In a market climbing a wall of worry, Alfred Lee, Deputy CIO at Q Wealth Partners, breaks down what’s really driving resilience in equities, the pitfalls of the 60/40 portfolio, and why private markets may hold the key to asymmetric opportunities.
Summary
Alfred Lee, Deputy Chief Investment Officer at Q Wealth Partners, joins us for a deep dive into the future of portfolio construction, the limitations of legacy models, and the overlooked opportunities in private markets.
With over two decades of experience—from building BMO’s ETF platform from the ground up to shaping Q Wealth’s investment platform—Alfred brings a candid, data-driven perspective on how advisors can navigate today’s uncertain environment.
Our conversation ranges from the rise of independence in Canada’s wealth management industry, his role as Deputy CIO at Q Wealth Partners, one of Canada's leading independent advisor platforms where he has been for almost one year, to his views on navigating markets in the context of the push-pull dynamics between fiscal expansion and monetary caution. Alfred also shares his conviction that investors need to evolve beyond the traditional 60/40 and embrace a more diversified, resilient approach—one that integrates private equity, private debt, and liquid alternatives alongside public markets.
This is a must-listen for advisors and investors looking to position portfolios for an era where fundamentals matter again, resilience is paramount, and opportunity often lies beyond the obvious.
4 Key Takeaways
The rise of independence in wealth management – Q Wealth is at the forefront of Canada’s RIA-style movement, offering turnkey infrastructure for advisors seeking freedom from traditional institutions.- Markets priced for perfection – Equity markets may look overvalued, but earnings surprises suggest valuations could be less frothy than they appear. Still, risks such as tariffs, inflation, and geopolitical uncertainty loom large.
- Beyond the 60/40 portfolio – Traditional models fail in inflationary regimes; resilient portfolios now require privates and alternatives alongside equities and bonds.
- Asymmetric opportunities – The most compelling upside lies in private markets and alternative strategies, where strong due diligence can unlock alpha inaccessible in public markets.
Timestamped Chapters
00:00 – Introduction to Alfred Lee and his career journey
02:00 – Q Wealth’s model and the rise of advisor independence in Canada
08:30 – Freedom in strategy: private pools, ETFs, and broader exposures
14:00 – Defining success at an independent platform
15:30 – Market outlook: resilience, risks, and equity momentum
24:00 – Fiscal expansion vs monetary caution: Powell vs Trump
33:00 – Valuations, earnings, and the search for asymmetric returns
39:00 – Private equity, private debt, and the power of secondaries
45:00 – Why the 60/40 model is outdated
50:00 – The case for alternatives and diversification
52:00 – Closing reflections and key lessons
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