Financial
Focus

Our personal expertise and insight into the financial landscape and how it might affect our West Oak families.

Dedicated to the West

We are Andrew McQuiston and Kelly Demo, the founders of West Oak Family Office.

Together, we bring a differentiated approach that is more dedicated and integrated than what you would find with a traditional wealth management firm or team. This has all been done in an effort to grow and protect the capital of the families we serve, and to ensure successful outcomes across generations.

April 2025:
Quarterly Insight

Recessions typically begin when an already vulnerable economy is hit with a shock—think pandemic, global financial crisis, market bubbles, and excessive leverage. The U.S. economy had been showing signs of weakness before President Trump got elected, and the shock has come in the form of tariffs and a global trade war.

January 2025:
Quarterly Insight

The U.S. has been the best performing developed equity market for over a decade and makes up the vast majority of the equity component within client portfolios. Part of the benefit of having been invested in the U.S. market has been having exposure to the U.S. dollar and its appreciation over the loonie, which has helped to enhance the return within portfolios. With this said, we believe that we may be at a tipping point for the U.S. dollar and its ability to appreciate in a much more meaningful way in the quarters and years to come.

October 2024:
Quarterly Insight

Happy fall and welcome to tax planning season! Each year it is like a light switch is dimmed — summer comes to an end, there is a noticeable chill in the air and our thoughts turn to Thanksgiving and taxes! (or maybe that’s just us?). Thanksgiving is a time of reflection, being thankful and spending time with family but it is also a time to think of others less fortunate and consider ways to support the community.

July 2024:
Quarterly Insight

The only time that the S&P 500 has been as expensive as it is today, was during the dot-com bubble in 2000. With that said, the overvaluation is concentrated among the 10 largest companies within the index. The conundrum is that over the past year, their overall contribution to earnings to the index stood at 26.8%, which doesn’t align with their total market weight of 37%—putting them at risk of a meaningful valuation correction.

April 2024:
Quarterly Insight

We wrote in our last newsletter that high beta growth technology accounted for the vast majority of returns in 2023, an area of the market that we had very little exposure to and thus performance was below expectations, however, this has not been the case for 2024. Yes, the tech heavy NASDAQ index has posted good returns so far this year but so have other areas of the market such as energy, industrials, materials, and health care.

Why the Yield Curve Matters?

When making investment decisions at West Oak Family Office, we look to the signals from markets and the economy in order to avoid the noise that so many investors tend to get caught up in.

Tax Considerations for Vacation Properties

Owning second or third properties for personal use creates many fond memories and are great lifestyle assets whether it is with family and friends at the lake, skiing and hiking in the mountains, or playing golf through the winter in warmer climates down south.

West Oak’s Calgary: The Best Burger

If you have been following our ‘Best of Calgary, According to West Oak’ then you know how passionate we all are about food. We have a lot of great cooks and bakers on our team and so we thought that, in the spirit of lockdowns during this 3rd wave, that we would write a ‘home-made by West Oak’ article that focuses on the best burger!

Investment and Portfolio Management for High-Net-Worth Families

When it comes to investing, wealthy families typically have more options than mass affluent investors, which changes the way they can invest. Whereas mass affluent investors generally target retirement as their primary objective, wealthy families have the means to think in terms of how their wealth can, and may, impact their family and community for generation(s).

West Oak’s Calgary: The Best Coffee and Pastries

There is no shortage of coffee shops and patisseries in Calgary — you could probably get in an Uber blindfolded, ask the driver to stop anywhere, get out and only be a stone’s-throw away from one, or three, or more depending on the neighbourhood.

West Oak Investment Philosophy Process

At West Oak Family Office, one of our guiding principles is to make our families lives easier, and we achieve that by protecting and growing the wealth of the families we serve. Some of that protecting and growing relates to ways we can create efficiencies from a tax perspective to keep more capital within the family or the family foundation.

West Oak’s Calgary: The Best East Indian Food

It has often been said that Calgary is the biggest small town in the world. Or was it the smallest big city in the world? The simple truth is that in this city of 1.33 million we are all only separated by one degree, or so it seems. Everyone knows everyone and we all love to share our favourite parts about living in this beautiful city.

Philanthropy Becomes an Opportunity

Nothing brings a family closer together than a shared purpose over shared values. Foundations provide opportunities for teaching children and young adults about giving back while allowing philanthropy to become a family affair.

Higher Taxes Are Around The Corner

High-net worth families should be aware: Ottawa will be looking your way. This shouldn’t be seen as Doom and Gloom – but we’d be remiss not to acknowledge the numbers you’re seeing in the news.

Know Your Advisor: Advisor Report

Justin G. Charbonneau

CFA, FCSI®

Senior Portfolio Manager & Wealth Advisor

My role on the team is twofold: building and deepening new and existing relationships with high-net-worth families and helping co-manage West Oak’s investment management platform. My background and current focus include cash management, fixed income security selection, third-party investment mandates (credit, small caps, international), and due diligence including alternatives (private credit, private equity, real estate, and infrastructure).

What I enjoy most about working with the West Oak team is applying my 20 years of experience, including 15 years as both an institutional and retail portfolio manager, to meet the specific objectives of each family that we serve. Investment management and capital markets are my passion. After earning my Chartered Financial Analyst designation, I became Lead Portfolio Manager for two mandates within a Calgary-based institutional asset management firm, and most recently was the Chief Investment Strategist for a large wealth management team at one of Canada’s largest financial institutions. I am options and insurance licensed which helps us manage risk in our families’ portfolios and in executing tax efficient wealth transfer strategies. I also graduated from the University of Calgary Haskayne School of Business with a double major in finance and risk management.

Being from northern Alberta, I grew up with small-town values including integrity, hard work, and a growth mindset. My parents instilled these values and believed that education was the best path to future prosperity and a fulfilling life of growth and opportunities. Along with these values, having played high-level sports all my life, including through university, I’ve been primed to become a life-long learner and always look for ways to improve personally and professionally. Having played elite level collegiate volleyball at Mount Royal University (1999) also taught me the importance of team dynamics, building resilience, and work ethic.

I am married to an entrepreneur with two vibrant children and a small dog called Piper. I am an avid reader, love to try new foods and wines, travel, and spend time with our families who are in BC, Alberta, and Arizona. I also enjoy giving back to the community through several not-for-profit engagements. These commitments have included formerly acting Treasurer for Jewish Family Services Calgary (JFSC) and fundraising for various impactful organizations such as St. Mary’s University, the Down Syndrome Research Foundation, the YWCA, and the Alberta Children’s Hospital. From 2012 until 2022, I was an active founding member of the CFA Society Calgary Investment Committee where I helped with investment management oversight of the society’s capital reserves and in supporting advocacy for putting investors’ interests first.

Financial Focus

Jacob Gunston

Tanjou Bell

Jocelyn Smith

Courtney Pavicic

Garvit Chaudhary

Justin G. Charbonneau

Kelly Demo

Andrew McQuiston

Financial
Focus