00 points or 1.13% over the past week. YTD gold is up 2.21%.
Oil closed at 64.43, up 2.99 points or 4.87% over the past week. YTD oil is up 6.64%.
The USD/CAD closed at 0.80239, down -0.0044 points or -0.55% over the past week. YTD the USD/CAD is up 0.89%.

The MSCI closed at 2172, up 15 points or 0.70% over the past week. YTD the MSCI is up 3.28%.
The Euro Stoxx 50 closed at 3613, up 5 points or 0.14% over the past week. YTD the Euro Stoxx 50 is up 3.11%.
The FTSE closed at 7779, up 55 points or 0.71% over the past week. YTD the FTSE is up 1.18%.
The CAC closed at 5517, up 46 points or 0.84% over the past week. YTD the CAC is up 3.84%.
DAX closed at 13245, down -75.00 points or -0.56% over the past week. YTD DAX is up 2.53%.
Nikkei closed at 23654, down -61.00 points or -0.26% over the past week. YTD Nikkei is up 3.91%.
The Shanghai closed at 3429, up 37.0000 points or 1.09% over the past week. YTD the Shanghai is up 3.69%.

Fixed Income
The 10-Yr Bond closed at 2.55, up 0.0700 points or 2.82% over the past week. YTD the 10-Yr Bond is up 6.25%.

Sources: Globe Advisor,, Yahoo! Finance

Frank Mueller

Weekly Update – January 5, 2018

“Every accomplishment starts with a decision to try” – Anonymous

New Year, Same Rally

The Toronto Stock Exchange’s S&P/TSX composite index dropped 63.50 points (0.39 per cent) on Friday to finish at 16,349.44. Resources weighed on the TSX on Friday, with oil, gold, copper and other metals pulling back on the day.

However, the TSX enjoyed a gain of 0.9 per cent on the week as the extended market rally continued into 2018.

Statistics Canada announced the December jobs numbers, with 79,000 new jobs being added. One caveat, however, is that most of them were seasonal, part-time positions. However, Canada’s unemployment rate of 5.9% in November was a full percentage point lower than in November 2016.

Retail sales data, housing starts, and consumer confidence levels were all higher year-over-year as well.

U.S. Crude Oil dropped by 42 cents USD per barrel to finish the week at $61.59 USD.

Gold dropped by $1.30 USD per ounce on Friday, and finished at $1,320.30 per ounce.

The Loonie rose by 56 basis points on Friday to finish at 80.61 cents to the Greenback, a rise of 0.6989 per cent.

U.S. Markets Hit More Record Highs

The S&P 500 rose 19.08 points (0.70 per cent) on Friday to close out the week at 2,743.07.

The Dow Jones Industrial Average (DJIA) rose above 25,000 for the first time ever on Thursday, and jumped by 220.74 points (0.88 per cent) on Friday to finish at 25,295.87.

NASDAQ also had a good day on Friday, with a gain of 58.64 points (0.83 per cent).

Some encouraging global economic data helped to propel markets upward. US unemployment figures for November – like Canadian unemployment – were lower than a year prior.

2017 Market Recap

It was, in some ways, a strange year for the Canadian investor. Early in the year, Canadian markets were relatively flat, while south of the border, U.S. markets were (and still are) very hot. Overseas markets advanced. However, as the Canadian dollar appreciated relative to the Greenback, U.S. and many overseas gains were mitigated.

As the year progressed, the Bank of Canada raised rates twice, and the Fed also raised rates. The BoC raising rates led to a dampening of fixed income returns. Luckily, the TSX rebounded late and was able to post a decent, if unremarkable, 6% increase on the year.

Most major international indexes posted double-digit returns; in fact, even factoring the appreciating Loonie, global markets outpaced Canadian markets.

So, what is the lesson here? In our opinion, this information reinforces the benefit of sound diversification, not only between equities and fixed income, but also regional diversification. Canadian investors have the reputation of being the most biased toward domestic markets, and, at least in 2017, the Canadian investor who invested heavily in Canada at the expense of other regions certainly missed out on some significant gains.

If you have questions about your asset allocation or would like to come in for a review of your portfolio, please let us know!

2017 Market Recap: By The Numbers

North America
The TSX finished at 16,209, up 6.0% for 2017
The DOW finished at 24,719, up 25.1% for 2017, or 17.0% in $CDN
The S&P 500 finished at 2,674, up 19.4% for 2017, or 11.7% in $CDN

The NASDAQ finished at 6,903, up 28.2% for 2017, or 19.9% in $CDN
Gold finished at $1,303 USD per ounce, up 13.1% for 2017
Oil finished at $60.42 USD per barrel, up 12.5% for 2017
The USD/CDN finished at 0.7955, up 6.9% for 2017
The CDN/EUR finished at 1.5089, up 6.8% for 2017

The MSCI World finished at 2,103, up 20.1% for 2017, or 12.3% in $CDN
The MSCI EAFE finished at 2,051, up 21.8% for 2017, or 13.9% in $CDN
The MSCI EM finished at 1,158, up 34.3% for 2017, or 25.7% in $CDN
The FTSE 100 finished at 7,688, up 7.6% for 2017, or 10.3% in $CDN
The DAX finished at 12,918, up 12.8% for 2017, or 20.4% in $CDN
The Nikkei finished at 22,765, up 18.9% for 2017, or 15.3% in $CDN

Sources: Globe Advisor, TD, Yahoo! Finance

Frank Mueller

Weekly Update – November 24, 2017

“This would be a much better world if more married couples were as deeply in love as they are in debt” – Earl Wilson

TSX Posts Modest Increase on the Week

The Toronto Stock Exchange’s S&P/TSX composite index, helped by broad gains, finished up on Friday by 33.79 points (0.21 per cent) to finish the week at 16,108.09. For the week, it was up 0.7 per cent (87.93 points) over last Friday’s finish at 16,039.26.

The energy and financial sectors gained on Friday.

Gold prices jumped this week overall, although it fell on Friday by $4.90 USD per ounce to $1,287.30. The $11.70 USD per ounce was good for a 0.92 per cent week-over-week increase.

U.S. light crude oil closed at a two-year high mark of $58.95 USD per barrel, while Brent crude oil gained 31 cents USD to finish at $63.86 USD per barrel. OPEC countries have once again been dancing around a potential supply cut, but nothing has been set in stone.

The Loonie gained 2 basis points on Friday, and stood at 78.68 cents USD as of Friday at 3:03pm PST. On the week, the Loonie dropped 25 basis points from last Friday’s finish of 78.93 cents to the Greenback, a drop of 0.32 per cent.

U.S. Markets See Dow Jones, S&P 500 Break Mini-Losing Streaks; NASDAQ Jumps

Black Friday, the famous shopping day that immediately follows the U.S. Thanksgiving – and for all intents and purposes, signals the green light for holiday shopping – meant a half-session on Wall Street. All of the Dow Jones Industrial Average (DJIA), S&P 500 and NASDAQ posted gains on Black Friday.

U.S. Thanksgiving Thursday saw three things: football, turkey and online shopping. According to Adobe Analytics, U.S. shoppers spent nearly $3 Billion online on Thursday.

Some heavyweight online retailers saw boosts on Friday, as optimism over the holiday shopping season is expected to bode well for 4th Quarter Earnings. Bricks & mortar stores with strong online presences fared quite well on Friday.

The Dow Jones rose 31.81 points (0.14 per cent) to finish at 23,557.99; the S&P 500 rose a modest 5.34 points (0.21 per cent) to finish at 2,602.42; the NASDAQ jumped 21.80 points (0.32 per cent) to settle at 6,889.16.

Lastly, the CBOE Volatility Index (VIX), dropped to a 3-week low of 9.67.

Canadian Household Debt Levels Highest Amount 35 Developed & Developing Countries

According to the Organization for Economic Cooperation and Development (OECD), Canada’s household debt ranks as the highest among 35 developed & developing countries that are monitored by the OECD. Read our blog post on the subject here.

Sources: Globe Advisor, Yahoo! Finance, Adobe Analytics,