Podcast Summary: The Rational Reminder Podcast

Episode 377: Investing in Your Health
Hosts: Benjamin Felix, Ben Wilson (Guest Co-host)
Release Date: October 2, 2025

Episode Overview

This episode of The Rational Reminder Podcast diverges from its typical focus on investing, financial planning, and advisor-related topics to deeply explore the theme of "Investing in Your Health." Prompted by Benjamin Felix’s personal journey with testicular cancer and supported by insights from medical professionals, the episode draws parallels between the principles of sound investing and making incremental, evidence-based improvements to health, happiness, and longevity. The co-hosts also address recent news affecting their firm, PWL Capital, and wrap up with practical guidance on succession planning for financial advisors and their clients.

Key Segments & Discussion Points

1. Recent Ownership News at PWL and OneDigital

[00:47–15:01]

• Context: OneDigital, who acquired PWL in January 2025, underwent a significant ownership change: Stone Point Capital and Canada Pension Plan Investment Board (CPP Investments) purchased a majority stake.

• Community Reaction: There was concern and speculation among the Rational Reminder community about what the deal meant for PWL and its clients.

• Explanation:

  • This was a secondary market transaction—existing private equity investors, including Onex, sold shares to Stone Point Capital and CPP Investments.
  • Onex remains a minority shareholder, and the transaction valued OneDigital at over $7 billion (USD), reflecting strength and stability.
  • Quote: “We knew this was going to happen… It’s a normal thing that happens… Usually every three to five years private equity investors turn over their investments.” — Benjamin [06:56]

• Why It Matters:

  • Increased Canadian ownership (Onex and CPP Investments), aligning with national interests and easing prior concerns about U.S. ownership.
  • No negative impact expected for PWL clients or team; rather, it’s seen as an endorsement of their business quality, especially securing CPP Investments’ involvement.
  • Recapitalizations are regular in private equity—this is OneDigital’s fourth in 25 years.
  • No shares are being sold by current PWL management.
  • Quote: “Clients, new clients, advisors… nothing has changed for the worse since our transaction. All of the fears... it’s been a great experience.” — Benjamin [10:16]

2. Investing in Your Health: Principles and Parallels to Investing

[15:08–54:04]

Theme Introduction and Motivation

[15:08–19:18]

• Health is foundational to happiness, wealth accumulation, and enjoyment of leisure.
• Parallels drawn between compounding in investing and compounding benefits of health behaviors.
• The tipping point: Benjamin’s personal battle with testicular cancer, prompting reflection and public advocacy.
  • Quote: “If your balls don’t feel quite right, get them checked out. That’s what I did.” — Benjamin [20:08]

Core Concepts: Longevity, Healthspan & Wealth

[20:59–24:26]

• Lifespan = how long you live; Healthspan = years lived in good health.
• Wealthier, more educated individuals tend to enjoy both longer lifespan and healthspan, but behaviors (not just wealth) matter.
  • Quote: “People in the lowest income group [could] expect...to live seven to nine fewer years in good health than those in the richest group.” — Benjamin [22:12]

The Compounding Effect & Delayed Gratification

[24:26–27:38]

• Small, consistent actions (saving, exercising, healthy eating) have exponentially greater effects over time.
• Delayed gratification is key in both finance and health.
  • Quote: “Some people struggle to save… because spending money now feels better than saving for the… future. Health is similar.” — Benjamin [26:03]

Addressing Uncertainty

[27:38–29:05]

• Both markets and human physiology are complex systems where outcomes have uncertainty—but evidence-based behaviors improve your odds.
  • Quote: “There are certain things that most experts do agree will improve the distribution of outcomes. This is not stuff that guarantees a good outcome, but they do improve your odds.” — Benjamin [28:04]
• “Index fund level” agreement: On basics like exercise, sleep, and social connections.

Practical Investments in Health

[29:39–54:02]

1. Exercise

   • The “most powerful longevity drug.”

   • VO2 Max and Grip Strength as predictors of longevity (low fitness = higher mortality risk than smoking!)

   • Zone 2 exercise (talk in full sentences but just barely out of breath) recommended 3h/week minimum.

     • Quote: “Someone with below average VO2 max… is at double the risk of all-cause mortality compared to someone in the top quartile. Poor fitness carries a greater relative risk… than smoking.”—Benjamin [31:02]

   • Muscle mass accumulation is “like retirement savings”—it pays off to start early.

   • Anecdotes/Best Practices: Both hosts invest time/money in gym equipment, sports, and peer/accountability structures to support habit formation.

2. Nutrition

   • “More elusive than finding the truth in investing.”
   • Masters of evidence disagree, but broad principles include:
     • Minimize sugar and processed foods; prioritize protein; eat fruits/vegetables; avoid excesses (alcohol, tobacco, drugs).
   • Sustainability trumps perfection: “The best nutrition plan is the one that you can stick with.”—paraphrasing Peter Attia and David Booth [43:12]
   • Invest in quality foods, meal prep, or services if helpful.

3. Sleep

   • Non-negotiable; less than six hours correlates with higher risk of cardiac events.
   • Invest in your sleep environment (darkness, cool temps, no screens), routines, and habits.
   • Sleep, unlike hustle culture suggests, is not optional for health or productivity.
     • Quote: “If I have a good night’s sleep… I am orders of magnitude more productive and happy.” — Benjamin [47:37]

4. Mental Health, Relationships & Social Connection

   • Happiness and strong relationships independently predict longevity.
   • The Harvard study and other research: Social connection is often “the” key driver of health/longevity.
   • The PERMA model: positive emotion, engagement, relationships, meaning, accomplishment.
   • Investing time and resources in relationships (family, friends, colleagues) is as vital as any other health factor.
     • Quote: “Living a long but unhappy life doesn’t sound so fun… relationships do seem to be particularly important.” — Benjamin [47:37]

The Ripple Effect: Health Behaviors Reinforce Each Other

[52:06–54:04]

• Improvements in sleep, nutrition, movement, and happiness all reinforce each other.
  • Dr. Greg Wells’ “ripple effect”: “When we sleep better, we eat better… all creates a reinforcing cycle with obvious benefits to health and wellbeing.”
• Closing thought: “If you invest in your health today, your future self will thank you.” — Benjamin [53:08]

3. Questions to Ask Your Financial Advisor About Succession Planning

[54:10–68:38]

• Why it matters: A substantial percentage of Canadian advisors are over 55—succession is not just a theoretical concern.

• Key client questions:

  1. Do you have a formal documented succession plan?
     • Lack of a plan = red flag, regardless of advisor age.
  2. What contingency plan do you have for unexpected events?
  3. Who is the identified successor? Can I meet them?
  4. Does your successor share your investment philosophy/approach?
     • Danger: Transition to a new owner with a misaligned philosophy can lead to shifts toward higher-cost, less-aligned products for clients.
  5. What does the transition process look like?
  6. What key factors do you consider in evaluating successors?
  7. Will my fees or service change as a result of the succession?

  • Best practices:

    • Ask your advisor even if you feel it’s “prying”—it’s your financial future.
    • Firms with “diamond teams” (multiple advisors per client relationship) make transitions easier.
    • Succession planning is an act of responsibility—advisors must be transparent.

  • Quote: “Transparency on your succession plan, I think, is part of providing a good client experience. If you haven't thought about it… now is the time.” — Ben Wilson [66:44]

  • Personal Example: PWL’s evolution, driven by internal succession considerations and Cameron Passmore’s experience with a peer’s illness, led to a robust, team-based future for clients.

4. Community & Meetups

[68:47–74:00]

• Recent meetups in Victoria (~50 people) and Vancouver (~100 people)—positive, emotional feedback from listeners about the podcast’s impact.
  • Quote: "There were multiple people that came up to us...almost tearful… how the podcast has changed their life and their family’s life, and they feel so much better about their finances and their decision making.” — Benjamin [71:43]
• Plans for more meetups across Canada and possibly U.S. cities in 2026; feedback requested on desired locations.
• Listener reviews encouraged (and some fun tech troubleshooting about audio quality).

Notable Quotes and Timestamps

• On Private Equity Ownership:
  “We knew this was going to happen… It’s a normal thing that happens… Usually every three to five years private equity investors turn over their investments.” — Benjamin [06:56]

• Client Experience Post-Ownership Transition:
  “Nothing has changed for the worse…All of the fears people had… it’s been a great experience.” — Benjamin [10:16]

• On Detecting Cancer:
  "If your balls don’t feel quite right, get them checked out. That’s what I did." — Benjamin [20:08]

• On the Compounding Principle:
  "Both health and wealth compound over time, making small incremental improvements…highly consequential in the long run." — Benjamin [16:48]

• On Health vs. Hustle:
  "Sleep, if you can get it, is a superpower." — Benjamin [47:37]

• On Relationship Health:
  “Letting relationships drift apart is another one of the most common regrets.” — Benjamin [49:36]

Tone and Style

• The hosts maintain a candid, friendly, evidence-driven dialogue, mixing personal anecdotes, science, and practical takeaways.
• The episode is highly relatable, open about vulnerabilities and mistakes, and maintains the grounded, wise-yet-approachable style that the audience values.

Bottom Line

The episode delivers a persuasive, nuanced case for treating health as seriously as wealth—making daily, sustainable investments in exercise, nutrition, sleep, and relationships, while also carefully managing financial advisor succession. If you want to maximize your enjoyment of both your life and your money, the compounding effect starts today.

For Advice Seekers:

• Don’t be afraid to ask hard questions—about your health, your habits, and your advisor’s plan for your future.
• Incremental, sustainable progress beats perfection—in both portfolios and physical wellbeing.

For Podcast Fans:

• Check out upcoming meetups and share your listener experiences or questions in the Rational Reminder community.

References:

• Peter Attia, MD "Outlive"
• Dan Pink, "The Power of Regret"
• Dr. Greg Wells, "The Ripple Effect"
• Harvard Study of Adult Development (on relationships & longevity)

This summary skips ads, intro/outro, and purely administrative content to focus on the rich, actionable content of the episode.