The Wealth Exchange

In this episode, hosts Cassandra Cross, Wealth Advisor | Client Relationship Manager, and Selena Woo, Vice President, Private Wealth – Associates, explore what it truly means to invest in yourself, personally, professionally, and financially. Drawing from their own experiences, Cassandra and Selena share how self-belief, strategic choices, and intentional self-care can create lasting returns that extend beyond financial success. From Selena's philosophy of "decades of compounding confidence" to Cassandra's lessons on balance after burnout, they offer practical insights on how women can redefine wealth, success, and legacy on their own terms. Recognizing yourself as your greatest asset can change everything. Every decision to invest in your growth, whether paying down debt, pursuing new opportunities, or prioritizing well-being, builds confidence, resilience, and long-term impact.

What does it take to build lasting value in a world where markets and technology are evolving faster than ever? In this episode of The Wealth Exchange, host Rob Olsen, Head of Nicola Wealth Private Capital, and co-host Kent Sio, Principal, Private Equity and Venture Capital, sit down with Perry Miele, Managing Partner at Beringer Capital, for a dynamic conversation on the future of private capital. From navigating NAFTA negotiations to leading global businesses, Perry shares thoughtful lessons on leadership, digital transformation, and the growing influence of AI in modern investing. He also discusses the importance of staying disciplined in a shifting market and why optimism and long-term thinking remain essential to success in private equity.  

Behind every career move, family milestone, and household decision lies a financial story that rarely gets told. In this episode, Cassandra Cross, Wealth Advisor and Client Relationship Manager at Nicola Wealth, sits down with estate lawyer Christianne Murphy to explore the often-overlooked "invisible load" women carry, especially during major life transitions like marriage, motherhood, caregiving, or career changes. Together, they unpack the emotional and financial weight of this hidden labour, share personal stories, and offer actionable strategies to help women protect their financial identity, plan with confidence, and create space for their own goals. 

What makes a legacy last? In this special conversation, Isadore "Issy" Sharp, founder of the Four Seasons Hotels and Resorts, joins John Nicola, founder and CEO of Nicola Wealth, to reflect on the principles that built two enduring organizations. Moderated by Ori Mandowsky with opening remarks from Chris Nicola, the discussion explores how values like service, culture, and generosity can shape success far beyond the balance sheet. Together, they discuss the Golden Rule that defined Four Seasons, the "Share the Pie" philosophy behind Nicola Wealth, and how both founders approach succession, leadership, and philanthropy with intention.

A resilient market masked a quarter defined by policy tension, valuation concerns, and inflation uncertainty. In this quarterly edition of The Wealth Exchange, Nicola Wealth Portfolio Manager and Investment Strategist Ben Jang joins host Jasmine Marichic to unpack a quarter marked by rising equity markets and rising risks. From the evolving US–Canada tariff dispute and its implications for key industries, to concentrated market leadership, high valuations, sticky inflation, and bond volatility, Ben explores the complex macro environment investors face today. He also explains why diversification, real assets, and illiquidity premiums can play a vital role in helping build more resilient portfolios.

Music has the power to transform lives, and few understand this better than Sarah McLachlan. In this episode, host John Nicola, CEO, CIO and Chairman at Nicola Wealth, sits down with the Grammy-winning artist and philanthropist to explore her remarkable journey from a 19-year-old with a record deal to the founder of a groundbreaking music education program.  Together, they trace McLachlan's path from Halifax to Vancouver, her early experiences with World Vision that sparked a lifelong commitment to giving back, and the creation of Sarah McLachlan School of Music 24 years ago. The conversation dives deep into the school's barrier-free model, serving 1,200 students across Vancouver, New Westminster, and Edmonton with completely free programming, and the extraordinary results - including a 99% high school graduation rate among participants.  McLachlan shares insights from her annual "Barefoot in the Backyard" fundraiser, the challenges of scaling a nonprofit organization, and her vision for sustainable philanthropy. The discussion also explores broader themes around community impact, the infinite game of giving back, and how access to music education can provide vulnerable youth with mentorship, connection, and a safe space to discover their authentic selves. Learn more about the Sarah McLachlan School of Music

Even the most disciplined investors can be influenced by emotions and biases. In this episode, Benjamin Jang, Investment Strategist at Nicola Wealth, introduces John Nicola, Chairman, CEO & CIO, who explores the field of behavioural finance. John examines the psychological traps that can influence even the most experienced investors, from loss aversion and overconfidence to anchoring and confirmation bias, and how these behaviours can affect long-term returns. Drawing on historical examples and modern research, John highlights practical ways investors can counteract bias through systematic rebalancing, disciplined asset allocation, and diversification.

Canada's housing market is at a crossroads, driven by record immigration, shifting interest rates, and mounting construction challenges. In this episode, host Ethan Astaneh, Wealth Advisor | Client Relationship Manager, sits down with Dan Wurtele and Ryan Dash of The Vancouver Life Real Estate Group for a data-driven look at the state of Canadian real estate. Together, they unpack the demand story behind immigration, what interest rates and cap rates are signalling, and why investor sentiment remains cautious. The conversation also dives into stalled development projects, the rise of purpose-built rentals, and new opportunities emerging in multiplex housing, shedding light on what these shifts mean for homeowners, investors, and the next generation of buyers. Sign Up for our Newsletter About The Vancouver Life

In this episode, Vanessa Flockton, President of Private Wealth at Nicola Wealth, addresses the questions on every investor's mind: How do you plan and invest when the world feels anything but stable? From rising geopolitical tensions and tariff wars to market volatility and inflation concerns, Vanessa shares a grounded approach to navigating uncertainty through disciplined financial planning. With a sample case study of long-time clients, Vanessa illustrates how Nicola Wealth's disciplined approach, grounded in personalized planning, diversified asset allocation, and a focus on cash-flow-generating investments, can help families stay on track, even in uncertain times.

What does it take to build a lasting career in private capital? In this episode, Nicola Wealth's Rob Olsen sits down with Mike Mazan, longtime private equity leader, board member, and co-founder of KingsPeak Partners, to explore the evolution of Canada's private capital landscape over the past two decades.   From early lessons at McKinsey and Rogers to landmark investments at Birch Hill Equity Partners, including early backing of Constellation Software, Mike reflects on the wins, the pivots, and the leadership values that shape successful long-term investing. He shares his transition to family office investing, his motivations for co-founding Kingspeak, and how he and his partners are deploying their own capital with an indefinite time horizon.

Markets may be rising, but risks are too. In this quarterly edition of The Wealth Exchange, Nicola Wealth Portfolio Manager and Investment Strategist Ben Jang joins host Jasmine Maricic to unpack the sharp contrasts of the second quarter of 2025 — from tariff shocks and interest rate uncertainty to surprising equity rebounds. Together, they explore where Nicola Wealth sees opportunity in today's complex environment, including fixed income, public equities, and secondary private markets. They also touch on reporting transparency, the importance of rebalancing, and strategies to help investors avoid emotional decision-making.

Mark Therriault, Vice President of Business Succession and Estate Planning, sits down with Mike and Karen Heppell, founders of Longboard Architectural Products. From betting the farm on a manufacturing startup to creating one of Abbotsford's most admired workplace cultures, the Heppells share their journey of grit, vision, and leading with purpose. They share how they built a thriving business grounded in people-first values, operational excellence, and community impact, and why generosity is now embedded in their culture, from philanthropy to employee engagement. Sign Up for our Newsletter

Recorded live on June 3 in Victoria, Nicola Wealth Advisor | Client Relationship Manager, Chris Warner, hosts a timely discussion on the forces shaping today's investment environment. Ben Jang, Portfolio Manager, Investment Strategist, opens with a compelling analysis of the four key indicators that have preceded every bear market over the past 200 years, and why all four are now in play. Shaun Blythen, Vice President, Real Estate Investments & Portfolio Strategy, provides an update on Nicola Real Estate's development activity in Victoria and discusses the long-term role of real estate in diversified portfolios. Ashley Ng, Senior Director, Head of Infrastructure Investments, closes the conversation with a look at the role of infrastructure within private capital and how the asset class has historically demonstrated resilience through various market conditions. Together, these insights highlight how a thoughtful, multi-asset approach can help investors remain resilient and well-positioned, even as conditions shift. Sign Up for our Newsletter 13:42 - 13:47 - 8.1% annualized return for Nicola Core Portfolio Fund. Ranking by 10-year Return as of Dec 31, 2024. Compared against AIMCO, BCi, CDPQ, CPP, HOOPP, OMERS, OTPP, PSP. PSP and BCi as of March 2024. 14:47 - 14:58 - Total Portfolio Returns (Dec 1986 - June 2024, Equal Weighted %). Outperformance in reference to TSX Composite. 14:58 - 15:08 - Annualized Volatility (Dec 1986 - June 2024). Outperformance in reference to TSX Composite. 17:27 - 17:34 - Nicola Canadian Real Estate Limited Partnership; inception date: Dec 2005. Since inception return of 8.9% 17:35 - 17:49 - Nicola U.S. Real Estate Limited Partnership; inception date: June 2010. Since inception return of 9.9% 17:50 - 18:01 - Nicola Value Add Real Estate Limited Partnership; inception date: Nov 2014. Since inception return of 11.9%

In this episode, Rob Olsen, Head of Private Capital at Nicola Wealth, and Jason Luo, Senior Director of Venture Capital, speak with Han Kim, Co-Founder and Managing Partner at Altos Ventures, a global venture capital firm known for backing breakout companies like Roblox, Coupang, and Woowa Brothers. Han walks through Altos' early challenges, from launching a fund just before the Asian financial crisis to navigating the dot-com bubble, and explains how those experiences shaped a long-term, founder-first approach to venture investing. The conversation explores what it means to invest with conviction, why the best opportunities often require patience, and how staying close to founders can lead to rare, compounding outcomes. Sign Up for our Newsletter

Recorded live on May 29 at the Nicola Wealth Vancouver Strategic Insights event, this episode features Chairman, CEO, and CIO John Nicola in conversation with the firm's senior investment leaders. Together, they explore how the team is approaching today's market environment and identifying opportunities across real estate, private capital, and public assets. Featuring: Alex Messina, Managing Director, Nicola Real Estate Robert Olsen, Head of Private Capital Ben Jang, Portfolio Manager, Investment Strategist William John, Co-Head, Public Assets – Fixed Income This episode shares our perspectives on portfolio construction and the role of different asset classes in a diversified strategy.

In this special episode recorded live at the Canada Private Markets Meeting in Toronto, Nicola Wealth's Founder, Chairman, CEO and CIO, John Nicola joins Michael Kaumeyer, Vice Chair, Nicola Family, for an insightful conversation on leadership, legacy, and navigating uncertainty. John reflects on the unexpected path that led him into financial services and the deliberate decisions that shaped Nicola Wealth's unique model, one built on integrated planning, long-term thinking, and shared ownership. From early lessons in sales to building a multi-generational firm, John shares what he's learned about scaling with purpose and preparing for succession. The discussion also explores today's shifting economic and geopolitical landscape, with John offering a candid perspective on risk, cash flow, and how thoughtful portfolio construction can offer stability in volatile times.

In this episode of In the Ring with Rob, host Rob Olsen is joined by Nicola Wealth's Matt Choi and guest Rahman Vahabzadeh, Managing Director at Audax Private Debt, one of the most established firms in the space with over $24 billion in assets under management. Together, they explore how private debt has evolved into a key component of today's investment portfolios, why it's gaining traction with both institutional and individual investors, and how firms like Audax are navigating an increasingly complex and competitive market. From the rise of unitranche financing to what makes a deal resilient in uncertain times, this episode offers a clear, inside look at how private lenders approach risk, return, and long-term opportunity in the U.S. middle market. Sign Up for our Newsletter

In this timely episode, Gary Mar, President and CEO of the Canada West Foundation and former Alberta Cabinet Minister, joins Ben Jang, Portfolio Manager and Investment Strategist at Nicola Wealth, to discuss the recent Canadian federal election and what the results could mean for the economy, energy, and national unity. The conversation explores the potential for cross-party cooperation, the evolving relationship with the United States, and how Canada can strengthen its position through productivity, infrastructure, and Arctic strategy. Together, they offer a thoughtful and wide-ranging discussion on the decisions that could shape Canada's economic future.

What does it take to build a firm that lasts—and a culture that grows with it? In this episode, recorded live at the 2025 Private Wealth Canada West Forum, Nicola Wealth Chairman and CEO John Nicola joins board member and Rethink Founder Tom Shepansky for a thoughtful conversation on leadership, growth, and the value of sharing success.  From the early influences that shaped his thinking to Nicola Wealth's "Share the Pie" philosophy, John offers insights on building a resilient business, investing in people, and staying focused on the long game. For entrepreneurs, executives, and investors alike, it's a valuable perspective on what sustainable success really looks like. 2:04 - The importance of a strong network 7:03 - Authors of significance  8:51 - Where Share the Pie originated 14:00 - Growing your company, by sharing it  18:24 - How to play the long game 22:47 - The importance of giving back to your community Sign Up for our Newsletter

Ben Jang, Portfolio Manager at Nicola Wealth, joins host Jasmine Maricic to discuss key developments from the first quarter of 2025 and the potential implications for the global economy. They review market reactions to U.S. tariffs and their broader impact on trade dynamics, including Canada's positioning in a shifting global landscape. Ben also shares perspectives on Canadian and U.S. equity valuations, diverging labour market trends, and the return of terms like "stagflation" to economic discourse. The conversation touches on European equity performance, inflation and interest rate expectations, and the evolving role of fiscal and monetary policy. Ben also outlines how Nicola Wealth's multi-asset portfolios are managed to stay diversified and respond to changing conditions across public and private markets. Highlights 1:02 - How much has Trump shaken up the Global Economic landscape with the recent tariff threats? 6:35 - European Union x Canadian Trade 11:04 - U.S Exceptionalism 12:51 - Trade tensions and how they are impacting the Canadian interest rate 15:10 - Why have European stocks outperformed US stocks this last quarter? 18:00 - The importance of a diversified portfolio Sign Up for our Newsletter