Why is financial literacy important for young Canadians?

Youth financial literacy puts them in control of their own decisions and finances which is important especially in today’s society where the cost of living is on the rise. Children need to learn early in life that there are differences between needs and wants and how this impacts our financial decisions. It will ultimately play a key role in making them lead a happier and more financially stable lifestyle.

What’s something you wish you told your younger self when it comes to money management?

I would tell my younger self that a healthy financial life begins with effective money management skills. Apart from creating a budget and sticking to it, many other financial practices can alter the course of your life drastically.

There are many strong pieces of financial advice that I would tell my younger self:

• Contribute towards your retirement fund
• Get life insurance when you are still young
• Make an effort to learn about investments
• Don’t spend money on frivolous things
• Focus on your strengths
• Don’t use too many credit cards
• Spend money on experiences
• Save for rainy days
• Build your contacts and career network
• Learn about the stock market

What are your top money management tips for new businesses?

Being a small business owner is all about following your dreams and calling your own shots. But it’s also about managing your money responsibly and keeping a tight grip on your finances.

• Create a Budget and Adjust Accordingly
• Get Your Cash Flow Organized – When you’re getting your business started, keep track of all income and expenses from day one — even if most of your numbers are zero.
• Establish an Emergency Fund – An emergency fund isn’t just for personal finances. Business owners should have one, too. Odds are, your business will eventually face a less than a stellar month or an unexpected expense, so it’s essential to plan for these cash crunches.
• Remember That Time Is Money – New business owners often start out with one person running the show. Marketing and sales, accounting and product design, shipping and customer service — it’s all in a small business owner’s job description. But as you grow, it’s important to know which tasks you excel at and which ones you probably have no business doing.
• Running a small business is no easy task, but it’s easier when you stay organized and disciplined.
• When you dive in and get comfortable with your business finances, you’ll have a better idea of how your business is really doing, where improvements are needed and where growth is possible.

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Whenever people ask me what I do, they always sound surprised that a service like non-profit credit counselling exists. And then they lean in, in a hushed voice, and make comments like “You need to talk to my granddaughter” or “Wow, I could have used your services after graduation” or “I need to talk to you about my situation, can I call you?”

I jokingly call the non-profit credit counselling industry the best-kept secret around even though we’ve been around for over 50 years. However, we don’t want to be a secret. In fact, we want to shout from the rooftops that we’re here to help.

Here are 10 things the non-profit credit counselling industry wants you to know:

You are not alone. Money can create so much stress and shame, making us feel like we’re the only ones in the room who struggle. Trust me, you are not the only one or alone. We’re here for you every step of the way. No money problem is too big for us.

Your self-worth and net worth have nothing to do with each other. We have all made money mistakes and regretted decisions. You are still a good person even if you struggle with money.

You can get out of debt. No, really, you can! For every debt problem, there is a solution, oftentimes without declaring bankruptcy. Our credit counsellors will review all options available to you and support your choice.

You can rebuild credit. Poor credit is not a life sentence. Our credit counsellors can show you how to rebuild without adding costly credit products to your life.

You can save money. We can teach you how — from dime challenges to setting up automatic savings.

If you need other supports in the community, we’ll connect you, at no cost.

Money management is a skill, not a talent which is why we do financial education – we love teaching workshops in the community and workplaces, offering webinars, and developing eLearning modules so you can grow your skills.

Our agencies are accredited, and our credit counsellors are Accredited Financial Counsellors. This means there are standards to adhere to and continuing education to maintain skills.

We are non-profit or charitable organizations which mean we reinvest funds back into helping more consumers like you.

We absolutely love our work: We feel privileged that we get to work with you on your goals, your hopes, and your plans to make them a reality. We even love budgeting.

The post What in the World Is Non-profit Credit Counselling? appeared first on HiveInnovates.

The New Money Podcast host, Nathan Kennedy shares his tips to set your life up for long-lasting success with money.

Everyone knows they should be better with their money. If you aren’t doing the below (or some version of it), you shouldn’t be worried about Bitcoin or the stock market yet. Here is how you can start from nothing and create a fantastic base incredibly quickly.

Start consuming content

This is the easiest tip and yet it may be the most impactful. In fact, you are literally already doing it right now! Consuming content, even passively, on how to better your money (via articles, Youtube, social media, podcasts, audiobooks etc) is a fantastic way to not only build your knowledge but create a deep burning desire to want to sustainably improve your finances.

Write out income and expenses

This is the part everyone dreads, yet it’s so necessary. If done well, you will likely only have to do this once and then iterate or improve it as you go. Write out your monthly income and expenses on a sheet of paper. You can use a laptop if you would like – however, I believe pen and paper are more effective with sketching out ideas. Really makes you feel everything. After you’ve done a rough sketch, review your transactions using your banking app to further inform how accurate your initial assessment was and make adjustments as necessary.

Analyze what your current situation is

Do you have a surplus of money? Deficit? Are your bills higher than you thought? Really take in what your financial situation is.

Strategize how to improve

There are two fundamental ways to improve your cash flow, more or less:

1. Reducing your expenses

• Call up your bill providers to reduce your expenses by negotiating, asking for lower services or simply asking them how you can reduce your bill and some options they have. Be pleasantly persistent here.
• Cancel services that you rationally can not justify.
• Make your wants few (It’s okay to have that $5 Starbucks – just make sure you spend less elsewhere and optimize for what you really value).

2. Maximizing your income

• Do an audit of your possessions. Sell everything you don’t need / value / use often. This will give you a quick surplus of cash.
• Explore different side hustles. Driving Uber, renting your car on Turo, getting a second job or becoming a virtual assistant online, just to name a few. You could also take some of the cash earned from selling stuff and begin to flip other products. I’ve made thousands of dollars doing it.
• Ask for a raise at work or explore new career opportunities. There are tons of opportunities out there with turnover in corporate as well as local businesses being extremely high. It’s time to level up and improve your situation if it’s subpar or begin to build a case as to why you deserve more at work.

Set goals and budget for spending (while being realistic!)

Now that you have a clear picture of where you are financially, you can begin to set SMART goals (Specific, Measurable, Achievable, Relevant, and Time-Bound) as to how you would like to improve and craft a budget to get you there. Make them reasonable. Everyone wants to be a millionaire right now but we all need to start somewhere. Some examples could be:

• Increase my savings rate from 10% to 20% by the end of Jan 2022.
• Pay down 50% of my credit card debt by March 20th, 2022.
• Contribute $500 per month every month for 12 consecutive months to a down payment fund.

As for how to set up a budget, think about a reasonable number for food, bills, leisure and misc expenses, then add 10 to 20% margin on top to account for potential overspending. I suggest writing this out, similar to the initial audit. I also suggest beginning to pay yourself first and incorporating this “expense” into your budget. This means setting up an automated deduction into your investment accounts (once you establish them) / savings accounts. Treat your savings and investing just like a bill and automate it.

Pick a system to monitor your progress

Remember how I said if you do it right the first time, you won’t have to do it again? Well with tech these days, there are fantastic phone apps that you can enter the resulting work (from the previous steps) into. This will allow you to easily monitor your progress. My personal favourite is Mint as I have been using it for years. It links with my bank account, so I do not need to manually enter transactions every time I buy something. It allows me to monitor my finances with ease every month. There are other options out there like You Need A Budget that also works really well.

Automate and iterate

Once you have minimized your expenses, automate all of them as best as you can. This can help you improve your credit as you will never miss a bill. Furthermore, even though everything is organized and automated, continue to check in every month via your system to see how you are progressing. If you are consistently saving more and more money, it’s time to graduate to growing your wealth via investing – but that’s for another article. One step at a time. You’ve got this.

The post 7 Steps to Go from Zero to Hero with Your Money appeared first on HiveInnovates.

The Ontario government recently introduced financial literacy to the school curriculum. Many kids enter university and the real world without acquiring any knowledge of banking accounts, budgeting, investments, and how credit works. Perhaps their parents and caregivers weren’t the best financial role models or they just figured their kids would pick up financial tips on their own someday.

As part of the curriculum, students will have lessons about earning, spending, saving, donating, credit, and debt. They’ll also learn about paying off a mortgage, calculating interest rates, exchange rates, setting financial goals, and so on.

In the primary grades, a common math problem is calculating whether they have enough money to afford three or more items of varying prices. Some problems also ask the student to calculate how much they would have left over if they made a purchase.

Learning by doing is the best teacher. Kids need some money of their own to best learn how to manage it.

When helping their kids with homework, parents could expand those themes. Ask your child what they would do with the leftover money. The answer may be simple (“spend it all on candy”), but this reply can lead to a discussion on goals for our money, needs versus wants, and delayed gratification. For example, can your kid come up with other solutions for the extra cash beyond making a purchase?

Learning by doing is the best teacher. Kids need some money of their own to best learn how to manage it. Let them make their own buying decisions and learn by trial and error whether their purchases were worth the cost or best to skip next time. You can start by giving them a weekly allowance either on its own or for doing chores and household errands. Some families follow a spend/share/save model that allows kids to buy what they want now, donate to a charity of their choice, and save up for a bigger-ticket item.

Work with your kids to develop their own plans for their money. Advocis, The Financial Advisors Association of Canada, recently created the Junior Financial Advisor (jFA) Fin Lit Kit, a kids’ activity book, to spark detailed money conversations. Younger kids will be happy with the word searches and colouring sheets, while older kids can think some more about how to make their financial goals a reality.

But teaching moments are everywhere. While shopping at the mall, younger kids may observe you using a credit or debit card and come to the conclusion that you get money from simply tapping a card. That can lead to a chat on where money really comes from, how it’s earned, and how you qualify for credit.

Kids can also learn about money on the platforms they love best. If your kid avidly uses Roblox, show them the jFA Financial Quiz & Obby, a financial literacy game. It was amazing to see my eight-year-old’s avatar navigate through this game’s mazes. And for her to advance to the next level, she needed to correctly answer multiple-choice questions about money. I thought she would be stumped by one question on credit cards and how to avoid interest charges, but she picked the correct answer about paying off the bill every month. What made her select that answer? “It’s just obvious,” she shrugged, as she recalled me talking about paying bills.

Hopefully, it’s an answer she’ll remember when she has her own credit card someday.

The post As Financial Literacy Arrives in Ontario Schools, Parents Consider Their Role appeared first on HiveInnovates.

Paying for purchases in smaller, regular intervals is a choice that a growing number of Canadians are looking for. Here’s how Visa’s new Installments solution will help financial institutions offer consumers more choice and control over their budget.

When it comes to purchasing decisions, it’s clear that Canadians want more options for when and how they pay for purchases. Installments — also known as “buy now pay later” plans, which involves dividing total purchase amounts into smaller, equal payments made over time — is a rapidly growing trend. It’s seeing accelerated adoption across the globe as it represents increased choice for consumers, and the ability for merchants to up their competitive advantage and bring shoppers more ways to pay.

“In Canada, we’ve seen 30 percent growth in installments in the last year alone,” says Brian Weiner, Vice President and Head of Product and Digital at Visa Canada, referring to an Ipsos September 2020 study. “The pandemic has accelerated the growth and speed of digital payments everywhere and created room to insert additional options for consumers and merchants.”

In Canada, we’ve seen 30 percent growth in installments in the last year alone.The pandemic has accelerated the growth and speed of digital payments everywhere and created room to insert additional options for consumers and merchants.

It’s not a new phenomenon — installments have been popular in markets like South America and Europe for a long time. The Australian market is expected to double by 2023; in the U.K., it’s expected to double by 2025.¹ However, it’s not just customers driving this trend. According to Shopify’s recent report on the Future of Commerce, the number of Shopify merchants in the U.S. offering installment payment options has increased by 60 percent since the start of the pandemic.

Canadians of all generations are adopting innovative payment options

The data suggests that the installments trend is here to stay. As is common for any industry undergoing a period of rapid growth, the payments ecosystem is also experiencing disruption and innovation. The pandemic is continuing to push businesses to offer improved consumer experiences, with digital-first ways to pay. And consumers of all ages are embracing flexible payment solutions like installments.

“We know that Gen Z and millennials are a new class of consumer who expect flexibility and choice,” says Weiner. “But, interestingly, the biggest growth of interest since 2017 has come from Gen X and baby boomers. And as consumers seek more flexible options, transparency and trust remain of high importance among all demographics.”

To better protect the long-term health of financial ecosystems, it’s important that installment providers understand the needs of consumers and merchants in today’s payments market.

“Visa is in the great position of being present in and observing markets all around the world, and our goal is to bring the best payments experiences to Canada,” says Weiner. “Installments aren’t new, but we’re seeing their resurgence in a modern economic context. At Visa, our vision is to create a solution built on a foundation of trust and responsibility, designed with the well-being of both Canadian consumers and merchants in mind.”

Canadian consumers and merchants first to benefit from Visa’s new installments solution

This summer marks the launch of Visa Installments in Canada — one of the first countries to launch globally. Visa Installments will give eligible credit cardholders the option to divide purchases they’ve already made (online or in-store) into smaller, equal payments over a defined time period, based on the existing credit available on their credit cards.

Looking ahead, Visa Installments will also be made available by Canadian issuers at participating merchants during the checkout process. “With the Visa solution, buyers use existing accounts and lines of credit from the bank or card issuer they know and trust. There’s no need to download an app, submit a new credit check, or enter any additional information,” says Weiner. “If you have an eligible credit card, the purchase will automatically be deducted from your available credit line. Allowing consumers to make this choice without taking on any new credit is a key component of the solution.”

Where merchants have opted into the during-purchase installment program, Canadian consumers will be able to choose whether to pay in smaller, regular amounts at the point of purchase. With transparency related to the payment schedule, the solution is geared towards providing consumers with more control over their budgets.

For merchants, opting into the program can also carry significant benefits. The solution is designed to be seamless, and easy to use for customers. Integrating an installments option at checkout can increase both the average ticket size of purchases and conversion rates for shoppers.²

“Our solution is API-based and designed to be very simple to integrate for both in-person and e-commerce transactions,” says Weiner. “With a single integration, a merchant can enable installments options for their eligible customers without them needing to sign up for a new service or be directed to another page and asked to fill out an application form. It doesn’t get any easier than that.”

¹ Euromonitor Global Installment Payment Opportunity Report
² Euromonitor research: Interbank Cards Centre of Turkey

The post Trust and Reliability Are Key for Consumers in Emerging Installment Payments Market appeared first on HiveInnovates.

How do we find an investment that provides income for today and growth for tomorrow? A differentiated TD ETF provides an all-in-one solution.

We all need income to fulfil our everyday needs. Canadians approaching retirement, or already retired, may require income beyond what their government and various pension plans provide. For many, that means drawing a regular income stream from their investments.

Income-bearing investments tend to be in fixed-income securities, such as bonds and GICs (guaranteed investment certificates), which are tied to interest rates. Lower interest rates over the past decade have made it harder to earn income through fixed-income securities. Even the slightest interest rate drop can trigger a major drop to one’s regular income stream.

Add to this scenario rising inflation and its effect on purchasing power. “Inflation is something investors haven’t had to worry about for the past decade, but it’s going to make this a more challenging period for fixed-income investing than it has been for the last 40 years,” says Ben Gossack, Vice President and Director, Portfolio Manager within the Fundamental Equity Team at TD Asset Management Inc. “Inflation is that silent hand that takes money out from under your mattress.”

Lower yields and inflation cause challenges to long-term investors

Investors need alternate ways to generate income

To offset lower yields and rising inflation, investors need to think about long-term growth. “Income is important, but so is having a growing income stream,” says Gossack. “One way to do that is to build up one’s nest egg, but that gets harder to do as you get older.”

The market offers numerous investment alternatives to help solve this income/growth dilemma, either through individual securities or mutual funds. However, there are often trade-offs. For example, high-dividend-yielding stocks, utility companies, and consumer staples provide income but not growth. Others, like growth stocks, provide growth but not a lot of income.

There are also many exchange traded funds (ETFs) designed for income or growth, but here too investors may need to compromise. “The income solutions the industry has provided through ETFs have typically been high-dividend-yielding stocks or covered call strategies, where you’re giving up future potential upside for income today” says Gossack.

TGED seeks to provide stable monthly income plus long-term growth

The TD Active Global Enhanced Dividend ETF (TGED) is designed to secure a stable monthly income with a focus on total return. Established in May 2019, this differentiated ETF invests primarily in dividend-paying equity securities in developed markets around the world, and in some emerging markets.

“Effectively we’re trying to provide individuals with a healthy income without sacrificing growth, so over the long run we’re aiming to give the investor a great total return, which includes a four percent yield in the meantime,” says Gossack.

The fund employs an active stock selection approach, seeking quality large cap companies that generate free cash flow, have strong balance sheets, and are poised to take advantage of multi-year secular growth trends. “We then build income streams on top of that through active call writing and put writing,” says Gossack.

Here’s where differentiation really comes into play. “A lot of ETFs in the market approach their covered call writing with a systematic philosophy,” explains Gossack. “As such, they roll their contracts on a monthly schedule and limit their upside to a few percentage points above the current price levels,” he says. The downside of this approach is that systematic covered call strategies are often proven to sacrifice growth for income and will lag the market on a total return basis.

“Our approach on the other hand is completely flexible,” says Gossack. “We are not forced to write any contract, so we write ours when we see the best opportunity from an active fundamental lens,” he says. While Gossack notes this approach is more complicated, it enables the fund to enhance its income from these option premiums and leave upside for stock prices to appreciate to capture growth. In addition, it is rare to find an ETF that writes puts in addition to covered call writing. “Put writing allows us to get paid to buy stocks we like at lower prices” says Gossack.

This three-pronged approach is designed to provide an all-in-one solution to investors looking for income and growth. “Not many income strategies have stocks that do not pay out dividends,” says Gossack. “That’s unique to us because we can convert these companies into synthetic dividend payers through our active call writing.”

Despite the market turmoil and the COVID-19 pandemic sell-off, TGED has maintained its regular income target of four percent and achieved a 19.6 percent return for 2020.

The fund is available on the retail market to all investors. To learn more about TD ETFs, visit TD.com/ETFs. To hear more from Ben Gossack and for a deep dive on TGED, listen to our TDAM Talks ETFs Videocast:  Income or Growth? Seek both with TGED.

The information contained herein has been provided by TD Asset Management Inc. and is for information purposes only. The information has been drawn from sources believed to be reliable. The information does not provide financial, legal, tax or investment advice. Particular investment, tax, or trading strategies should be evaluated relative to each individual’s objectives and risk tolerance.

Commissions, management fees and expenses all may be associated with investments in ETFs. Please read the prospectus and ETF Facts before investing. ETFs are not guaranteed, their values change frequently and past performance may not be repeated. ETF units are bought and sold at market price on a stock exchange and brokerage commissions will reduce returns.

TD ETFs are managed by TD Asset Management Inc., a wholly-owned subsidiary of The Toronto- Dominion Bank.

All trademarks are the property of their respective owners.

^®The TD logo and other trademarks are the property of The Toronto-Dominion Bank or its subsidiaries.

The post TD Is Offering a Differentiated ETF for Income and Growth appeared first on HiveInnovates.

Viridis Terra International is a Canada-based company that specializes in ecosystem restoration and sustainable management with a mandate to combat the global problems caused by land degradation and climate change.

Restoring degraded ecosystems

“Our activities focus on the restoration of degraded ecosystems, lands, and soils, as well as the formulation, implementation, and sustainable management of large-scale forest landscape restoration projects,” explains Martin Beaudoin Nadeau, Founder and CEO of Viridis Terra International.

It was the organization’s dedication to environmental stewardship that led Viridis Terra to launch the TreesOfLives^® fund. The fund is based on a model that focuses on three pillars essential to a green economy: partnering with landowners, forest landscape restoration, and an investment platform that uses artificial intelligence based on data collected in the field.

When people invest in the TreesOfLives^® fund, Viridis Terra is then able to offer technology and expertise to help landowners create models to sustainably restore and develop degraded land. In turn, the forests and the land become fertile, grow, and produce, which contributes to carbon sequestration. In this way, those who invest in TreesOfLives^® are removing a significant portion of greenhouse gases from the atmosphere and are thus helping to offset their own carbon emissions — all while assisting local communities in enjoying a better quality of life.

Eventually, the commodities grown by the landowners are sold to buyers looking for zero-deforestation and certified sustainable products. Profits from these sales are shared between the landowner and the investor.

A meaningful investment option

TreesOfLives^® is an impact investment vehicle that’s open to both individuals and organizations. Through their contributions, the fund can finance large-scale restoration projects in partnership with landowners and communities. The estimated targeted return on investment for the fund is more than seven percent.

Martin Beaudoin Nadeau

Founder & CEO, Viridis Terra International

Viridis Terra founder and CEO Martin Beaudoin Nadeau discusses the exciting launch of the TreesOfLives^® fund.

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Why did Viridis Terra launch the TreesOfLives^® fund? 

The reason we launched the TreesOfLives^® fund is that we want to create a green economy around land restoration and to bring capital to these landscapes that are degraded. The fund lets us do that on a very large scale and lets us have a huge impact on fighting climate change and the degradation of natural landscapes. At Viridis Terra, we’re driven by a commitment to fighting against the effects of climate change sustainably, leading to a better future for all.

What makes the TreesOfLives^® fund different than other similar sustainable, environmentally-oriented funds?

Our fund is different because not only does an investor get financial returns, they also get a personal return for themselves by offsetting their own ecological footprint. Investors become key players in fighting the climate crisis. It’s a meaningful way to make an impact.

Who can invest in the fund?

Individuals and companies can both invest. Investing in TreesOfLives^® allows investors to offset their carbon footprint with certified carbon credits. Furthermore, these investments can help remove substantial amounts of greenhouse gases from the atmosphere and a portion of their investment can be used to further offset their carbon emissions. Also, by investing with TreesOfLives^®, investors can indirectly transform the cost of restoration and smart reforestation into an impact investment. Investors can really make a difference.

*Disclaimer* Expected yields are based on data from similar projects carried out by Viridis Terra and its partners in the past in the same areas where Viridis Terra carries out its restoration activities. However, yields are not guaranteed and may vary considerably due to various factors. See our legal documentation on treesoflives.com for full details.

For more information on investing in the TreesOfLives^® sustainable impact investment fund, visit treesoflives.com.
To learn more about Viridis Terra, visit viridisterra.com.

The post Make a Difference with the TreesOfLives® Impact Investment Fund appeared first on HiveInnovates.

Through their transformation from a startup to an established technology leader, Intuit has continued to include their entrepreneurial spirit in everything they do. They believe that technology can help power prosperity for all Canadians. For Intuit, everything starts with the belief that people deserve the opportunity to prosper.

The Intuit Prosperity Accelerator has curated an inaugural cohort of leading tech startups. These solutions are positioned to help solve specific financial challenges that Canadian consumers and small businesses face in the wake of COVID-19. Homewise provides future homebuyers and home owners with the easiest way to get the best mortgage possible. With a five-minute application process, tailored mortgages from over 30 banks and lenders, and human support, this is a well-rounded service to support Canadians. Best of all? Homewise is completely free of cost for all prospective homebuyers and home owners. Co-Founder and CEO Jesse Abrams took the time to talk more about the Intuit Prosperity Accelerator and the ways that Homewise can help Canadian homebuyers.

Can you provide a bit of insight into the collaboration process with Intuit?

Our collaboration started with an online application — we saw the program and knew that it would be a great fit for Homewise. There was a series of interviews to make sure we had what they were looking for, and fortunately, we were one of the companies chosen for the program.

Highline Beta has been a game-changer for us. As a startup, it’s not easy to develop strong partnerships and learn from large companies, but they have been a maven helping us along the way. Especially in developing a relationship with a top company like Intuit. Highline and Intuit are just as excited about fintech innovation and collaboration as all the startups involved in the program, even though they’re the big voices in the room. They pass on a ton of wisdom to us, to ensure that we strategize and execute with excellence.

Homewise is differentiated by combining data intelligence technology with human advisors. How can these different forces be balanced?

Many tech companies are looking to completely erase the human element, but mortgages are massive financial decisions that necessitate extra support. We automate the processes that humans shouldn’t be doing, such as searching the market for options. Essentially, our technology makes the process fast, transparent, and easy. A human advisor explains the mortgage offering and guides clients through the process. We use this balance to find the best tailored options based on data, and support homebuyers with our advisors – all with the goal of saving them time and money.

How have you seen the mortgage industry change due to the COVID-19 pandemic?

The pandemic has pushed technology forward in so many ways and the mortgage industry is no exception. We’ve had our best six months since COVID-19 hit as more people are seeking out digital services. I don’t think that, at the end of the pandemic, people will be rushing back to the old ways of doing things. Buying a house is a huge milestone and it’s essential that prospective buyers have full trust in the process. The industry might move to pure tech in ten years, but for now, the human experience is essential. What makes this so interesting is that tech companies are starting to add humans into these processes. The early marketplace for fintech is big — the people that want to do everything digitally. But to access the laggard’s market, it’s essential to bring human interaction in to engage your customers.

Homewise is completely free for clients. Can you provide more insight into that business model?

We want to empower homebuyers by implementing a free model, because we don’t get paid by the clients, we get paid by the lenders. It’s a phenomenal experience — offering value to our clients without asking for anything back. You can apply online in five minutes, never have to meet someone in person, get the best product, save the most money, and have it all for free — it’s really having your cake and eating it too.

Why does the personalized touch matter?

The scary things about mortgages are that they’re exceptionally confusing and they’re the biggest purchases that people will make in their lives. Very few people understand even basic mortgage terminology. A personalized mortgage is essential in making sure that you aren’t just making the right decision for today — you’re making the best decision for yourself a decade from now.

The post Homewise: Giving the Gift of the Best Mortgage appeared first on HiveInnovates.

Through their transformation from a startup to an established technology leader, Intuit has continued to include their entrepreneurial spirit in everything they do. They believe that technology can help power prosperity for all Canadians. For Intuit, everything starts with the belief that people deserve the opportunity to prosper.

The Intuit Prosperity Accelerator has curated an inaugural cohort of leading tech startups. These solutions are positioned to help solve specific financial challenges that Canadian consumers and small businesses face in the wake of COVID-19. One of these startups is Willful, an online estate planning platform that allows Canadians to make end-of-life arrangements from the comfort of their own homes. Co-Founder and CEO Erin Bury discusses how Willful supports clients in the creation of their will and power of attorney documents, while making uncomfortable topics accessible.

What made the Intuit Prosperity Accelerator the right fit for Willful?

Prior to Willful, I ran a marketing agency that worked with tech organizations, and Highline Beta was one of our clients. I had the chance to work closely with their team and learn more about how they work to close the gulf between startups and corporates, and I admired their work with companies like RBC and Aviva. The day they announced the Intuit Prosperity Accelerator I saw it in my social feeds and applied immediately — I’d be shocked if I wasn’t one of the first applicants. I knew I wanted to work with them because of the caliber of their team, the framework they built to encourage collaboration, and of course the opportunity to partner with a strong brand like Intuit.

As a fintech startup, how has the COVID-19 pandemic affected Willful?

As a software company, it was relatively easy for us to transition to remote work, so our operations weren’t affected — though of course we’ve had to adjust to virtual team culture. But just like many small business owners, we were concerned about the impact the pandemic would have on our business, especially because we had a sensitive product at a time when Canadians were scared and anxious about their health. We saw a big influx in the number of visitors and customers in the first couple months of COVID-19, and it really highlighted to people that the unexpected really can happen anytime, so it’s good to have a plan in place. We also closed a round of financing in May, so it was interesting to navigate fundraising during a pandemic. At the end of the day, we’re just grateful that we are a business that not only survived, but thrived during a time when so many other founders have faced challenges.

Estate planning is often surrounded by uncomfortable and stressful conversations. How can Willful change the way that Canadians think about this undertaking?

At Willful we’ve worked hard to reframe the conversation about end-of-life from one that’s sad, stressful, and uncomfortable to something that’s about empowerment, peace of mind, and legacy. Ultimately, we all pass away, and no matter when it happens, we all want to reduce the burden on our families and leave behind a positive legacy. By thinking about it as something that’s not for you, but for your family, it makes it easier to prioritize. Increasingly I think we can destigmatize conversations about death, both internally and with our loved ones, and get to a place where it’s just another topic around the dinner table.

Traditional will creation is a lengthy legal process. How does Willful manage to condense this to a 20-minute online service, that still holds legal weight?

In Canada, what makes a will legal is how it’s created, signed, and witnessed, not who creates it. You can write a will on a piece of paper, use a will kit, or visit a lawyer — Willful is providing something in between. We partner with estate lawyers in each province to draft our legal content and provide a TurboTax-style experience to our users, guiding them through a series of questions about their unique life situation, and providing customized documents they can print and sign (which is required by law). For people with simple situations, it can be a lot more affordable, accessible, and convenient than visiting a lawyer — though we advocate for getting a will done, regardless of which avenue you choose to complete it.

What’s the biggest obstacle that Canadians are facing as they create legal wills in the middle of a pandemic?

One of the requirements for a will to be legally-valid in Canada is that it’s printed and signed on paper — and witnessed by two people who also signed the documents, and those witnesses cannot be beneficiaries of your will. When the COVID-19 pandemic hit in March, we heard from so many Canadians who lost access to printers, and who didn’t want to get together with extended family members or friends to sign their wills. So, the biggest obstacle has been the law keeping up with technology. Thankfully the pandemic has accelerated the pace of legal change, so I expect we’ll see truly digital wills become legal in 2021.

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Razan Hasan

Chief Risk Officer of Wealth and Personal Banking, HSBC Bank Canada

The importance of supporting diversity and inclusion in the workplace and in the community is increasing exponentially in our progressively more diverse and connected world. The significance is even greater for a global organization like HSBC, that serves over 40 million customers in 64 countries and territories around the world through its global businesses. Consistent with this global marketplace, HSBC understands the importance of fostering a culture that embraces and promotes diversity, equity, and where customers and employees alike, feel valued, and respected

Diversity and inclusion as core values

“Diversity and inclusion are part of our DNA,” says Raza Hasan, Chief Risk Officer of Wealth and Personal Banking at HSBC Bank Canada. “Being a global organization, it’s important for us to have a workforce that reflects that global nature.”

HSBC’s commitment is reflected in its diverse workforce. Globally the bank has around 238,000 employees who speak 144 different languages. In Canada, 43% of employees identify themselves as a visible minority. and half of HSBC Bank Canada’s Board of Directors and senior leadership roles are held by women. “It really starts from the top,” says Hasan, who was recently named as one of EMpowers Top 100 Ethnic Executives for 2020.

The bank’s diversity initiatives include a Diversity & Inclusion Council, Employee Resource Groups, unconscious bias training, mentorship programs, and more. This diversity encourages different perspectives and fresh ideas, benefiting HSBC’s customers, business, and employees by promoting innovation, inclusion, and sustainable growth.

There’s still work to be done, however. HSBC recently made a global commitment to improve opportunities for Black and ethnic minority employees and to boost the diversity of its senior leadership.

A passion for community building

HSBC also supports diversity and inclusion within the community at large. “In 2019, we donated $4 million to various community programs that were accessed by 126,000 people and that helped 455 businesses to grow,” says Hasan.

The bank also supports employees with a paid day for volunteering with their preferred charities, as well as donations to charities that they actively volunteer with. “The HSBC Volunteer Fund contributed over $100,000 to various charitable causes in 2019,” says Hasan. “People can use the program to get involved in the community and in things they’re passionate about.”

The programs that HSBC supports reflect the diversity of its workforce and the communities in which it operates, including a program aimed at helping newcomers to develop their financial literacy and numeracy skills.

Supporting newcomers in Canada

Supporting newcomers is part of HSBC’s commitment to diversity. Its Newcomers Program provides banking solutions that meet newcomers’ needs, allowing them to build a credit history in Canada and settle more quickly. “We’re able to offer credit cards with no credit history to our new-to-Canada clients, overdraft protection and also a mortgage, which is a very comprehensive program compared to a number of our competitors,” says Hasan. The program also includes up to $1,000 in cash bonuses and no monthly banking fees for 12 months and if someone is moving to Canada, they can set up a new chequing account in advance before they arrive using our International Account Opening Program.

HSBC’s diverse, global customers want to see themselves reflected in HSBC’s offerings, and the bank has delivered with a diverse workforce and innovative, inclusive products. In an increasingly complex world, its approach to diversity and openness to different perspectives aims to connect customers to the kinds of opportunities, products, and services that work for them.

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