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Alexandra Horwood is every publisher’s dream. The portfolio manager and investment advisor with Alexandra Horwood and Partners at Richardson Wealth Ltd. in Toronto, admits to spending thousands of dollars on books each year, reading dozens herself – but also ordering armloads online to send to clients.
Giftwrapped and everything.
But these aren’t random picks. During client chats, Ms. Horwood turns to the bookshelf behind her desk routinely, grabs a relevant tome, holds it out and asks the client if they would read it.
“If they say, ‘Yeah, I’d love that,’ then I literally e-mail my assistant and say, ‘Send a copy of this book to their house,’” Ms. Horwood explains.
Not only does it usually arrive the next day, but delivery can be free and there’s little work involved beyond click and send.
“It’s easy and impactful – and it shows I’m paying attention to what they’re telling me,” she says, going on to explain that having clients read the books also puts them on the same page as her.
“I want to impact their thinking and psychology around investments, wealth, their future and what they want to achieve.”
While not exactly the same as kicking back with the latest Emily Henry rom-com or a Jon Krakauer adventure chronicle, digging into a valuable financial book can be perfect for clients’ lazy summer days when there’s more time to read and reflect on big-picture goals.
Globe Advisor asked five advisors – Ms. Horwood, Jenna Wilmot-Anderson, financial advisor at Wilmot Financial Services Inc. in Fergus, Ont.; Ivan Arturo, certified financial planner (CFP) with IAB & Associates Financial Solutions at Sun Life Financial Inc. in Richmond Hill, Ont.; Alysha To, senior financial planner with Chernick & Associates Wealth Management Group at Richardson Wealth in Vancouver; and Andy Kovacs, CFP with Moments of Truth Insurance Services Corp. at Sun Life, in Markham, Ont. – to weigh in on what’s worth a look this sweltering season.
Here are their top 10 recommended reads, from oldies but goodies to today’s hot bestsellers.
The Defining Decade: Why your Twenties Matter – and How to Make the Most of Them Now, by Meg Jay
Talking to clients’ teens and young adult children about money is important for building the family relationship, but it’s not exactly lucrative in the short run. Do the kids a solid and pass this book into youthful hands with one directive: Read it. Forget today’s swirls of TikTok misinformation, this book offers tested advice for everything from finding the right job to getting into a saving routine and purchasing real estate. The Defining Decade is about building a strong foundation for a lifetime of wise financial decisions.
The Psychology of Money: Timeless Lessons on Wealth, greed and Happiness, by Morgan Housel
Don’t be surprised if someone recommends this book to you, which teaches readers how psychology, luck, risk and behaviour intermingle. It seems to be everywhere. No wonder a few of our advisors have it on their reading list. The author shares 19 short stories outlining how and why people make financial decisions. The takeaways are fascinating.
The Wealthy Barber Returns: Dramatically Older and Marginally Wiser, by David Chilton
Speaking of classics, after publishing the juggernaut The Wealthy Barber independently, which sold more than two million copies in Canada, Mr. Chilton gave the beloved book this update. New advisor Ms. Wilmot-Anderson loves that it eschews a get-rich-quick mentality in favour of playing the long game – and it gives her pointers on how to explain complex financial concepts in simple, jargon-free language to clients.
Wealth Planning Strategies for Canadians, 2023, by Christine Van Cauwenberghe
According to Ms. To, this newly updated guide is “a must-read for anyone seeking to make informed decisions about their financial future.” This edition breaks down advice and information into life stages – single, married, parenting children, a transition to retirement and eldercare. Real-life examples and case studies help complex concepts stick.
How Not to Move Back in With Your Parents: The Young Person’s Complete Guide to Financial Empowerment, by Rob Carrick
“I’ve got to give a shout-out to The Globe’s Rob Carrick” says Mr. Kovacs who recommends this book for the boomerang generation stumbling under the weight of student loans and out-of-reach mortgages while attempting to launch careers. Rather than leaving parents out of the equation, Mr. Carrick wisely gives advice to both generations, encouraging them to see eye-to-eye in troubling times.
Don’t Worry, Retire Happy!: Seven Steps to Retirement Security, by Tom Hegna
American public television darling Tom Hegna gives solid advice in this concise book that outlines seven steps to retirement security. While harder to find in hardcopy these days, the e-book is worth checking out, particularly for its surprising advice on building predictable income streams after retirement.
Moneybunnies series, by Cinders McLeod
Do clients have little ones at home? This well-received and charming series of financial literacy picture books for children aged three to eight is as age appropriate as they come. Canadian Ms. McLeod, a former newspaper cartoonist and art director, crafts four books, Earn It!, Spend It!, Save It!, and Give It! that teach concepts like patience, hard work and philanthropy without moralizing.
The Slight Edge: Turning Simple Disciplines into Massive Success and Happiness, by Jeff Olson
While not strictly a financial book, this 2013 volume teaches readers how putting energy into something consistently over time can reap surprising results. For advisors who work with clients who have difficulty reining in spending or visualizing retirement decades into the future, The Slight Edge will help them focus on simple, daily choices.
Kids, Wealth and Consequences: Ensuring a Responsible Financial Future for the Next Generation, by Richard Morris and Jayne Pearl
Wealth advisors working with high-net-worth and ultra-high-net-worth clients know how sticky parenting decisions can be for this set. Just because money is no object doesn’t mean they should buy that BMW i8 for their teen, right? And let’s not get started on passing wealth down to younger generations. That’s a minefield. Luckily, Kids, Wealth and Consequences covers it all. Gift this book and be prepared for clear-eyed conversations.
Willing Wisdom: 7 Questions Successful Families Ask, by Thomas William Deans
Struggling to incorporate legacy planning with some clients? Willing Wisdom provides a structure for having meaningful conversations about wealth and inheritance with loved ones. The author’s approach emphasizes nurturing relationships, Ms. To says, reminding us that wealth management isn’t just about money, “but also about maintaining family harmony and building a lasting legacy.”
Tense diplomatic relations may not impact trade, investment ties between India, Canada: Experts
NEW DELHI: The tense diplomatic relations between India and Canada are unlikely to impact trade and investments between the two countries as economic ties are driven by commercial considerations, according to experts. Both India and Canada trade in complementary products and do not compete on similar products.
“Hence, the trade relationship will continue to grow and not be affected by day-to-day events,” Global Trade Research Initiative (GTRI) Co-Founder Ajay Srivastava said.
Certain political developments have led to a pause in negotiations for a free trade agreement between the two countries.
On September 10, Prime Minister Narendra Modi conveyed to his Canadian counterpart Justin Trudeau India’s strong concerns about the continuing anti-India activities of extremist elements in Canada that were promoting secessionism, inciting violence against its diplomats and threatening the Indian community there.
India on Tuesday announced the expulsion of a Canadian diplomat hours after Canada asked an Indian official to leave that country, citing a “potential” Indian link to the killing of a Khalistani separatist leader in June.
Srivastava said these recent events are unlikely to affect the deep-rooted people-to-people connections, trade, and economic ties between the two nations.
Bilateral trade between India and Canada has grown significantly in recent years, reaching USD 8.16 billion in 2022-23.
India’s exports (USD 4.1 billion) to Canada include pharmaceuticals, gems and jewellery, textiles, and machinery, while Canada’s exports to India (USD 4.06 billion) include pulses, timber, pulp and paper, and mining products.
On investments, he said that Canadian pension funds will continue investing in India on grounds of India’s large market and good return on money invested.
Canadian pension funds, by the end of 2022, had invested over USD 45 billion in India, making it the fourth-largest recipient of Canadian FDI in the world.
The top sectors for Canadian pension fund investment in India include infrastructure, renewable energy, technology, and financial services.
Mumbai-based exporter and Chairman of Technocraft Industries Sharad Kumar Saraf said the present frosty relations between India and Canada are certainly a cause for concern.
“However, the bilateral trade is entirely driven by commercial considerations. Political turmoil is of a temporary nature and should not be a reason to affect trade relations,” Saraf said.
He added that even with China, India has acrimonious relations but bilateral trade continues to remain healthy.
“In fact, bilateral trade is an effective tool to improve political relations. India must make special efforts to increase our bilateral trade with Canada,” Saraf said.
India and Canada have a strong education partnership. There are over 200 educational partnerships between Indian and Canadian institutions.
In addition, over 3,19,000 Indian students are enrolled in Canadian institutions, making them the largest international student cohort in Canada, according to GTRI.
According to the Canadian Bureau for International Education (CBIE), Indian students contributed USD 4.9 billion to the Canadian economy in 2021.
Indian students are the largest international student group in Canada, accounting for 20 per cent of all international students in 2021.
Benefits of educational partnerships are mutual and hence the current situation may have no impact on the relationship, Srivastava said.
Apple supplier Foxconn aims to double India jobs and investment
Apple supplier Foxconn aims to double its workforce and investment in India by next year, a company executive said on Sunday.
Taiwan-based Foxconn, the world’s largest contract manufacturer of electronics, has rapidly expanded its presence in India by investing in manufacturing facilities in the south of the country as the company seeks to move away from China.
V Lee, Foxconn’s representative in India, in a LinkedIn post to mark Indian Prime Minister Narendra Modi’s 73rd birthday, said the company was “aiming for another doubling of employment, FDI (foreign direct investment), and business size in India” by this time next year.
He did not give more details.
Foxconn already has an iPhone factory employing 40,000 people in the state of Tamil Nadu.
In August, the state of Karnataka said the firm will invest US$600 million for two projects to make casing components for iPhones and chip-making equipment.
The company’s Chairman Liu Young-way said in an earnings briefing last month that he sees a lot of potential in India, adding: “several billion dollars in investment is only a beginning”.
Taiwan election: Foxconn’s Terry Gou taps star-powered running mate
Last month, Foxconn’s billionaire founder Terry Gou said he would run for the Taiwanese presidency in next year’s election, as an independent candidate.
He said the ruling and independence-leaning Democratic Progressive Party (DPP) was unable to offer a bright future for the island and left Foxconn’s board following his decision to run.
The firm operates the world’s largest iPhone plant, in the city of Zhengzhou in Henan province.
Foxconn to double workforce, investment in India by ‘this time next year’
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