Sajid Javid promises to increase National Living Wage

first_img Joe Curtis Sajid Javid promises to increase National Living Wage to £10.50 Share whatsapp Monday 30 September 2019 3:57 pm Read more: Boris Johnson set to unveil £5bn full-fibre broadband boost Chancellor Sajid Javid has vowed to hike the National Living Wage to £10.50 within the next five years. MANCHESTER, ENGLAND – SEPTEMBER 30: Chancellor of the Exchequer, Sajid Javid speaks on day two of the 2019 Conservative Party Conference at Manchester Central on September 30, 2019 in Manchester, England. Despite Parliament voting against a government motion to award a recess, the Conservative Party Conference still goes ahead. Parliament will continue with its business for the duration. (Photo by Jeff J Mitchell/Getty Images) Those aged over 25 earn a minimum of £8.21 an hour. But the Living Wage Foundation has urged for government to increase the rate to £9 per hour, and £10.55 for London workers. Javid also announced £220m funding to improve bus networks and a £5bn treasure chest to overhaul the UK’s digital infrastructure. “The hard work of the British people really is paying off,” he added. Read more: Chancellor Sajid Javid sets aside £17bn for no-deal Brexit cushion Javid also confirmed pledges to spend £25bn on upgrading England’s roads – a spending measure first made by Philip Hammond, the former chancellor. Speaking to a busy Tory Party Conference hall, Javid said he would also ensure 21-year-olds can qualify for the National Living Wage. Currently the threshold is set at 25 years old. whatsapp “It’s clear it’s the Conservatives who are the real party of labour – we are the workers’ party.” “We are setting out plans to invest £5bn to support the rollout of full-fibre, 5G and other gigabit-capable networks to the hardest-to-reach 20 per cent of the country,” Javid said. The Treasury boss said this pledge would make the UK “the first major economy in the world to end low pay altogether”. That spending is set to put full-fibre broadband in every home by 2025, an ambitious election pledge made by Prime Minister Boris Johnson. More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comWhy people are finding dryer sheets in their mailboxesnypost.comlast_img read more

Boris Johnson: ‘No doubt’ that third wave of Covid will reach the UK

first_img Show Comments ▼ whatsapp Also Read: Boris Johnson: ‘No doubt’ that third wave of Covid will reach the UK Paris has entered a month-long lockdown after France last week recorded almost 35,000 cases in a single 24-hour period. Scientists estimate that 5 to 10 per cent of new cases in the country could be the South African variant, which is thought to be partially resistant to available vaccines.  There is “no doubt” that a third wave of coronavirus sweeping across Europe will “wash onto our shores”, the Prime Minister has said, as he reflected on lives lost to Covid on the anniversary of England’s first national lockdown. Share Johnson insisted the UK is “step by step, jab by jab” on the path to “reclaiming our freedoms” over the coming months, but warned that foreign travel will likely be off the cards this summer. Also Read: Boris Johnson: ‘No doubt’ that third wave of Covid will reach the UK “The extent to which it affects us will depend on the strength of the fortifications we’ve built against it via the vaccine programme,” the PM added. More than 28m people in the UK have now received a first dose of the jab, including all top four priority groups. More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comKansas coach fired for using N-word toward Black playerthegrio.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org “There is another wave building in the European continent, amongst our friends, [and] we will see it wash onto our shores,” he said. Just 12 per cent of adults in the EU have received a first dose of the Covid jab, compared to more than 50 per cent of adults in Britain. whatsapp Boris Johnson: ‘No doubt’ that third wave of Covid will reach the UK center_img It comes amid a bitter dispute with the EU over the bloc’s dwindling vaccine supplies, with European Commission president Ursula Von der Leyen threatening to block vaccine exports to the UK if Britain does not hand over some of its jab supplies. Speaking on the anniversary of England’s first national lockdown, Johnson also announced that a “suitable memorial” will be created to honour the victims of the pandemic, which has so far killed more than 126,000 people in the UK. “We’re all fighting the same pandemic… We in this country don’t believe in blockades of any kind on vaccines or vaccine material. It’s not something we’d dream of applying,” the PM said this evening. However, the EU’s sluggish vaccine rollout has sparked concerns that new Covid mutations could emerge alongside a surge in coronavirus cases. Italy also imposed fresh restrictions last week following a 10 per cent spike in Covid cases, with the country set to enter its third nationwide lockdown over the Easter weekend. Professor Chris Whitty, England’s chief medical officer, warned that the chances of eradicating the virus were “close to zero”, adding that a fast-pace global vaccination programme would prove the best defence against a spike in Covid cases. The government has insisted that disruptions to Britain’s vaccine supplies expected in the coming weeks will not compromise ministers’ target to offer a first dose of the jab to all over-50s by 15 April and all adults in the UK by 31 July. Speaking at this evening’s Downing Street press conference, Boris Johnson said the UK “must be realistic” about a huge surge in cases across countries such as France, Italy and Germany. Johnson hailed the past year as an “extraordinary moment in our history”, saying that when people come to describe this “epidemic to future generations,”  they will “tell the story of the heroes of the NHS and social care of pharmacists, teachers, armed service personnel, shop workers, transport workers, the police and so many others”. “We’ve heard already that there are other European countries where coronavirus cases are rising, so things are certainly looking difficult at the time but I hope to be able to say more by 5 April,” he said. The PM is understood to be willing to compromise over the distribution of supplies manufactured at the Halix facility in the Netherlands in order to prevent the EU implementing a blanket ban on vaccine exports. The PM said he was aware there was a “great deal of interest” in the resumption of international travel, but that it was “just too early to say” whether restrictions will be lifted in time for summer. Poppy Wood Tuesday 23 March 2021 5:46 pmlast_img read more

China is hot on the heels of US and Russia in arms export league

first_img Show Comments ▼ Monday 16 March 2015 9:16 pm Tags: Chinese economy Express KCS China is hot on the heels of US and Russia in arms export league whatsappcenter_img More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comKiller drone ‘hunted down a human target’ without being told tonypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekForbesThese 10 Colleges Have Produced The Most Billionaire AlumniForbeszenherald.com20 Rules Genghis Khan’s Army Had To Live Byzenherald.comNoteableyKirstie Alley Is So Skinny Now And Looks Like A BarbieNoteableyDiscovery29+ Fascinating U.S. Navy WarshipsDiscoveryMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesComedyAbandoned Submarines Floating Around the WorldComedyDefinitionThe Most Famous Movie Filmed In Every U.S. StateDefinition whatsapp Share China has become the world’s third largest exporter of arms after the US and Russia, according to a new report, accounting for five per cent of the overall total.China overtook Germany, France and the UK in exporting weapons between 2010 and 2014, said the Stockholm International Peace Research Institute (Sipri).Pakistan, Bangladesh and Myanmar, accounted for more than two-thirds of those exports.The world’s second largest economy also had 18 African nations as clients during the five-year period, according to the study, which said the data reflected the volume of arms deliveries and not the financial value of the deals.China’s exports of major arms rose by 143 per cent in the five years to 2014 from the previous five years.Meanwhile, Germany’s arms exports fell by 43 per cent, while France’s dropped 27 per cent in the same period. Israel was the 10th biggest arms exporter in the world with two per cent of the market. last_img read more

Mortgage industry says EU rules will offer little benefit and hit lending

first_img whatsapp Mortgage industry says EU rules will offer little benefit and hit lending NEW EU rules on mortgages are likely to dampen lending volumes, the industry has warned today.The European Mortgage Credit Directive was likely to depress lending activity, according to 74 per cent of mortgage brokers surveyed by the Intermediary Mortgage Lenders Association (IMLA).A similarly high proportion of lenders – 71 per cent – held the same concerns about the rules. They will come into force in March following a six month window, starting this month, to adopt the new framework.The rules will be at least as challenging for the industry to implement as the Mortgage Market Review, which was implemented in April 2014, 71 per cent of lenders said. Only a slim minority of mortgage lenders and brokers believe the new rules will benefit the mortgage market. “Every new layer of regulation brings a danger that it will upset the balance between protection and access for consumers with legitimate cases to be granted a mortgage, as well as imposing extra costs and reducing efficiency,” said IMLA boss Peter Williams.WHAT IS THE EUROPEAN MORTGAGE CREDIT DIRECTIVE?• The UK is required to implement the European Mortgage Credit Directive (MCD) requirements by 21 March 2016, in order to meet its Treaty obligations. It introduces an EU-wide framework of conduct rules for mortgage firms.• Unlike last year’s Mortgage Market Review (MMR), many of the MCD changes are of a technical nature: involving new approaches to disclosure and documentation rather than major changes to advice, affordability criteria or lending decisions for residential mortgage borrowers.• The rules require lenders to display an extra annual percentage rate (APR) which is calculated using the highest borrowing rate that the lender has charged over the previous two decades.• The MCD is designed to alert borrowers to the risk that interest rates could rise to make sure they know what to expect and are not surprised by a jump in their monthly mortgage repayments.• MCD has been criticised by the mortgage industry, which says that a second APR is as likely to perplex borrowers as it is to help them.• Firms will also need to overhaul their information systems as the MCD introduces new EU-wide standardisations. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSwift VerdictChrissy Metz, 39, Shows Off Massive Weight Loss In Fierce New PhotoSwift VerdictPost FunKate & Meghan Are Very Different Mothers, These Photos Prove ItPost FunComedyAbandoned Submarines Floating Around the WorldComedyMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekGameday NewsNBA Wife Turns Heads Wherever She GoesGameday NewsEquity MirrorThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryEquity Mirrorzenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comForbesThese 10 Colleges Have Produced The Most Billionaire AlumniForbes More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comInstitutional Investors Turn To Options to Bet Against AMCvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgWhite House Again Downplays Fourth Possible Coronvirus Checkvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org‘The Love Boat’ captain Gavin MacLeod dies at 90nypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org Share Express KCS whatsapp Show Comments ▼ Sunday 13 September 2015 11:24 pmlast_img read more

People First Credit Union to celebrate 50th anniversary in style

first_img By LaoisToday Reporter – 14th May 2019 2020 U-15 ‘B’ glory for Ballyroan-Abbey following six point win over Killeshin WhatsApp TAGSPeople First Credit Union GAA Home Sponsored People First Credit Union to celebrate 50th anniversary in style Sponsored Facebook GAA Facebook People First Credit Union to celebrate 50th anniversary in style Twitter Pinterest WhatsApp GAA Pinterest Twitter People First Credit Union are celebrating 50 years of business this year.The Credit Union is an institution in Portlaoise and was first established on the 28th February 1969. Since then it has gone from strength to strength servicing the local community.In order to mark this momentous occasion People First are holding a Celebration Day on the 6th June in the Portlaoise branch from 12 noon-3pm.This day will coincide with the launch of their new “Ready2Go” online loan. This loan offers members the flexibility to use the loan for whatever they want, while offering the freedom to apply for the loan when and from where they want.On the day there will be lots fun and games including member spot prizes, giveaways, kids’ entertainment and Midlands Radio 3 will broadcast their afternoon show live from the branch.People First Credit Union want to involve local groups and organisations during the event.They are putting the call out to any groups or clubs that require sponsorship funding to get in contact with Belinda at [email protected] People First Credit Union look forward to celebrating this special day with all our members!SEE ALSO – People First Credit Union is celebrating 50 years in business Kelly and Farrell lead the way as St Joseph’s claim 2020 U-15 glory Previous articleIn Pictures: Laois’s first ever colour run a huge successNext articleNewpark Hotel in Kilkenny – the perfect backdrop for your wedding day LaoisToday Reporter RELATED ARTICLESMORE FROM AUTHOR Here are all of Wednesday’s Laois GAA results last_img read more

PowerShares adds two new ETFs to smart beta line

first_img “As an innovator in the Canadian ETF market, PowerShares Canada recognizes the value of smart beta investment strategies,” said Michael Cooke, Head of Distribution, PowerShares Canada. “Our new additions provide investors with intelligent access to short-term fixed-income investments.” PowerShares 1-3 Year Laddered Floating Rate Note Index ETF (TSX:PFL) seeks to replicate, before fees and expenses, the performance of the FTSE TMX Canada 1-3 Year Laddered Floating Rate Note Index. The index is designed to give investors exposure to a laddered basket of Canadian government and corporate investment-grade floating-rate notes. PFL has a low management fee of just 0.20%. PowerShares LadderRite U.S. 0-5 Year Corporate Bond Index ETF (USB/USB.U) seeks to replicate, before fees and expenses, the performance of the Nasdaq LadderRite 0-5 Year USD Corporate Bond Index. The index is designed to give investors exposure to a laddered basket of U.S.-dollar-denominated, investment-grade corporate bonds. USB has a low management fee of 0.25%. The ticker symbol USB represents Canadian-dollar-denominated units, while USB.U represents U.S.-dollar-denominated units. “The low interest rates paid on government bonds makes short-term U.S. corporate debt and floating-rate notes quite attractive to investors seeking yield,” Cooke said. “Both the laddering structure and the short duration of the underlying securities help reduce interest-rate sensitivity.” Invesco Canada Ltd. operates under three distinct, yet complementary product brands, Trimark, Invesco and PowerShares. Share this article and your comments with peers on social media Companies Invesco Canada Ltd. IE Staff center_img Toronto-based Invesco Canada Ltd. Monday announced the listing of two new PowerShares Canada smart beta exchange-traded funds (ETFs) on the Toronto Stock Exchange. Both ETFs have now closed the initial offerings of units and began trading on TSX Monday. Facebook LinkedIn Twitterlast_img read more

Credential introduces fee-based product for mutual fund advisors

first_img Related news Rudy Mezzetta “We firmly believe in the whole philosophy of fee-based [advice] and the merits of that broader value proposition,” says Kim Thompson, senior vice president of advisory services at Credential, which provides wealth-management products and services to Canadian credit unions. “We wanted to make sure that our advisors had the ability to provide the services that investors are, if not demanding today, coming to expect.” The OnPoint Fee-Based Account is intended for investors with a minimum of $100,000 of investible assets. Says Thompson: “The complexity of clients’ financial situation would then be supportive of a fee-based approach to managing their financial affairs.” St Catharines, Ont.-based Meridian Credit Union, the largest co-operative financial institution in Ontario, is the first Credential partner firm to sign on to offer the account. Five other Credential credit union partners are currently on schedule to adopt the account for its advisors as well, Thompson says. Ultimately, Credential anticipates that at least 20% of assets under administration on its MFDA platform will be fee-based over the next three years. “The whole industry is in such a transition, and the acceleration of [growth in] fee-based is quite significant,” Thompson says. Credential has partnerships with approximately 200 credit union organizations and 1,500 advisors on both the MFDA and the Investment Industry Regulatory Organization of Canada platforms. Luminus introduces investment savings account Share this article and your comments with peers on social mediacenter_img Vancouver-based Credential Financial Inc. has introduced a fee-based product for Mutual Fund Dealers Association of Canada-licensed financial advisors at its credit union partner organizations to offer to their mass affluent clients. OnPoint Fee-Based Account, which has been rolled out over the past several weeks, allows advisors to charge a set percentage fee and offer clients access to any F-class funds carried by Credential Asset Management, the firm’s mutual fund dealer. The OnPoint Fee-Based Account is non-discretionary. Keywords Credit unionsCompanies Credential Financial Inc. B.C. credit unions introduce text banking Facebook LinkedIn Twitterlast_img read more

AI could be a game-changer for advisors

first_img Fiona Collie Banking industry’s tech shift has accelerated amid pandemic RBC powers up its AI with new partnerships BMO found AI, climate change and diversity opportunities in pandemic: CEO Keywords Information technology,  Artificial intelligence Canada’s financial services sector “moving fast” on AI Related news “Technology is a critical part of the future of [providing service to] clients,” says Gary Teelucksingh, a partner, wealth and investment management, with the global management consultancy company, in Toronto, and an author of the white paper Transformative Nature of Artificial Intelligence (AI) in Wealth Management. “Advisors should be aware of [this technology] and advocating for their firms to be aggressively adopting technology that helps them service clients.” AI, which is the power of a machine to copy intelligent human behaviour, is already present in the wealth-management industry. For example, digital wealth-management companies, or robo-advisors, use a form of AI to gather client information and designate an appropriate portfolio. As well, DBS Bank Ltd. in Singapore has partnered with Armonk-based IBM Corp. to use IBM’s AI platform, which is called Watson, to offer client specific portfolio recommendations to DBS financial advisors. Although AI is still in its infancy, it’s likely to prove to be a positive development for traditional financial advisors and their firms, the Capco report suggests, because of the potential to make the advisory business more efficient. For example, AI could identify instances in which an advisor would typically contact a client, such as a change in the portfolio, a change of address, or the sending out of an annual statement. In this case, however, the AI software, not the advisor, would automatically contact clients to address the issue. The advisor would only get involved if a follow-up action, such as an in-person meeting, were required. “It’s that part [of the relationship] that the advisor would spend more time doing,” says Teelucksingh, “not initiating the contact, not the [service] call.” In other cases, AI technology could be used to gather more detailed information about clients. More specifically, AI software might scan the Internet for publicly available information that could give advisors insight into their clients’ potential financial needs. For example, AI could keep track of a client’s public social media use and infer opportunities for the advisor to start a conversation, such as frequent travel to a possible retirement property. Cacpco’s report notes that as clients become more comfortable with the use of AI, financial services firms may even create portals to collect more private information with permission from the clients. Of course, advisors and their firms will have to be careful about the use of such platforms and to make sure client data are kept safe. Photo copyright: sakkmesterke/123RF Share this article and your comments with peers on social media Emerging technologies, such as artificial intelligence (AI), are poised to change how financial advisors conduct business — and largely for the better, according to a new white paper by the Capital Markets Co. Group (Capco). Facebook LinkedIn Twitterlast_img read more

Fitch raises growth outlook for Canada

first_imgMaintaining Profits economic growth chart businessmen illustration retrorocket/123RF Share this article and your comments with peers on social media Related news Economy lost 68,000 jobs in May “Growth is decelerating, but the agreement to revise and replace NAFTA reduces uncertainty around trade, and consumption has proved relatively resilient. We have also slightly revised up our estimate of Canada’s long-run growth potential,” Fitch says in the report.The somewhat brighter economic outlook, coupled with modest government deficits, has Fitch expecting that Canada’s gross general government debt (GGGD) ratio will continue to decline over the next couple of years. The stronger economic backdrop means that tax cuts and other measures announced in the federal government’s latest Fall Economic Statement (FES) will produce only slightly wider federal deficits, compared with previous forecasts.“Moreover, the lowering of marginal tax rates on business investment in the FES (at an estimated cost of 0.2% of GDP in tax revenue in 2019 and up to 0.6% over five years) should help preserve competitiveness relative to the US and support investment in the near term,” the report says.The federal government’s approach to fiscal policy “reduces the public finances’ resilience to a sharper economic slowdown or sudden shock. This is not our base case, but there are downside risks to investment and growth, including the possibility of a sustained fall in energy prices, which would be magnified by Canada’s oil transport constraints,” the report adds.The report sees global growth slowing and becoming less well-balanced, with downside risks rising, particularly for 2020. However, Fitch’s global growth forecast remain unchanged for this year and next, with global growth expected to come in at 3.1% in 2019, before falling below 3% in 2020.“The world economy is still expanding at a rapid pace, but cracks are starting to appear in the global growth picture,” says Brian Coulton, chief economist at Fitch, in a statement. “Eurozone growth outturns have disappointed once again, world trade is decelerating and the China slowdown is now fact, not forecast.”The rating agency’s base case remains a soft landing for global growth in 2020, but the report cautions that downside risks to that view are rising, including the risk of a faster-than-expected tightening of global financial conditions, escalating market fears about eurozone fragmentation, and continued concerns about trade protectionism. Keywords Economic forecasts Canadian economic growth is expected to slow over the next couple of years, but the braking won’t be as hard as previously expected, according to a report published Wednesday by New York based Fitch Ratings.In its latest Global Economic Outlook, Fitch increased its forecast for real gross domestic (GDP) growth in Canada next year to 1.9% from 1.6%. The rating agency also boosted its forecast for 2020 to 1.7% from 1.4%. OECD raises outlook for Canadian economic growth this year James Langton Stagflation is U.S. economists’ biggest fear, SIFMA says Facebook LinkedIn Twitterlast_img read more

Why women are less likely to become financial advisors

first_img Catastrophe bond market gains momentum Even if women are aware they can pursue a career in financial advice, they’re highly unlikely to do so, finds a new report from financial services consulting firm StrategyMarketing.ca.The research, which is partially based on interviews with 35 female financial advisors that took place between May and July, found that many women didn’t consider becoming advisors early in their careers. Female advisors were initially put off by factors such as the industry being male-dominated and the potential for unsteady pay, as well as by their perception that giving advice was based primarily on financial calculations, the report said.Most of the women interviewed for the report worked in the bank brokerage channel (25.7%), followed by independent brokerages (20%) and insurance companies (14.3%). More than one third (37.1%) had been an advisor for more than 15 years.The report noted that a separate online survey of recent female post-secondary graduates also yielded sobering results.Out of the 52 graduates polled by Strategy Marketing in May and June, the vast majority (82%) were aware of financial advice as a career path but only 36% said they would consider advice as a career. The top reason was a perceived lack of skills required for the job (44%), but others simply had a negative view of the industry.Almost one-third (30.8%) of respondents to the online survey studied business administration, while the rest studied arts (17.3%), sciences (15.4%) and commerce (7.7%), and 28.8% chose “Other.”The report said women face “systemic” problems in the financial advice industry.“If the industry wishes to attract and keep more female financial advisors, more has to be done at the front lines to ensure women feel welcomed — because the low numbers of female financial advisors has more to do with archaic gender biases than any lack of talent or will on the part of women,” the report said.The financial services industry is trying to improve, the report noted.Organizations are “trying very hard to attract more” women, the report said. “There are ongoing efforts being made to hire more women, including in senior positions.”The report suggested firms improve their internal programs and resources, and make sure branch managers are engaged when it comes to hiring women.“All too often at the branch level, there continues to be ineffective practices: outdated hiring practices, lack of support for women in establishing successful practices and male-focused metrics for what success looks like,” the report said.The payoff for hiring more women could be substantial.The report noted that April 2020 research from Boston Consulting Group indicated that “women are set to control $93 trillion in wealth globally and reach almost 40% of all wealth in North America by 2023.”If female investors prefer to work with women, firms may need a higher number of female advisors to capture part of that wealth, the report said. Share this article and your comments with peers on social media Study: Racial diversity stagnated on U.S. corporate boards Katie Keir Partners discussing new plans iStock G7 tax pledge may be upstaged by CBDC work Keywords Women,  Wealth management,  Banking industry,  ESG Related news Facebook LinkedIn Twitterlast_img read more