Year-end is the perfect time to reflect on the past and set a course for the year ahead. The winter issue of The Analyst, themed “The Future of Finance: Trends and Innovations,” shares insights and ideas to intrigue, inspire and help define goals to bring you into 2026.

Today’s economic and geopolitical dynamics can make the future feel uncertain. Our feature article draws on actionable insights from four renowned financial professionals who discuss key trends and strategies to help both institutional and retail investors navigate what the future may hold.

Leading applied behavioural science practitioner Kelly Peters shares her research and expertise on the reasoning behind people’s investment choices and what is needed for financial resilience in evolving minds and financial markets.

In this issue’s charterholder profile, Heather Cooke, CFA, CFA Society Toronto chair and former chief investment officer at a family office, speaks about her career path and the important role of mentors and volunteerism with CFA Society Toronto in her career. She shares her vision for CFA Society Toronto as she embarks on her term as board chair.

Our review of Alex Tapscott’s Globe and Mail and Wall Street Journal bestseller, Web 3: Charting the Internet’s Next Economic and Cultural Frontier, links tomorrow’s innovations to familiar precedents and works to forecast an insightful look at probable future disruptions.

The winners of the 2025 Hillsdale Investment Management – CFA Society Toronto Research Award share the findings of their award-winning study, a ground-breaking academic evaluation of machine learning techniques for forecasting equity risk premiums in Canadian capital markets and its notable implications for industry practitioners. Artificial intelligence became increasingly prominent in 2025 and remains a trending issue across virtually every industry as we enter 2026. As such, this issue explores how AI is redefining the financial modeler’s role and how financial modelers must balance power and responsibility. We also provide a high-level summary of key observations and takeaways from CFA Institute’s report, AI Washing: Signs, Symptoms, and Suggested Solutions for Investment Stakeholders. And our regular AI Watch feature provides an overview of CPP Investment’s paper, Seeding the Future: Radical Ventures and the Rise of Canadian AI.

Family offices are becoming an increasingly prominent force in the wealth management landscape, with single- and multi-family offices growing in Canada. Our article works to demystify family offices and explore their evolving role in Canada.

We hope you’ve found some meaningful insights that have educated and inspired you this year!

Warm regards,

Sara Maginn Pacella