The

of

F ISHER I NV ESTMENTS C ANADA TM

Fisher Asset Management, LLC does business under this name in Ontario and Newfoundland & Labrador. In
all other provinces, Fisher Asset Management, LLC does business as Fisher Investments Canada and as Fisher
Investments.

Investing in financial markets involves the risk of loss and there is no guarantee that all or any capital invested will
be repaid. Past performance is no guarantee of future returns. The value of investments and the income from them
will fluctuate with world financial markets and international currency exchange rates.

This document constitutes the general views of Fisher Investments Canada and should not be regarded as
personalised investment or tax advice or as a representation of its performance or that of its clients. No assurances
are made that Fisher Investments Canada will continue to hold these views, which may change at any time based
on new information, analysis or reconsideration. In addition, no assurances are made regarding the accuracy of
any forecast made herein. Not all past forecasts have been, nor future forecasts will be, as accurate as any contained
herein.
 The Seven Secrets of
High Net Worth Investors
Table of Contents

Secret #1: 1
Take On “Risk” to Protect Your Wealth

Secret #2: 3
Have a Cohesive Investment Strategy

Secret #3: 5
Plan for Inflation

Secret #4: 6
Update Your Investment Accounts for Retirement

Secret #5: 8
Be Smart About Withdrawals

Secret #6: 11
Avoid Investments You Don’t Need

Secret #7: 14
Create an Estate Plan Early and Update It Regularly
Secret #1: Take On “Risk” to Protect Your Wealth
Many investors have an incomplete understanding of risk. It’s common to think of risk as short-term
volatility—how sharply investments’ prices move up and down. While it’s true this is one type of risk,
focusing too much on avoiding volatility can increase other risks, such as the risk of running out of
money in retirement. Many investors make this mistake by having too much of their portfolio invested
in bonds and not enough in stocks, causing their portfolio value to run low later in life. Savvy high net
worth investors understand that stocks may feel risky in the short term, but they are more likely to help
you achieve long-term portfolio growth than bonds and other lower-volatility investments.

Maintaining the lifestyle you desire can be a challenge if your

investments don’t grow enough to keep pace with inflation and the
withdrawals you plan to take. This need for growth can feel at odds with
a conservative investment strategy.

Bonds are a common part of many conservative investment strategies,

as they tend to be less volatile than stocks in the short term and
therefore perceived as “safe.” However, bonds have returned less and
actually been more volatile over longer periods.*

Stocks have outperformed bonds 91% of the time over 20-year periods
dating back to 1926.** As seen in Exhibit 1, when stocks outperform
bonds over 20-year periods, it tends to be by a wide margin. However,
when bonds outperform, the outperformance tends to be much more
modest.

*Source: Global Financial Data (GFD), as of 21/07/2020. 5- and 30-year rolling returns, 31/12/1925 – 31/12/2019. Stock
returns based on GFD’s World Return Index and is converted to CAD. The World Return Index is based upon GFD
calculations of total returns before 1970. These are estimates by GFD to calculate the values of the World Index before
1970 and are not official values. GFD used specified weightings to calculate total returns for the World Index through
1969 and official daily data from 1970 on. Bond returns based on Global Financial Data’s Global Total Return Government
Bond Index and are converted to CAD.
**Source: Global Financial Data (GFD), as of 20/10/2020. 20-year rolling returns, 31/12/1925 – 31/12/2019. Stock return
based on GFD’s World Return Index and are converted to CAD. Bond returns based on GFD’s USA 10-year Government
Bond Total Return Index are converted to CAD.

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Secret #1: Take On “Risk” to Protect Your Wealth (Continued)
Exhibit 1: Rolling 20-Year Stock vs. Bond Returns

When Stocks When Bonds

Outperformed Outperformed

Global stocks’ average 20-year return 663% 122%

Global bonds’ average 20-year return 208% 210%

Stocks’ margin of outperformance 3.2x -

Bonds’ margin of outperformance - 1.7x

Source: Global Financial Data (GFD), as of 20/10/2020. 20-year rolling returns, 31/12/1925 – 31/12/2019. Stock returns
based on GFD’s World Return Index and are converted to CAD. The World Return Index is based upon GFD calculations
of total returns before 1970. These are estimates by GFD to calculate the values of the World Index before 1970 and are
not official values. GFD used specified weightings to calculate total returns for the World Index through 1969 and official
daily data from 1970 on. Bond returns based on GFD’s USA 10-year Government Bond Total Return Index and are
converted to CAD.

Perhaps one of the biggest risks you could expose yourself to is missing the growth you need for
achieving your goals by avoiding short-term volatility. Of course, investing in stocks isn’t necessarily
easy. Increasing your stock exposure can feel risky because of greater short-term volatility, which
can also increase your chances of making behavioural errors—one reason having a trusted financial
adviser to help coach you through volatility can be invaluable.

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Secret #2: Have a Cohesive Investment Strategy
For many investors, it’s natural to avoid putting all your eggs in one basket—after all, diversification is
an important tenet of investing. Some investors also use this principle when hiring money managers—
opting to hire several instead of one. While it may seem reasonable to have multiple managers to
reduce risk, savvy high net worth investors understand this could lead to significant inefficiencies in
your investment strategy.

Dividing your assets among multiple managers can result in conflicting strategies across your overall
portfolio. Different managers often have different investment philosophies and make different decisions
for the money they manage. These decisions can directly conflict with one another. For example,
perhaps you own multiple mutual funds that have different managers, and one manager expects
a strong year for stocks while another believes stocks will have a down year. One increases stock
exposure and the other decreases it, leaving you with the same exposure you had initially. Not only
does this decrease efficiency, but it can also lead to increased costs. As one manager purchases
stocks and the other sells them, you pay the transaction costs for effectively no change. Exhibit 2
illustrates how multiple managers can result in an inefficient strategy.

Exhibit 2: Conflicting Strategies With Multiple Managers

Fund 1 Fund 2 Net Change

Bullish Manager Bearish Manager Portfolio Holdings

Stock Exposure Stock Exposure Neutral

Technology Sector Exposure Technology Sector Exposure Neutral

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Secret #2: Have a Cohesive Investment Strategy (Continued)
Similarly, one manager could buy Acme Corp.’s stock on the same day that the other manager sells
it. While diversification is generally positive in investing, diversifying among managers could be
counterproductive to achieving your investment goals. Whatever your level of wealth, as you approach
retirement, you should develop a unified investing approach tailored to your personal situation and
long-term financial goals.

Having a money manager who fully understands your entire financial

picture may increase the likelihood of meeting your long-term investment
goals. Your manager can take the time to personally get to know you
and—if you wish—your family to better understand your financial needs.
High net worth investors tend to understand the importance of having
this kind of detailed and comprehensive financial plan. Your adviser may
be better equipped to offer a personalized investment strategy if they
understand more details about your full financial picture, such as your
financial goals, estate plan and tax situation.

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Secret #3: Plan for Inflation
Health-care advancements over the decades have helped people live longer and healthier lives,
amplifying the need for investments to last longer than many people expected. One consequence of
this can be easy to overlook: Over time, a portfolio’s purchasing power can diminish due to inflation.
The longer investors live, the more time inflation has to work against them. Inflation’s erosion of
purchasing power means investors need to plan for it, and they may need more stock exposure than
anticipated to grow their wealth and maintain their current lifestyle.

Since 1914, inflation has averaged about 3% annually.* At that rate, a

person who currently requires $50,000 to cover annual living expenses
would need approximately $90,000 in 20 years and about $120,000 in 30
years just to maintain the same purchasing power.

Though inflation has been relatively benign in recent years, prices for all
types of goods don’t change at the same rate. And if you spend more
on expenses that tend to increase at a higher rate than other categories,
inflation may have an even more pronounced erosive effect on your
purchasing power over time.

*Source: Statistics Canada, as of 21/09/2020. Average annual consumer price index (CPI) growth rate of 3.12%,
1914–2019.

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Secret #4: Update Your Investment Accounts for Retirement
Registered Retirement Savings Plans (RRSPs) are one of the most common retirement account
types for investors. Many group RRSPs offered by employers have limited investment options, such
as target-date funds or other mutual funds, which can make it difficult to create a truly personalized
portfolio. While group RRSPs are great saving tools, they may only offer a limited menu of mutual
funds. For many high net worth investors, it can be more cost effective and efficient to invest in
individual stocks and bonds rather than mutual funds.

Many mutual funds follow strict mandates, such as investing in a set portfolio
allocation or style that adheres to the prospectus—not necessarily your
goals. Fund managers won’t adjust their strategies if your situation changes.
While they may consider more general objectives such as growth, factors
such as investment time horizon, allocation preferences, life expectancy and
income needs can vary widely from person to person.

Over time, a target-date fund’s asset allocation tends to shift, usually

increasing exposure to bonds gradually. We believe these funds have two
main shortcomings. First, allocation shifts typically happen in response to
your projected retirement date, but your goals and the amount of time you
need your money to last—the factors that should most drive your asset allocation—may have little to
do with your retirement date.

For instance, consider two hypothetical investors, Sarah and Michael, who are both planning to retire
at 65 years old. Sarah is in excellent health. Her husband Joe is younger and also in excellent health.
Sarah’s and her husband’s parents are all still alive—Sarah’s are in their 90s and his are in their
80s—so both Sarah and her husband have long life expectancies. Sarah’s husband also owns a small
business and does not plan to retire anytime soon.

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Secret #4: Update Your Investment Accounts for Retirement
(Continued)
Michael, on the other hand, is a widower and in poor health. His parents died in their 70s of natural
causes. He would like to spend down his retirement savings by the end of his life and requires near-
term cash flows.

Do these two investors, Sarah and Michael, sound like they should have identical portfolios just
because they are the same age? Sarah and Michael have different goals, and it’s likely Sarah has a
longer investment time horizon. These investors may require a more personalized solution, one that
target-date funds may not provide.

Sarah Michael

• 60 years old • 60 years old

• Plans to retire in 5 years • Plans to retire in 5 years
• 50-year-old spouse • Widower
• Parents in their 80s and 90s • Parents passed away in their 70s
• Husband owns small business • In poor health
that will supplement income • Plans to spend down his account
• Has no current cash-flow needs

Second, target-date funds may increase exposure to bonds (at the expense of stocks) too quickly.
As discussed in Secrets 1 and 3, for many investors who have long investment time horizons, having
mostly bonds as they enter retirement may shortchange the returns they need in order for their money
to last.

While circumstances vary, investors looking to have more control over their investment options may
consider transferring some or all of their group RRSP account into a self-directed RRSP or other
alternative with more flexible investment options. A more flexible approach, and potentially a broader
set of investment options, may allow you (or your trusted financial adviser) to optimize and personalize
your investment strategy.

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Secret #5: Be Smart About Withdrawals
One of the most common concerns investors have is running out of money in retirement. Even so,
some investors may not properly consider the long-term impact of withdrawals on their portfolio.
Even for high net worth investors, withdrawing more than 5% of your portfolio value annually can
dramatically increase the risk you could run out of money in retirement.

Since stocks have historically delivered an annualised return of around 10%, it may seem feasible to
withdraw as much as 10% a year from your portfolio—but this could lead to a high risk of depletion.*
Historically, returns have been highly uneven and withdrawals in a down year can have a big impact.
For example, if the market drops -20% and then you still withdraw 10%, you will need a 39% gain to
get back to your initial value.

Many high net worth investors understand the trade-offs of different

withdrawal rates. The following hypothetical scenarios show the impact of
10%, 7%, 5% and 3% annual withdrawals on a $1,000,000 portfolio using
three different asset allocations (100% stocks, 70% stocks/30% bonds and
50% stocks/50% bonds). These scenarios analyzed 30-year rolling periods
based on market returns starting in 1925. All withdrawal amounts are
adjusted for inflation to maintain original purchasing power.**

Note that no asset allocation has a high probability of survival over a 30-year
time horizon when taking 10% or 7% withdrawals. Over 30 years, limiting
distributions to 5% or less materially improves the likelihood of portfolio
survival and growth.

No assurance can be given that these returns will be achieved. This analysis is for illustrative
purposes and should not be treated as a personal recommendation. Investing in equity
markets involves risk of loss. Past performance is not a guarantee nor a reliable indicator of
future returns.

*Source: Global Financial Data, as of 18/01/2020. Based on 9.6% annualized MSCI Canada Total Return Index returns,
31/12/1969 – 31/12/2019.
**The analysis uses stock returns based on Global Financial Data’s Developed World Return Index and bond returns
based on Global Financial Data’s Canada 10-year Government Bond Total Return Index. This analysis calculates
hypothetical portfolios over 30-year annual rolling periods factoring cash flows and historical market returns. Cash flows
are adjusted by 3% annually to account for inflation. Source: Global Financial Data, as of 05/11/2020. Annual Total
Returns from 31/12/1925 through 31/12/2019.

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 Secret #5: Be Smart About Withdrawals (Continued)
Scenario #1:
In this scenario, we simulate the results of an investor taking annual withdrawals of $100,000 (10%)
from a $1,000,000 portfolio (starting value) over a hypothetical 30-year investing time horizon.
Scenario #1 - 10% withdrawals
% Probability Assets % Probability
Survived 30 Years > Starting Value Median Ending Value Portfolio Survival Years
Ending Value
16.7
15.6 14.8

8.0
7.0
6.0
21.5% 16.9%
10.8% 13.8% 10.8%
3.1% $0 $0 $0
100% 70% / 30% 50% / 50% 100% 70% / 30% 50% / 50% 100% 70% / 30% 50% / 50% Avg Min Avg Min Avg Min
Scenario #2 - 7% withdrawals
Scenario #1 shows the probability of this portfolio lasting for 30 years—let alone growing—is very low.

Unfortunately, this is true for all three asset allocations in this example (100% stocks, 70% stocks/30%
bonds and 50% stocks/50% bonds). Though the portfolio comprised of 100% stocks produces the
highest probability of asset survival, a 21.5% chance of not running out of money in retirement is hardly
comforting.

Scenario #2:
In this scenario, we simulate the results of an investor taking annual withdrawals of $70,000 (7%) from
a $1,000,000 portfolio over 30 years.
Scenario #2 - 7% withdrawals
% Probability Assets% Probability
% Probability
Survived 30 Years Ending Value
> Starting > Starting Value Median Ending Value Portfolio Survival Years
Ending Value
23.5 23.1 22.1

44.6% 13.0
40.0% 11.0
36.9% 33.8% 9.0
27.7% 24.6%

$0 $0 $0
100% 70% / 30% 50% / 50% 100% 70% / 30% 50% / 50% 100% 70% / 30% 50% / 50% Avg Min Avg Min Avg Min

Scenario #2 shows the probability of asset survival and growth improves by reducing withdrawals. But
even with 100% stock allocation, the likelihood of not running out of money is only 44.6%.

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 Secret #5: Be Smart About Withdrawals (Continued)
Scenario #3:
In this scenario, we simulate the results of an investor taking annual withdrawals of $50,000 (5%) from
a $1,000,000 portfolio over 30 years.
Scenario #3 - 5% withdrawals
% Probability Assets % Probability
Survived 30 Years > Starting Value Median Ending Value Portfolio Survival Years
Ending Value
87.7% 83.1% $6,099,059 28.9 29.0 28.5
83.1%
70.8% 70.8%
63.1% 19.0
$3,338,496 17.0
14.0
$2,200,019

100% 70% / 30% 50% / 50% 100% 70% / 30% 50% / 50% 100% 70% / 30% 50% / 50% Avg Min Avg Min Avg Min

Scenario #3 shows reducing withdrawals to 5% of a portfolio greatly improves the probability of both
asset survival and growth across all three asset allocations.

Scenario #4:
In this scenario, we simulate the results of an investor taking annual withdrawals of $30,000 (3%) from
a $1,000,000 portfolio over 30 years.
Scenario #4 - 3% withdrawals
% Probability Assets % Probability
Survived 30 Years > Starting Value Median Ending Value Portfolio Survival Years
Ending Value
98.5% 99.9% 99.9% 95.4% 98.5% 98.5% 29.9 30.0 30.0 30.0 30.0
$10,809,432
$8,651,191 25.0

$6,025,605

100% 70% / 30% 50% / 50% 100% 70% / 30% 50% / 50% 100% 70% / 30% 50% / 50% Avg Min Avg Min Avg Min

Scenario #4 shows materially better probabilities of both asset survival and growth. Using all three
asset-allocation scenarios, median ending value is higher than the starting value, though 100% stocks
shows the best median portfolio growth.

10 The Seven Secrets of High Net Worth Investors | 888-291-0675

Secret #6: Avoid Investments You Don’t Need
Many high net worth investors are “accredited,” which means they may have access to investments the
average individual investor does not. An accredited investor is a person or entity who may be eligible
to invest in unregistered securities, including hedge funds, private placements, private equity and
more.

Regulatory authorities believe that because accredited investors have higher income and net worth,
they are better able to withstand the investment risks of an unregistered security. However, we have
worked with many successful investors who understand many of these investments are not worth their
risks, and that reaching their goals is possible with more widely used assets like stocks and bonds.

Hedge Funds
A hedge fund is a private investment fund that markets itself almost exclusively to accredited investors.
Hedge funds are known to employ higher-risk strategies such as shorting and leveraged investments
in order to maximize returns. Hedge funds are typically set up as private investment limited
partnerships that can require large minimum initial investments.

Due to the potentially high fees and lack of liquidity, we believe hedge
funds expose investors to a level of risk not necessary for reaching
their long-term goals. These funds are generally illiquid, as they often
require their investors to keep money invested in the fund for at least
one year. Hedge funds also have cash-flow limitations—withdrawals can
be limited to once a quarter or even semi-annually. With the promise of
higher returns, hedge funds may charge higher fees, with both an annual
asset-management fee as well as a “performance fee” assessed as a
percentage of a hedge fund’s profit over a certain level.

[Link] 11
Secret #6: Avoid Investments You Don’t Need (Continued)
Private Placements
A private placement is a capital-raising event in which shares of a private
company are offered to a small group of accredited investors. Companies
offer private placements to raise capital for their business, typically
by offering some form of company ownership, like through stock, or a
commitment to repay the capital, like a bond or promissory note.

Because the regulatory process is different for private placements, their

securities offerings may face less scrutiny than investments that are offered
publicly—which may pose potentially greater risks. Further, because they
aren’t sold publicly, private placements may be illiquid, meaning they may be difficult to convert
to cash. In addition to over-concentration and liquidity risk, private placement investors are also
susceptible to default risk or the risk that the company they invest in is unable to pay back its debt
obligations.

Private Equity
Private equity refers to investing directly in private companies whose shares may not be available
on a public exchange. The most common way to invest in private equity is through a private equity
fund, which pools investor assets and chooses companies to invest in.
Investors often seek out private equity funds due to perceived outsized
historical returns. Most private equity funds require a minimum holding
time period that can keep investors’ money locked up until the fund permits
redemptions. Also similar to hedge funds, private equity funds may charge
both management and performance fees.

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Secret #6: Avoid Investments You Don’t Need (Continued)
Mutual Funds
Mutual funds can be an effective diversification option for investors with
smaller portfolios, but high net worth investors often have better tools
at their disposal. Mutual funds combine money from many investors to
purchase an array of stocks or other securities that may be cost prohibitive
for an individual investor with a smaller portfolio to invest in on their own.
But as your portfolio grows in value, the constraints tied to buying small
share amounts diminish. In some cases, the fees associated with mutual
funds can be more expensive than the trading costs associated with
purchasing the securities within the fund on their own, making them less cost efficient.

They also can put you at a disadvantage from a tax perspective. Mutual fund assets are commingled.
So investors who hold funds in a taxable account are taxed on any capital gains incurred when they
sell the fund as well as on any distributions of income (i.e., capital gains, dividends and interest) from
the fund itself. This means you could end up owing taxes on gains within the fund in a year where you
do not sell any shares yourself or even when the overall fund incurs a loss.*

Other Investments That May Not Be Ideal for Investors

In our view, there are certain investments most individual investors should think twice about—whether
they are for high net worth investors or otherwise.

Investors looking to avoid the volatility associated with the stock market
may look towards gold. Investors may use gold to help diversify or
hedge against the performance of other assets, but we don’t believe it’s
effective as either. Gold’s returns are driven by supply and demand, and
since supply tends to be relatively consistent and gold has few industrial
and practical uses, its price is heavily influenced by sentiment, which
often makes it subject to high volatility. Gold can go through long periods
of boom and bust, and we believe in order to invest successfully in gold,
an investor must be an incredible market timer—something difficult for
even the best investors.

*Source: Canada Revenue Agency, as of 19/10/2020. Tax Treatment of Mutual Funds for Individuals. [Link]
ca/en/revenue-agency/services/forms-publications/publications/rc4169/[Link].

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Secret #7: Create an Estate Plan Early and Update It
Regularly
Create a Plan
One of the most important parts of your retirement plan is making arrangements to help ensure your
loved ones are taken care of if anything happens to you. Investors who have saved up a significant
amount may deal with more complexities during this process. Plan in advance to help ensure a smooth
transition.

While creating a will and planning how you would like your estate distributed may be uncomfortable,
your loved ones and beneficiaries will appreciate your clear and well-constructed plan in place.
Determining, in advance, which beneficiaries or charitable organizations will receive your assets can
save a great deal of potential confusion later. If you pass away without a will, the probate process may
take longer and your assets may not be distributed according to your wishes.

Revisit Your Plan Regularly

Investors often have a “set it and forget it” mindset when it comes to
estate plans, but you should review yours on a regular basis. It’s a good
idea to ensure all of your documents are in place and up to date.

Also, consider whether you would like to make any changes to your
estate plan, perhaps as a result of changes in your or your beneficiaries’
circumstances. These could include changes in your health, a move, or a
birth or death in your family. Changes in income and net worth can also
significantly affect your estate plan. If you developed an estate plan early in retirement or before, make
sure to review it again, as a lot can change over time.

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How Can Fisher Investments Canada Help?
We hope this guide has offered helpful tips and insights for your investing success. As we reach
the conclusion, we’ll leave you with one more insight to consider: Many of the most successful
high net worth investors work with a financial professional. Fisher Investments Canada has helped
many investors create personalized investment plans tailored to their long-term financial goals. Our
professionals can help provide actionable considerations, given your income needs, investment time
horizon and long-term financial goals.

We Believe Fisher Investments Canada Can Help You Build a More

Secure Financial Future.
A second set of eyes on your financial future is always a good idea. If you want an experienced
financial professional to review your combined retirement portfolio and financial goals, call us at
888-291-0675 for a complimentary evaluation.*

We look forward to hearing from you.

*For qualified investors with $500,000 or more in investable assets.

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From the moment you become a client, we put you first.
We are dedicated to helping investors like you reach their long-term financial goals and live
comfortably in retirement. As a fiduciary, we are obligated to put our clients’ interests first, but our
values, structure and focus on you go even further:

Fees Aligned With Your Interests

Our fee structure is transparent and helps tie our incentives directly to your success. We charge a
simple fee based on the assets we manage for you. We do not make money on trading commissions
or by selling investment products for a commission—common conflicts of interest in the rest of the
financial services industry.

A Tailored Approach
We create a personalised portfolio tailored to your unique situation: your financial goals, wants, needs,
health, family and lifestyle. And on an ongoing basis, we work with you to understand changes in your
life or financial situation that may impact your investment plan.

Unparalleled Service
Your dedicated Investment Counsellor is here to serve you, not sell to you. Your Investment Counsellor
is well versed in your financial goals and helps you stay on track with your investment plan. She or
he calls you to make sure you understand what we’re doing in your portfolio and why. Our financial
planning, educational resources and live client events also help you understand challenging and
oftentimes-unpredictable markets.

Investment Experience
We have been working to make the financial services industry a better place for investors since 1979.
Today, we apply that experience in helping more than 75,000 clients around the world reach their long-
term goals.* Led by our founder Ken Fisher, our Investment Policy Committee—the primary decision-
makers for your portfolio—has 140+ combined years of industry experience. Moreover, the Financial
Times named us a Top Registered Investment Adviser seven years in a row.**

2014 - 2020
*As of 30/09/2020. Includes Fisher Investments and subsidiaries.
**Fisher Investments named Financial Times Top 300 US-Based Financial Adviser (RIAs) from 2014 to 2020. The
Financial Times (FT) invites Registered Investment Advisers that meet certain criteria to apply to be considered for the
Top 300 Financial Adviser List. Applicants are graded on six broad factors: assets under management (AUM), asset
growth, years in operation, industry certifications of key employees, online accessibility and compliance record. Neither
Fisher Investments nor its affiliates pay to be considered and selected for this award.

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F I S H E R I NV EST MEN TS C A NA D A TM

5525 NW Fisher Creek Dr.,

Camas, WA 98607
888.291.0675
[Link]

©2020 Fisher Investments. All rights reserved. C.01.490-Q4201130