J.D. POWER 2022 CANADAN FULL-SERVICE INVESTOR SATISFACTION STUDY

Raymond James Ltd. has ranked highest in investor satisfaction with full-service brokerage firms according to the J.D. Power 2022 Canada Full-Service Investor Satisfaction Study!

Study results are based on experiences and perceptions of investors surveyed in November 2021 to January 2022. The study measures overall investor satisfaction with full-service investment firms based on seven factors (in order of importance):

• People,
• Trust,
• Products and services,
• Ability to manage wealth how and when I want
• Value for fees
• Problem resolution, and
• Digital channels

Raymond James ranks highest among full-service investment firms with a score of 709 on a 1,000-point scale and performs particularly well in people (cue an Elmer Fudd style “aww shucks” J), products and services, problem resolution, and ability to manage wealth how and when I want.

At Steele Wealth Management, we are happy to have partnered with a firm that has such a strong reputation among investors. Raymond James puts independence first and allows their advisors to put the needs and goals of the clients first. The Steele Wealth Management team is free to make unbiased recommendations and be completely candid when analyzing potential investments. We believe this is necessary to achieve your financial goals and provide the best client service possible. This award is evidence that this client-first mentality pays dividends for all.

More About Raymond James Ltd.

Raymond James Ltd. is the Canadian arm of Raymond James Financial Inc., one of North America's leading full service investment dealers. Raymond James was established in 1962 on the principle of always putting the needs of clients first. Today, this principle remains the foundation on which the firm continues to serve individual and institutional investors, as well as corporate issuers. Through its network of approximately 8,500 financial/investment advisors and portfolio managers across Canada, the United States and key international centres, Raymond James Financial, Inc. and its affiliates manage more than US$1.26 trillion in client assets under administration (more than any Canadian firm). The firm also has over 66 research analysts covering approximately 1,200 companies in Canada, the United States, and internationally.

Economic Tidbits Diesel and jet fuel prices higher than 2008 levels, dimming economic outlook

• Everyone knows the world is dealing with an energy price shock but this shock appears to have abated with oil prices sitting at ~US$100/bbl (WTI). Beneath the surface, because of limited oil refinery capacity, oil derivatives like diesel and jet fuel are trading well above 2008 levels, when oil prices were ~US$150/bbl (WTI). The severity of the energy price shock is only truly comparable to the 1973 oil crisis.           

Le JIT A “Just-in-TIME” rundown oF our current investment theme

With a Potential Recession on the Horizon, Is there a Screaming Opportunity in the Bond Market?

• Market strategists around the world have begun to predict recessions in various economies around the world as a result of the pandemic spending hangover, and other negative effects as we try to get back to normal, as well as the Russia-Ukraine induced energy price shock (noted above). While weak equity market performance so far in 2022 indicates some economic trouble ahead, bonds also sold off, despite bonds typically performing well before and during economic recessions as investors seek safety.
• Since 1980, during bear markets, US equities declined 42% on average while US bonds rallied 8%. The fact that the odds of a US recession are elevated and yet investors can still buy US bonds at their lowest price in 13 years, as measured by the Vanguard Total Bond Market ETF (BND), should perhaps be seen as a possible once-in-a-lifetime opportunity. So what gives?
• Bonds have been universally hated for years. Over much of the past ten years, US government bond yields were a measly 0%-3%. Investors were right to balk at those yields and did much better owning other assets. Now that the majority of US government bonds yield 3%-4%, bonds remain universally hated because of the global inflation obsession. While not investing in bonds due to high inflation can be valid, we have to look at the roots of the inflation and determine if they are long lasting. We believe they are not. The energy and food shortage, and resulting price spike, is a political choice in response to a terrible conflict, not a true shortage, while inflation in other areas will moderate if a recession transpires. We believe investors will flock to bonds if a recession arrives and investors’ inflation fears subside.
• US bond ETFs like Vanguard BND and the iShares 20+ Year Treasury Bond (ETF) are great ways to provide stability to an investment portfolio during recessionary times. GIC yields now sit in the 3%-4% range. GICs are once again a great way to protect capital and generate a return above long-term inflation.
   Key risk points: Bonds can be volatile, similar to equities, and may not appreciate in recessionary times.

Jeannine’s Tip o’ the month introducing a new addition to the SWM team, Liam Priestman

Liam is the most recent addition to the Steele Wealth Management team. He joins us as Client Services Specialist, focusing on building strong client relationships. He provides administrative functions, helps with client day-to-day client requests, and uses his analytical skills to assist in the preparation of periodic financial reviews for clients.

Having recently graduated from the Financial Planning program at Conestoga College, Liam is well positioned to contribute and grow with the Steele Wealth Management team.

He has completed his Canadian Securities Course and is on his way to being a registered representative. Building on his formal education, Liam is working towards becoming a Certified Financial Planner (CFP).

In his free time, Liam enjoys travelling to new places, socializing with friends and family, and enjoying a good movie.