Press Releases

National Bank proposes a series of interviews with entrepreneurs

Montreal, 2 November 2015 -

As part of Financial Literacy Month (FLM), National Bank asked three leaders of companies who won the 2015 SME Awards to explain how as business owners they implemented three financial planning principles, specifically judgment, discipline and patience.

For Sophie Ducharme, Vice-President – Trust and Advisory Services at National Bank Private Banking 1859 and Daniel Laverdière, Senior Manager – Financial Planning and Advisory Services at National Bank Private Banking 1859, these principles are essential to soundly managing your personal finances. "They are all key for whoever aspires to financial independence," explained Ms. Ducharme.

In order to properly understand their scope, a story on each principle that includes an interview with a winner of the SME Awards will be presented every Monday over the next three weeks, on the Bank's financial literacy website,

Starting next Monday (November 9), Étienne Veilleux, President of Distech Controls, will explain how sound judgment helped him orient his choices. The following Monday (November 16), Peter Brereton, President of Tecsys, will discuss the role played by discipline in his business career. Then, on November 23, Marcel Curodeau, President of Medial Services-Conseils-SST, will attest to the importance of patience as a business owner and saver.

This series will also benefit from a sustained campaign in social media and National Bank branches.

Sound judgment

Daniel Laverdière associates judgment first and foremost to being realistic: "If someone is promised returns of 36% per year, they should know that it's unrealistic," he said, specifying that projected stock market returns in Canada are instead for 6.3% per year, according to the most recent forecasts from the Institut québécois de planification financière (IQPF). Mme Ducharme agrees: "When it looks too good to be true, it probably is!"

To form good judgment, you must develop your financial knowledge base. To achieve this goal, you must obtain your information from reliable sources. Public organizations, institutions recognized in the financial sector and publications specialized in finance are part of these sources that are deemed as trustworthy.

This principle must also lead individuals to "know their limits," added Daniel Laverdière. In short, the goal is to attain a degree of understanding of financial notions that allow savers to grasp what their financial advisors are proposing to them, in order to ask them the right questions (inquire about the management fees for the funds recommended, for example) and know when to trust experts.


The second principle underscored by the experts from National Bank is discipline, specifically when setting aside a small amount every week. It's important to start as soon as possible, insists Daniel Laverdière. Of course, setting some money aside represents delaying some gratification. Mr. Laverdière stated however, that enduring this "moderate discomfort" is the best way to avoid the "major disappointment" of having to postpone your retirement.

To encourage saving discipline, Sophie Ducharme recommends using preauthorized debits, from a current account to an RRSP account for example.


The saving habit is the ally of the third principle highlighted by National Bank: patience.

It's easy to panic when markets enter correction phases. Sophie Ducharme reminds us, however, of the importance of waiting for markets to enter a growth phase before selling positions.

"How quickly we forget this fact," she said. "Stock markets regularly go through corrections but always generate positive returns over the long term. We must have the patience to wait for these bull cycles."

About National Bank of Canada
With $216 billion in assets as at July 31, 2015, National Bank of Canada (, together with its subsidiaries, forms one of Canada’s leading integrated financial groups. The Bank has more than 20,000 employees and is widely recognized as a top employer. The Bank's securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank’s activities via social media and learn more about its extensive community involvement at and

Information (The telephone numbers provided below are for the exclusive use of journalists, other media representatives and shareholders.):

Jean-François Cadieux
Manager, Public Affairs
National Bank
Tel. : 514 394-6500