The Globe and Mail reports in its Tuesday, Nov. 1, edition that Scotia Capital analyst Phil Hardie says the operating environment for the Canadian asset an wealth management sector has become "increasingly challenging through 2022 with heightened market volatility and a range of lingering uncertainties." The Globe's David Leeder writes that heading into third quarter earnings season, Mr. Hardie thinks valuations "remain discounted." He says in a note: "A difficult market backdrop and an uncertain economic outlook have likely eroded retail investor confidence and negatively impacted retail flows. Industry-wide outflows of long-term assets improved sequentially in Q3, but net redemptions accelerated in September following some improvements earlier in the quarter. Despite the near-term pain of this environment, the opportunity for wealth managers is to demonstrate the value of sound advice to clients. ... The difficult backdrop also likely offers asset managers the chance to successfully demonstrate the value of active management strategies and tailored solutions over basic passive approaches." Mr. Hardie lowered his share target for Guardian Capital Group, which he rates "sector outperform," to $40 from $42.