The unsexy truth is, larger companies are better positioned to innovate than start-ups. They have more money, more man-power, a more trusted brand, and most of all, more ways to reach their customers. Out of all bank customers, some are technology enthusiasts who moved entirely to robo advisers as soon as they could.
In a 2015 global study by Morningstar, Canada's investment environment was rated the worst in the developed world when it came to Fees and Expenses. Don't worry, though, there's good news; our D- score is up from the F earned in 2014. The real question is the implication of our less-than-impressive grade.
One of the first things you'll need to do is open a Canadian bank account. This will give you a safe place to deposit and access your money whenever you need it. Canada's banking system can differ from other countries, and it takes time to understand the various types of financial institutions, bank accounts and services available.
Money isn't about numbers. It is about people, and values, and goals. The centre of a bank or for anyone coaching people to be better with their money should reflect that. It should be like a Home Depot for finances -- we can show you and cheer you on to do it yourself or be here for the hard stuff and take your hand when you need it
Toronto's and Ontario's cash cow -- banking -- is going to face increasingly rough seas. This won't happen immediately, but a steadily downward trajectory affecting profits and employment is clear. At a recent high-level conference in New York on the future of finance, the news was great for consumers but grim for the world's bankers.
Cash has been plentiful in emerging markets. Between 2009-2012 as quantitative easing ramped up, there was a massive expansion in borrowing on global bond markets by emerging market (EM) sovereigns, banks and companies. As a result, EM economies are now closely integrated into global debt markets, and thus more affected by actions taken in Developed Markets (DMs), particularly the withdrawal of quantitative easing (QE).
In a town perhaps previously best known for providing the dirt that allowed Boston to double in size by filling in its swampy Back Bay there is a startling banking counter-revolution underway. Led by long-established but newly-rejuvenated Needham Bank and involving not only that town but those nearby, community banking is reclaiming market share.