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The Rational Reminder Podcast

The Rational Reminder Podcast

Written by: Benjamin Felix Cameron Passmore and Dan Bortolotti
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A weekly reality check on sensible investing and financial decision-making, from three Canadians. Hosted by Benjamin Felix, Cameron Passmore, and Dan Bortolotti, Portfolio Managers at PWL Capital.2025 copyright - PWL Capital, all rights reserved Economics Personal Finance
Episodes
  • What to Know Before (and After) You Hire an Advisor (w/ Matthew Taylor) | #427

    What to Know Before (and After) You Hire an Advisor (w/ Matthew Taylor) | #427
    Sep 17 2026
    In this episode, we're joined by Matthew Taylor, a litigation lawyer with Sotos Class Actions in Toronto who represents retail investors and pension funds in securities class actions. We take a deep dive into what makes a successful negligence claim against a financial advisor, how courts assess fiduciary relationships in Canada, and what investors should look for when evaluating the people managing their money. We explore the evidence that can strengthen or weaken a negligence claim, from one-size-fits-all portfolios and unexplained trades to poor communication and failures to account for changing life circumstances. Matthew also explains the distinction between suitability and fiduciary standards, the factors courts consider when determining whether a fiduciary relationship exists, and why professional affiliations and explicit fiduciary commitments can matter. The conversation then turns to class actions, including how securities claims differ from individual negligence lawsuits, what makes a claim suitable for class proceedings, and why regulatory investigations, specialist law firms, litigation funding, and parallel U.S. proceedings can provide important signals. We also discuss pension funds, their role as plaintiffs, and why monitoring potential claims and settlements can be part of managing beneficiaries' assets. Finally, we examine the growing retailization of private assets and the risks created by limited information, complex structures, opaque fees, illiquidity, and manager-determined valuations. Matthew explains what advisors and clients should consider before investing in private funds—and why he expects more litigation in this area. We close with the legal and regulatory challenges created by financial influencers, and how investors and advisors can build greater resilience against misleading financial content. Key Points From This Episode: (0:01:04) Advisor errors leading to negligence claims—KYC, KYP, suitability failures, plus warning signs like one-size-fits-all portfolios, unexplained trades, concentrated positions, churning, and double dipping. (0:02:20) Why evidence matters: the gap between what people know and what they can prove in court. (0:04:08) How investors can recognize poor advice—changes in communication, failure to address life circumstances, or lack of transparency. (0:06:41) Importance of checking an advisor's regulatory history before entrusting significant assets. (0:07:51) Investor vulnerabilities: age, education, language barriers, or sudden wealth. (0:11:27) Steps after negligent advice—seek a second opinion, adjust the portfolio, and consider legal recourse quickly due to limitation periods. (0:13:30) Risk capacity vs. risk tolerance, and overlooked risks such as liquidity, sequence-of-returns, and withdrawal risk. (0:16:34) Advisors' uneven understanding of risk, shaped by firm/product-provider education and low industry entry barriers. (0:19:48) Courts' five fiduciary factors—vulnerability, trust, reliance, discretion, and professional standards—and how fiduciary duties differ from suitability standards. (0:28:28) Individual lawsuits vs. group/class actions, with securities class actions focusing on disclosure problems and asset-manager claims. (0:42:45) Case studies: Sino-Forest fraud and challenges of private assets—opaque structures, layered fees, liquidity risk, and valuation issues. (1:01:00) Regulatory challenges of finfluencers, difficulties in enforcement, and how advisors can inoculate clients against misinformation by teaching evaluation skills. Sources From Today's Episode — https://zbib.org/71e494008bb74d18a17de20419ca0647 Links From Today's Episode: Meet with PWL Capital: https://pwlcapital.com/ PWL Team — https://pwlcapital.com/our-team/ Rational Reminder on Spotify — https://open.spotify.com/show/6RHWTH9iW7hdnA7eAg7ukO?si=fe7f60349b584026 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/ Matthew on LinkedIn — https://www.linkedin.com/in/matthew-w-taylor/ Geller Law — Legal Legacy - Webflow Ecommerce Website Template Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)
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    1 hr and 18 mins
  • The Finances of Marriage | #426

    The Finances of Marriage | #426
    Sep 10 2026
    In this episode, Ben Felix, Dan Bortolotti, and Ben Wilson take a research-driven look at the finances of marriage, from spending personalities and prenuptial agreements to wedding costs, joint accounts, financial infidelity, and household decision-making. The conversation explores how the way couples think about and manage money can affect both financial outcomes and relationship satisfaction. We unpack the difference between being frugal and being a "tightwad," why tightwads and spendthrifts may be drawn to each other despite having more conflict later, and how simply understanding your partner's spending tendencies can improve financial conversations. We also examine the case for prenups, the role of optimism bias in avoiding them, and how couples can use legal agreements to deliberately design their financial arrangements. The discussion then turns to wedding spending, including the marketing forces behind engagement-ring conventions and research linking higher spending on rings and weddings with greater divorce risk in some samples. Finally, we look at the evidence for managing money jointly, the risks of financial infidelity, and why both partners should be involved in household financial decisions. The central theme throughout is simple: couples tend to be better served when they approach their finances as a team and communicate openly. The Tightwad-Spendthrift Scale Quiz — https://umich.qualtrics.com/jfe/form/SV_55xxAQrYK0WRlY2 Sources — https://zbib.org/e8fec478786b4176b5011418f27a3fa4 Key Points From This Episode: (0:01:00) Why who you marry can be one of the most consequential financial decisions of your life. (0:04:24) Why marriage changes both the emotional and legal nature of a couple's financial relationship. (0:07:53) Tightwads vs. spendthrifts: the psychology of the "anticipatory pain of paying." (0:09:52) Why spending personality has little to do with how much money someone actually spends. (0:11:34) How understanding your spending tendencies can be useful alongside traditional financial risk questionnaires. (0:15:42) Why some people struggle to spend money even when they clearly have the financial capacity to do so. (0:17:09) How upbringing, identity, and social comparison can influence attitudes toward spending. (0:18:20) Why tightwads and spendthrifts are more likely to marry each other—and why those differences can create conflict later. (0:21:14) How recognizing different spending tendencies can create healthier conversations and compromises. (0:23:14) Prenups and marriage contracts: understanding the legal "default" before deciding whether to create your own arrangement. (0:24:04) Why optimism bias and the negative signaling associated with prenups can make them difficult for couples to discuss. (0:26:51) Why a prenup may be particularly relevant when partners enter a marriage with substantially different levels of wealth. (0:29:54) How couples can use a prenuptial agreement to deliberately design financial arrangements around their circumstances and future needs. (0:31:08) The origins of the "two months' salary" engagement-ring convention and the marketing of diamonds. (0:32:54) Research on wedding spending, engagement rings, and divorce risk. (0:35:55) Why wedding planning can become an early test of how couples handle financial differences. (0:37:49) Why more wedding guests and having a honeymoon were associated with longer marriages in the study discussed. (0:38:44) The evidence for managing finances together—and why joint accounts may not be the only way to do it. (0:42:04) How different spending personalities might influence whether couples prefer joint or separate accounts. (0:45:10) Why couples should establish clear expectations around significant purchases. (0:45:31) Financial infidelity: what it means to hide financial behavior you expect your partner would disapprove of. (0:47:46) Why financial decision-making should involve both partners rather than defaulting to one "financial spouse." (0:52:19) Gender norms, financial confidence, and differences in how spouses participate in investment and planning decisions. (0:54:57) Why involving the less financially engaged spouse can bring different—and valuable—perspectives to household planning. (0:56:09) The importance of financial continuity if the spouse who manages the finances dies or experiences cognitive decline. (0:58:21) The common thread across the research: approach household finances as a team and keep communication open. (0:59:52) The return of the after show, including listener reviews and a discussion of feedback on a recent special episode. Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p 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/ ...
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    1 hr and 8 mins
  • The Ethics Problem in Financial Services (Dr. Moira Somers & Philippa Hann) | #425

    The Ethics Problem in Financial Services (Dr. Moira Somers & Philippa Hann) | #425
    Sep 3 2026

    In this episode, we're joined by Philippa Hann and Dr. Moira Somers, co-authors of The Fault Lines of Finance: Understanding and Preventing Financial Misconduct, for a deep dive into why good people can do bad things with other people's money. Philippa brings two decades of experience suing financial advisors, wealth managers, and banks, while Moira brings her expertise as a clinical neuropsychologist working with financial professionals, families, and the human side of money.

    We explore the psychology and systems that can allow financial misconduct to happen, from financial stress, incentives, and information asymmetry to workplace culture, poor training, exhaustion, and the pressure to please. Philippa and Moira explain why ethical behavior is not simply about knowing right from wrong, and why developing "ethical health" requires understanding your own vulnerabilities, building a moral operating system, and having people you can turn to when doing the right thing becomes difficult.

    We also discuss how investors can evaluate financial professionals, why complexity and exciting financial products deserve extra scrutiny, the role of regulators and insurers, and why financial sophistication doesn't necessarily protect people from being exploited. Along the way, Philippa and Moira share case studies illustrating ethical drift, confirmation bias, and the ways seemingly small decisions can compound into serious misconduct. The conversation ultimately makes the case for moral humility, strong relationships, healthy organizational cultures, and the willingness to tolerate discomfort when something doesn't feel right.

    Key Points From This Episode:

    (0:00:00) Introduction.

    (0:02:02) What financial misconduct means and why "other people's money" matters.

    (0:02:35) Philippa's 20 years in litigation and the core question: why do good people do bad things?

    (0:05:02) Moving beyond harm prevention toward promoting positive change in financial services.

    (0:07:36) Why financial services are especially vulnerable: access, incentives, and opportunity.

    (0:09:40) Information inequality and extraordinary client trust in advisors.

    (0:11:15) Even sophisticated investors can fail to ask critical questions.

    (0:11:57) Misconduct isn't simply "good vs. bad people."

    (0:12:45) How systems, incentives, and culture can draw well-intentioned people into misconduct.

    (0:17:40) Ethical drift: how innocent mistakes can escalate into lying and misconduct.

    (0:19:05) Building a personal "moral operating system" to prepare for dilemmas.

    (0:20:00) Identifying vulnerabilities: people-pleasing, exhaustion, dependence, conflict avoidance.

    (0:21:00) Journaling, defining non-negotiables, and developing ethical self-awareness.

    (0:25:22) Importance of trusted people who can challenge your thinking.

    (0:27:13) Personal strengths (confidence, ambition) can become vulnerabilities.

    (0:28:38) Systems and culture can enable misconduct or make ethics easier

    (0:30:10) Organizations must make it safe to surface mistakes.

    (0:34:43) Developing "ethical health" alongside physical and mental health.

    (0:40:15) Ethics requires more than knowing the right answer—it requires character and motivation.

    (0:44:29) Why traditional ethics training often fails in real-world dilemmas.

    (1:14:11) The moral operating system as an actionable framework for behavioral ethics.

    Links From Today's Episode:

    Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p

    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/

    Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)
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    1 hr and 24 mins
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