The Year in Review: Why Real Progress is Often Quiet

Markets moved. Headlines screamed. Uncertainty lingered.

If you felt a little uneasy at times this year, you weren't alone. It was a year characterized by mixed signals, economic data that defied expectations, geopolitical shifts that dominated the news cycle, and market swings that tested the nerves of even the most seasoned investors. But as we wrap up the year and the dust settles, I want to challenge you to look past the ticker tape.

When we look back at financial history, the most important events of the last 12 months likely had nothing to do with what the S&P 500 did on a Tuesday in October. They had everything to do with how you reacted to it.

Here is a different perspective on the year that was and what actually mattered.

1. The Market Did Its Job (And So Did You)

It is easy to look at volatility as a sign that something is "broken" in the economy. But in reality, volatility is a feature of the system, not a bug. It is the price of admission for the returns we seek over the long term.

This year, the market did exactly what it is designed to do: it priced in new information, reacted to changing variables, and eventually found its footing.

But more importantly, you did your job.

The single biggest risk to your wealth this year wasn't inflation, interest rates, or election cycles. It was the temptation to make emotional decisions based on fear. In moments of peak uncertainty, the urge to "do something" to sell, to move to cash, to overhaul the strategy can be overwhelming.

If you stayed the course when the headlines were negative, you didn’t just "do nothing." You made an active, difficult, and disciplined choice to stick to the plan. That discipline is the primary driver of investment success.

2. Preparedness Over Predictions

Right now, your inbox and news feed are likely flooded with "2025 Market Outlooks" and bold predictions from Wall Street analysts.

My advice? Read them for entertainment if you like, but ignore them when it comes to your money.

Wealth isn't built by being right about what the market will do next month or next year. If the last few years have taught us anything, it is that the future is inherently unpredictable. The "experts" rarely agree, and they are frequently wrong. Long-term success is built on having a plan that works regardless of what happens next.

• We don’t build financial plans for "sunny days only."
• We don't build portfolios that only work if inflation stays under 3%.
• We build them for reality.

A robust financial plan is designed to bend, not break, when the unexpected happens. That resilience is worth more than any forecast.

3. The Wins You Didn't See

While the media focused intently on interest rates and daily index movements, smart investors were focused on "quiet progress."

Quiet progress is the work that happens in the background. It doesn't show up on a flashy ticker on CNBC, but it is the engine of real wealth creation. This year, while the noise was loud, we focused on the levers we could actually pull:

• Tax Efficiency: Did we harvest losses to offset gains? Did we look for opportunities to convert funds to more tax-favorable accounts? Keeping more of what you earn is a guaranteed return.
• Income Optimization: Did we ensure your retirement income streams are sustainable and efficient, regardless of market yield?
• Simplification: Did we consolidate accounts, update beneficiaries, and reduce the complexity of your financial life?

These moves aren't flashy. They don't make for exciting dinner party conversation. But they are the "boring" compounding actions that move the needle significantly over a 10 or 20-year horizon.

The Bottom Line

As we enter the new year, uncertainty is the only guarantee. There will be new headlines, new worries, and new reasons to question the path forward. We cannot control the economy. We cannot control the Federal Reserve. We cannot control the news cycle. But we can control our discipline, our strategy, and our behavior. That approach has held up for decades through wars, recessions, and booms alike, and it is exactly how we will navigate the year ahead.

The end of the year is the perfect time for a check-in. Does your current plan still align with where you want to go? Has your life changed in a way that your portfolio hasn't caught up with yet?

If you aren't sure, let’s talk. Clarity is the best way to start the new year.

‍

^{Grant White is a Portfolio Manager /Investment Advisor at Endeavour Wealth Management with iA Private Wealth Inc., an award-winning office as recognized by the Carson Group. Together with his partners, he provides comprehensive wealth management planning for business owners, professionals and individual families. This information has been prepared by Grant White, who is a Portfolio Manager for iA Private Wealth Inc. and does not necessarily reflect the opinion of iA Private Wealth. The information contained in this newsletter comes from sources we believe reliable, but we cannot guarantee its accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the date of publication and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any of the securities mentioned. The information contained here in may not apply to all types of investors. The Portfolio Manager can open accounts only in the provinces in which they are registered.}

^{*Insurance products and services are offered through Endeavour Wealth Management Inc, an independent and separate company from iA Private Wealth Inc. Only products and services offered through iA Private Wealth Inc. are covered by the Canadian Investor Protection Fund.}