The investment advice business is trying to hire more women, but it’s not going well.
Women account for just 23 per cent of advisers in Canada, according to a new white paper from a StrategyMarketing.ca, a consulting firm that works with advice and investing firms to better connect with women clients.
A lot of work is being done to recruit women to become advisers, but problems remain. According to StrategyMarketing.ca, women don’t see financial advice as a desirable job, they don’t see enough female role models and they find their strengths are dismissed by those doing the hiring at advice firms.
Prefer a women adviser over a man? StrategyMarketing.ca’s Paulette Filion suggests calling a few local advice offices and asking to speak to the branch manager, which means boss in industry terms.
“Let the branch manager know what you need (an educator or a specialist in estate planning, or whatever) and to tell them you want a female adviser,” Ms. Filion said by e-mail. “That’s a good place to start.”
Call a few branch managers, compile a few names of woman advisers, interview them and then make a choice, Ms. Filion suggested. Of course, you’ll want to apply the usual criteria in selecting an adviser – credentials, experience, services provided, fees and compatibility with your personal style and level of wealth.
Ms. Filion said a U.S. study has found that while an adviser’s gender isn’t a big deal for older women, millennial women strongly prefer working with a female. There are practical reasons for women to consider a female adviser. A U.S. study quoted in the StrategyMarketing.ca white paper found that women are 2.5 times more likely to say they are comfortable with investing risk when their adviser is a woman as opposed to a man.
Female advisers interviewed by StrategyMarketing.ca said the No. 1 reason for their success was an ability to connect with people and build relationships. However, they found that these skills were too often dismissed by managers who measured success in sales terms, specifically assets under management.
Help improve the gender balance in the advice industry by asking to work with a woman adviser. Just because three of four advisers are men doesn’t mean you have to work with one.
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Scammers fool Britons with investment firm clones, says trade body – TheChronicleHerald.ca
LONDON (Reuters) – More than 200 British retail investors have lost nearly 10 million pounds ($13.4 million) in total to sophisticated investment scams since a government lockdown in March to fight the COVID-19 pandemic, a trade body said on Saturday.
Fraudsters cloned genuine investment management firms’ websites and documentation, and advertised fake products on sham price comparison websites and on social media, the Investment Association said.
Greater financial uncertainty and more time spent online have likely contributed to the increase in scams, industry sources say.
Losses amounted to 9.4 million pounds ($12.56 million) between March and mid-October, the IA said, based on information it got from member firms which had been cloned.
“In a year clouded in uncertainty, organised criminals have sought opportunity in misfortune by attempting to con investors out of their hard-earned savings,” Chris Cummings, chief executive of the Investment Association said.
The investment management industry was working closely with police and regulators to stop the scams, he added.
Britain’s Action Fraud warned earlier this month that total reported losses from all types of investment fraud came to 657 million pounds between September 2019 and September 2020, a rise of 28% from a year ago. Reports spiked between May and September, following Britain’s first national lockdown, the national fraud and cyber crime reporting centre added.
(Reporting by Carolyn Cohn; ediitng by Emelia Sithole-Matarise)
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Dyson unveils £2.75bn investment plan in battery technology, robotics and machine learning – Proactive Investors USA & Canada
Dyson said it plans to invest £2.75bn in battery technology, robotics, intelligent products, machine learning, connectivity and material science.
The private company, which is owned by Britain’s richest person, James Dyson, will focus investment on sites in Singapore, the UK and the Philippines, hiring engineers and scientists after it cut 900 jobs in July as part of a cost-cutting exercise.
Dyson said one of its main areas of focus is bringing its proprietary solid-state battery technology to market, which it claims will offer “safer, cleaner, longer-lasting and more efficient energy storage”.
“Now is the time to invest in new technologies such as energy storage, robotics and software which will drive performance and sustainability in our products for the benefit of Dyson’s customers,” said chief executive Roland Krueger.
“We will expand our existing product categories, as well as enter entirely new fields for Dyson over the next five years. This will start a new chapter in Dyson’s development.”
In the UK, the company said it was concentrating more investment on robotics research and artificial intelligence (AI) at its restored World War Two Hullavington airfield site ‘campus’.
New investments at Hullavington and Malmesbury, which employ over 4,000 people, will fund research in fields such as products for sustainable healthy indoor environments and wellbeing.
Dyson opened over 100 retail shops in 2019 and a further 30 in 2020 and the plan is to continue expanding its retail footprint.
Founder James Dyson topped the Sunday Times Rich List for the first time earlier this year, with his wealth increasing to an estimated £16.2bn.
India Enters Recession as Virus Pummels No. 3 Asian Economy – Yahoo Canada Finance
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