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Recruiting recent people to enter the wealth-management industry often means starting young, notably by engaging post-secondary students majoring in business and finance.
Tina Boenders, manager of human resources at Wellington-Altus Private Wealth in Winnipeg, spoke with Globe Advisor recently about launching the investment firm’s first profession booth.
For the primary time, you made the decision to launch a profession booth at Concordia University. Why did you go this route?
The predominant goal of our talent acquisition strategy is to rent one of the best people, and now greater than ever meaning we want to go on to the people on the lookout for careers.
Our company has increased to 670 staff today from just over 200 people in early 2020, in order that’s triple the expansion in two-and-a-half years. Our recent expansion into the Quebec market means we’re all the time seeking to meet people within the province. We met with near 150 students on the Concordia booth [in Montreal].
How did things go on the booth?
We had high engagement. I feel the scholars really value that face-to-face connection. We would like to ensure that the scholars know we’re comfortable to be there to introduce ourselves and get to know them.
Were the scholars accustomed to Wellington-Altus?
Absolutely. We had quite a lot of questions centered around who we’re, why we’ve been successful as a firm, and our opportunities. We’ve been on the lookout for each full-time and co-op students, and the scholars we met with are on the lookout for positions in operations or administration. All of it will depend on their qualifications and goals as to where they’d fit within the firm.
How do you attract interest from business students?
We found a lot of the conversations to be around starting their profession, gaining experience and exposure. So not only specializing in direct compensation, however the work culture, training opportunities – just the full rewards package. We consider in supporting them and inspiring them of their development. On top of compensation, we now have worker advantages right from day one.
We provide all our successful candidates the crucial tools to do their job. We now have training that we’ve developed and it keeps growing. We encourage students to get their licenses, designations, and the corporate covers those costs.
Our talent acquisition team is improbable at examining an individual’s skillsets, giving them a call, and placing them inside areas of the organization that they hadn’t considered before.
There are tons of opportunities for growth within the wealth-management industry. So lots of the students we connected with expressed interest in roles that support clients directly. The upcoming generation is involved in positions that help and assist people.
This interview has been edited and condensed.
– Deanne Gage, Globe Advisor reporter
Must-reads from Globe Advisor this week
What to look out for in home insurance in terms of natural disasters
Within the wake of hurricanes, tornados, and other natural disasters corresponding to forest fires and floods, advisors increasingly must explore disaster recovery strategies with their clients, starting with their homes. An under-insured property affected by a disaster could wreak havoc on a client’s savings and plans for retirement. While advisors cannot assess home insurance policies – strictly the domain of property and casualty insurance brokers – they will still ask their clients one basic query: have you ever reviewed your policy? Deanne Gage reports on what must be considered by advisors and clients.
Tail-risk ETFs protect against market meltdowns but are they value the fee?
Soaring inflation, fast-rising rates of interest and a looming recession have many investors looking more closely on the downside protection offered by tail-risk exchange-traded funds (ETFs). Typically defined as a movement of three or more standard deviations from the mean return, tail risk shouldn’t be as unusual as once assumed. These funds typically buy out-of-the-money put options to offset losses within the equity market exceeding 10 per cent, but their overall strategy can differ. Joel Schlesinger looks on the protection these products offer from black swan events and whether or not they are gaining traction with investors.
What to contemplate in financial and estate plans for people without children
A growing variety of single people and couples are selecting to not have children for myriad reasons – a call advisors say has implications for his or her long-term financial and estate plans. Children often play the role of caretaker, power of attorney, executor and beneficiary, which implies more planning in these areas could also be required for child-free clients. While caring for an aging parent represents essentially the most common type of caregiving in Canada, child-free individuals and couples can’t depend on this support. Kelsey Rolfe reports on what must be considered for people without children in the long run.
Are ‘regular’ laddered-bond ETFs a very good bet as rates of interest rise?
Soaring rates of interest amid spiraling bond prices is creating an opportune time for investors to rebalance their portfolios with effective fixed-income strategies in volatile times. Consequently, laddered-bond ETFs have seen a jump in fund flows recently because the Bank of Canada and other central banks stretch benchmark rates to multi-decade highs. They’re typically set to mature or be redeemed at the top of any given 12 months and owning a series of them over a short- or longer-term payout period allows for the rest of a client’s portfolio to remain invested for the long run. Jamie Sturgeon looks on the strategies of using these products and why ETFs simplify the method at a lower cost.
Also see:
Hedge funds bet on further gains for the dollar
Canada’s disclosure rules for ESG investing critiqued for not going far enough
KYC and ESG: Zeroing in on client values pays off for advisors
Recent climate for risk disclosures supports higher investment decisions
‘Crash-protection mode’ helps managed futures ETFs crush rivals
What you and your clients must know
Why Brookfield’s private equity arm is struggling despite Westinghouse sale
Persistent inflation and slowing global economic growth are hitting Brookfield’s private equity business, and investor sentiment is deteriorating so rapidly that it should take rather more than the division’s stellar return on its Westinghouse sale to eliminate its massive market discount. On Tuesday, Brookfield Business announced the sale of nuclear power company Westinghouse, one other of its investments, to a three way partnership group that features a distinct Brookfield division, in addition to Canadian uranium producer Cameco Corp., for US$4.5-billion plus greater than US$3-billion value of debt. Tim Kiladze reports on why this isn’t enough to totally restore investor confidence as its stock remains to be down 33 per cent this 12 months.
Multiple-property owners are facing rising rates of interest, especially in Toronto
Since 2017, multiple-property owners have been the biggest group of buyers of Ontario real estate, but a recent report analyzing the holdings of this cohort suggests they might change into far less lively as rates of interest proceed to rise. Experts foresee trouble among the many buy, rent, renovate and refinance (BRRR) investors who were over-reliant on low cost debt. Rising mortgage costs are one thing, but many even have unsecured lines of credit, private loans or promissory notes that add to their risk if carrying costs eat away at revenues they earn from renting. Shane Dingman reports on the outlook for real estate investors.
Competition Bureau launches inquiry into RBC’s green promoting
Canada’s Competition Bureau has opened an inquiry into whether the Royal Bank of Canada made misleading statements about its actions to fight climate change after the watchdog received an application from a gaggle of concerned residents backed by environmental groups. The probe stems from a grievance first lodged in April by six individual applicants that targets RBC’s claims that it supports the principles of the Paris Agreement to carry global warming below two degrees Celsius from preindustrial temperatures, and is committed to achieving net-zero emissions in its annual operations and in its lending by 2050. The appliance alleges RBC is currently working against these goals by providing billions of dollars in financing to the oil and gas industry. James Bradshaw reports on RBC’s response to the investigation.
– Globe Advisor Staff
