Lexicon Financial Group Weekly Update — August 6, 2026
“A goal without a plan is just a wish.”
ISSUE 239
Looking Around
Last week, I had the opportunity to spend some time in Western Canada, visiting Victoria, Vancouver, and Whitehorse. It was a welcome break from the office and one that was only possible because of the strong support system we have in place for clients.
While everyone is familiar with Wayne Hendry, they may be less familiar with the two portfolio managers who work alongside me on portfolio construction, asset allocation, and trading decisions.
When I was Head of Wealth Management at an investment management firm, we employed a team-based approach to investment management. Every week, the entire team met to discuss market developments, review portfolio positioning, and determine whether changes were necessary. It was a disciplined process that worked well, and it was important to me that we continue that philosophy when we joined Raymond James Investment Counsel in 2020.
To that end, I recruited Antoine Natale and Louis Gervais, two experienced portfolio managers based in Montreal, to be part of our investment team. Every Wednesday, we review portfolios, discuss asset allocation, and evaluate whether adjustments are warranted based on changing market conditions.
While those discussions help establish broad portfolio positioning, implementation always occurs at the individual client level.
Why?
Because no two clients are exactly alike.
Two investors may have similar risk tolerances and objectives, but the way their portfolios are structured can differ significantly. Tax considerations, account types, income requirements, estate goals, and retirement plans all influence how investment decisions are implemented.
For example, adjusting investments inside a registered account such as an RRSP or RRIF generally has different tax implications than making the same changes inside a non-registered account. Likewise, realizing capital gains may be appropriate in some situations but requires careful consideration in others, particularly when factors such as Old Age Security benefits and taxable income come into play.
In today's world, investment management does not need to be a cookie-cutter process.
The same principle applies to retirement planning.
When most people think about retirement planning, they focus on financial questions. How much have I saved? How much can I spend? Will I run out of money?
These are important questions. But they are not the first questions we ask.
Instead, we begin with a much simpler question:
What do you want your retirement to look like?
A financial plan can help determine whether goals are achievable and sustainable. It can estimate future income, project spending needs, and evaluate different scenarios. But without a clear vision of what retirement means to you, a financial plan is simply a collection of assumptions and projections.
Retirement, today, is about far more than simply leaving the workforce. For many people, it represents an opportunity to travel, volunteer, spend more time with family, pursue hobbies, or even begin an entirely new chapter of life.
Because everyone answers those questions differently, every retirement plan should be unique.
One exercise we often recommend is setting SMART goals: goals that are Specific, Measurable, Actionable, Realistic, and Timely.
If retirement is on your horizon, consider taking a few moments to think about the following:
What are you most looking forward to in retirement?
What concerns you most about retirement?
What would your perfect day look like?
Do you plan to work part-time or volunteer?
What experiences have you been postponing until "someday"?
What short-term and long-term goals would you like to accomplish?
Interestingly, many couples discover that they have very different visions of retirement. One person may dream of travelling the world, while the other may be perfectly content spending more time close to home with family and friends. Understanding those differences early can lead to more meaningful planning and fewer surprises later. Having clarity about where you want to go is often the first step toward getting there.
Also, having a vision of and planning for retirement is not just for people in their mid-life years. It is also for millennials and gen Z. If you fall into either generation, we are ready to help you and answer questions you may have about planning for retirement.
Read and Watch
Want deeper insight into topics in your Weekly Update? Then, read and/or right click:
How Retirement Has Changed Over the Last 75 Years (And What It Means for Your Plan)
Why Retirement Happiness Is About Purpose And Connection
Retirement Planning, Retirement Insecurity, and Financial Satisfaction
Looking Back
This week, instead of looking back at the markets, Wayne and I thought it might be worthwhile to look inward.
Over the years, we've found that the most successful retirement plans don't begin with numbers. They begin with conversations. Yes, the financial side of retirement is important, but money is ultimately just a tool. Its purpose is to help support the life you want to live.
Whether retirement is five years away or twenty-five years away, taking the time to think carefully about your goals can help ensure that your financial plan is working toward something meaningful.
After all, retirement planning isn't really about retiring.
It's about living.
The opinions expressed are those of Craig Swistun and not necessarily those of Raymond James Investment Counsel which is a subsidiary of Raymond James Ltd. Statistics and factual data and other information presented are from sources believed to be reliable, but their accuracy cannot be guaranteed. It is furnished on the basis and understanding that Raymond James is to be under no liability whatsoever in respect thereof. It is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Raymond James advisors are not tax advisors, and we recommend that clients seek independent advice from a professional advisor on tax-related matters.
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Looking to Learn?
If you want to know more about some of the topics we wrote about this week, just click on the links below:
SMART goals examples: a guide to setting and achieving your goals
Five tips for millennials to get their retirement goals on track
