Jennifer Arnold

It's official: the DFSA credential no longer qualifies for use of the "financial advisor" title under Ontario's title protection framework. https://lnkd.in/ghw8gZSx

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Implementing a Cookie Consent banner will affect your Analytics Data - but we do need to comply. This article does a nice job to help breakdown the confusion around the Canadian implementation, why we do it and what to expect. We will see a drop in website traffic on analytics, but knowing this isn’t a drop in the real visitors, but just those opting out of cookie tracking can ease some of that frustration. ROI was tricky with digital marketing from the start - those of us in the digital marketing industry will need to be creative and more informed to embrace the change and understand how to analyze the data.

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This story, just like the StateView Homes story from last year, shows again and again how the system is designed to work against #SMBs. Why? - They have no choice but to rely on clunky old legacy rail systems. Never have we needed the Real-Time Rail (#RTR) as badly as we do today - The payment rules and terms of use often play against the customer. It's your money after all. Banks will do their best to protect it but when you're left on your own, you're really on your own - We've always known cashflow is king. So you are working off a baseline that already has cash mismanagement as the No. 1 reason businesses close their doors. Recent data according to RBC shows that nearly 48% of small business owners in Canada reported cash flow as their most significant concern. Add #fraud to that equation? Put all the above together and you find yourself cornered. One thing that's in your control is the tool you use to manage your payment operations and overall cash. That's why companies like Plooto exist: to help business owners, entrepreneurs and finance teams digitize payments and leverage the controls and audit trail features to mitigate against such risks.

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📣 The Call for Speakers is Now Open for CBC Summit 2025! Are you a seasoned professional with insights to share? Join our growing community of experts from both the public and private sectors as they discuss crypto banking and compliance. Apply today and tell us about your experience and why you'd be a great fit for CBC Summit 2025! Apply here: https://lnkd.in/ehfqxEZ9 #cbcsummit #crypto #cryptobanking #cryptocompliance #cryptocurrency #banking #bankingcompliance #compliance #kyc #aml

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Banks have a responsibility to bring positive change to Canadian society. That’s what I’m so pleased that Concentra Trust, part of the Equitable family, has launched a national Registered Disability Savings Plan (RDSP) awareness campaign to educate Canadians about an underused tool that can be enormously empowering for those with disabilities. The need for this campaign is clear as RDSPs are far less understood than its TFSA or RRSP cousins. Nearly 40% of Canadians living with a potentially eligible medical condition don’t believe they make enough money to contribute. The reality is that beneficiaries actually don’t need to contribute a cent in order to get benefits from this program....that's right it is very different than simply the tax sheltering provided with TFSAs and RRSPs and it is unambiguous that everyone that qualifies will benefit by opening an RDSP. Add compound interest into the mix and you have a truly transformative construct. Many thanks to Lillian Bayne and Michael Hayes, who were instrumental in helping me and so many other Canadians understand how an RDSP represents opportunity, empowerment and stability for those who often need it most.    I’m especially proud of the role credit unions are playing in this effort, and we’re pleased to bridge Canada’s RDSP knowledge gap with them. Our values strongly align with the credit union ecosystem’s community focus and cooperative spirit, and the deeply rooted trust they have with their members will play a crucial role in spreading the word.   I encourage you to explore the resources we’ll share in the coming months and connect with your local credit union if you or someone you know could benefit from an RDSP. Our team has put together a helpful, high-level brochure to get started:  https://lnkd.in/gbFCzccw.   #ChallengerBank #CreditUnions #RDSP   

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I'm four months into the Corporate Social Responsibility Program @uStMikesCSR in the University of Toronto and am so energized by my fantastic colleagues and the gift of new ideas. As we head into our first in-person session, I've been exploring the connections between systems thinking, communications and social impact. Here are two great books if you're also interested in this topic. 📕 Happy reading! [Books listed: The 360-Degree Corporation by Sarah Kaplan and Thinking in Systems by Donella H. Meadows]

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Fraudsters targeted fewer Canadian consumers in 2024, while increasing their profits. To learn more about these higher-value fraud cases in the country, check out BioCatch's 2024 Digital Banking Fraud Trends in Canada report: https://okt.to/r6PJ2u #FinancialCrime #FraudPrevention #BankingIndustry

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Free Advice for Canada's New Bank Leaders 🇨🇦🏦 With the recent turnover in Canadian bank leadership, here's some unsolicited advice for those setting their agendas: 1. Stop the promo wars 🛑 Competing on promotions doesn't create meaningful value for customers. It just attracts deal-chasers who'll move their funds when someone else offers them a better deal. They likely cost more to service than they generate and will not be cross sold into more profitable products. 2. Rethink HNW and UHNW 💎 High Net Worth and Ultra High Net Worth segments are goldmines for accelerated growth. But here's the kicker: they're the most misunderstood segments in banking. Whatever you think you know about them is probably wrong. Time for a fresh perspective! If desired, inquire within or wait a couple weeks for our new report on the topic. 3. Support, don't advise. 🤝 Banking isn't about giving advice; it's about providing support at key moments and for crucial decisions. Clients aren't looking for answers; they're seeking inputs for a complex decision-making process that happens largely outside your view. Remember, in the world of banking, sometimes the best move is to stop, listen, and rethink your assumptions. Your customers (and your bottom line) will thank you. What other advice would you give to new bank leaders? Let's discuss! 👇 #CanadianBanking #LeadershipAdvice #FinancialServices #CustomerExperience

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There’s been increasing talk about the true costs of the regulatory capital burden on Canadian banks (hint: it goes beyond the banks into the #economy) and the competitive impact of lopsided adoption in the United States and Europe. Here’s my latest. #ICYMI, see the comments for a link to an interview I did in April with RBC CEO Dave McKay. #banks #capital #loans #cdnecon #regulation

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Five Flavour Friday – A weekly list of 5 things I have interest in! Under the weather today and late with my usual posting schedule.  1.    Person: I met with Deepak Dutt who is the CEO of Ottawa based Zighra, a leader in continuous identity validation and explainable AI, helping clients worldwide protect their digital and physical assets. A great discussion on positive and negative value equity investors for companies, how Canada is lagging behind in defense spending as a percentage of GDP, what foreign bad actors are doing hidden in plain sight and how we need more investment in early-stage Canadian companies. Thanks for your time Deepak and thanks Trevor Allibon for making the intro.   2.     What I’m looking for: I have a portfolio company that is in the physical goods space. The CFO is retiring, and they are looking for a replacement (although it will be hard to find someone as good as the current one). The company does $10M+ plus in revenue, sells globally, HQ in Ottawa but facility located in California. Ideally, the candidate is Ottawa or Toronto, if possible, with 10+ years of experience, MBA/CPA preferred, deep understanding of Canadian and US tax codes, regulatory requirements and HR practices. Send me a note if you have interest.     3.   What I am excited about: SIGN UP! Our next session of the BDC Executive Insight Series is set for November 28th at 1pm EST with my guest, Tara Bosch, founder of SmartSweets. How does one start a physical product company, grow it to $125M in revenue and a $360M exit in four years all by the age of 25? Register here to find out:  https://lnkd.in/efuc9AmA    4.   What I am thinking about: My long run thought this week has me thinking about the importance of reactions. I was listening to a podcast with Adam Grant as the guest the other day and he said something that stuck with me. “If you have a D+ result on something you better come back with an A+ reaction!”. It takes a lot for some of us to not have D+ reaction to a D+ result. A younger me would likely be in that bucket. I’ve learned over time and with experience that having an A+ reaction to a less-than-optimal outcome is a growth mindset. Sometimes we are just too close to the action and stepping back and giving the problem more space can help move the D+ reaction closer to the A+ reaction you need.   5.   Quote I am pondering: “The second half of your life is made up of nothing, but the habits acquired during the first half.” - Fyodor Dostoevsky Maybe less extreme but equally important is the outcome in 12 months is perfectly aligned to current habits. Do a habit audit today to better align yourself for where you want to be next year at this time.   #learning #sharing

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Delighted to announce CIBC Innovation’s US$13 million growth capital facility for Practice Better, a leading all-in-one practice management software platform serving health and wellness professionals. "Practice Better’s innovative platform is helping thousands of healthcare practitioners run more efficient practices, giving them more time to focus on their clients and scale their impact,” said Joshua Olawale, CFA, Director at CIBC Innovation Banking. “We are excited to support their continued growth and help redefine what is possible in the health tech space." Read what BetaKit has to say below👇 Sean Foy Alex Romanowski Faisal Dajani Jonathan Schupack Amy Olah

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Is Your Canadian Small Business Facing Aggressive Action from the CRA? I’ve been successfully running my business for nearly 15 years. Historically, my remittances weren’t always on time, but every January, I would receive a call from the CRA, we’d review my accounts, and I’d promptly settle any outstanding balances along with associated penalties. This process was consistent and manageable, and we found a working rhythm. During the pandemic, I, like many other business owners, fell behind financially. Although the CRA indicated they would exercise leniency, I still incurred penalties for delayed remittances. Despite the challenges, I continued to pay all amounts owed. However, this year has been markedly different. Since August, I’ve received frequent calls from the CRA regarding earlier payroll remittances. In addition, I recently received a strongly worded letter warning that my penalties could escalate to 20% if I submit late again. In a time when many Canadian small businesses are grappling with high-interest rates and economic strain, I anticipated more understanding and support from the CRA. Instead, it feels like we are facing greater financial pressure. The added strain is forcing me to make difficult choices. Without the support I expected, I find myself considering steps to reduce my business’s liability, which includes potentially closing my payroll account. This would mean releasing my employees—not a choice I make lightly, as it contradicts my commitment to contribute to the Canadian economy and provide jobs. In light of these circumstances, I will explore technology solutions that allow me to continue operating without the same payroll responsibilities. It’s disheartening to think that, once again, a small business may face a severe setback, not due to market challenges alone, but because of the pressures from our own regulatory system. #CanadianSmallBusiness #CRAIssues #SmallBusinessCanada #SmallBusinessChallenges #SupportSmallBusiness #CanadianEconomy #BusinessTaxation #PayrollChallenges #EconomicImpact #EntrepreneurLife #SmallBusinessOwner #GovernmentSupportNeeded #SmallBizResilience

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A social movement that began on Reddit is now gaining momentum. Are you someone who prefers to shop at local grocers? Or are you content with shopping at major retailers? An interesting article I came across discusses the factors that affect our food prices which describes a "perfect storm" largely outside the control of grocers and government. Where do you plan on shopping for your next grocery order? Let me know in the comments below⏬ #localgrocers #majorretailers #foodprices #groceryshopping #foodindustry

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Thoughts from the CSCA conference last week which was bathed in sunshine in Niagara. I have broken this down into 3 areas of risk, Tech and Regulation Equifax's presentation highlighted the rise in consumer Credit cards being used for everyday items and the bigger concern of the impending mortgage renewals. Will it force people to sell their homes? What will this do to the rental market? Do we really know the 'true' affordability position of people and their ability to manage (or repay) debt? Will more people choose the consumer proposal route as a perceived easier way out? and what is the impact of this for creditors and collection agencies...? Are Agents working from home a concern for regulators and compliance managers? CollaborationRoom.ai presented a solution that may overcome many concerns of WFH with their virtual contact room technology. #AI is everyone's buzzword and there a solutions popping up daily! but with only a few early adopters in both the US (11% of agencies) and Canada (less than 1%). Is it too soon to understand the benefits case and best practice model of how to use AI? Or yet a bigger concern... do we have the expertise in our organizations to nurture, manage and optimize the LLM and Gen AI models? On a lighter note...Will our AI agents become too cynical like many agents do in Collections? will it learn to not trust consumers and therefore form a bias? just envision a Darth Vadar type response, "I find your lack of funds disturbing..." (that was my shout out and tribute to the wonderful James Earl Jones RIP..) Could WhatsApp be the new channel of choice, as seen in the UK and EMEA, but yet to be tested in North America? Will Open banking be the key for agencies and lenders in collection to understand affordability and how to manage consumers who need repayment plans? Will it be endorsed by the CDSSA under their fair treatment of consumer's act? Is the CDSSA clear on the use of AI in collections? It not black and white and there is much room for a healthy discussion to ensure the 'use case' and both agencies and the IT providers are adhering to the guidelines and expectations of the CDSSA. Rogue collection agencies are on the rise! Posing a big concern for consumers and the CDSSA. How is your agency ensuring its seen as a credible and legitimate business to avoid being perceived as a spammer/fraudster? A big thank you to the CSCA team for organizing a great day and night and reaching a milestone of 60 years. If you are not a member join up at wwww.thecsca.com #collections #receiveables #openbanking #Ai #Digitaltransformation #affordability #risk #credit #regualtion

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90 Days in! ...well, just a bit more than that into my new role as a Senior Director at DFSIN Ontario Central. If you get an opportunity for a new role in leadership I'd encourage anyone to read 'The First 90 Days' by Michael D. Watkins. I've read that each time I've had a new opportunity to lead a new office with new people and I always find something worthwhile. While getting to know a number of our sales leaders and advisors, I'm being called upon to help some of our advisors who have expanding practices. Over the course of my career I've known a number of excellent people who might not have excelled at prospecting for new clients, but were really, really good with clients, or recognizing opportunities in blocks. I've been loving doing deep dives with advisors I'm meeting in our financial centres. A common theme I've come across is that a number of them need help. We've got a teaming issue. We've got advisors who have big blocks and need service and sales support. If I can be so bold as to ask for your help, I've got a need for those who have experience in life & health insurance, and mutual fund sales...in salaried roles for a right fit. I've got a few opportunities so there's not a one job description fits all here, but rather an opportunity based on fit with particular advisors. If you know of someone please help me make an introduction. Your kindness is appreciated.

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Being in a position to work directly with Canada’s largest financial regulators and players across the financial landscape to evaluate the way climate risks will impact the financial system is truly an honor. Thanks again to our partners at the Office of the Superintendent of Financial Institutions Canada and Autorité des marchés financiers (Québec) and the financial institutions across the country who will be working with our riskthinking.AI data over the next few months. #climaterisk #scse #osfi #amf

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ICYMI on Friday afternoon last week, Canada's bank regulator said it would delay by one year the implementation of new rules on "capital floor levels" that would require lenders to calculate more of the risks in their loan books using a standardized model instead of their own internal methods. The impact varies by bank but in broad strokes, these changes -- which are set to phase in over several years -- will require banks to either set aside more capital or make fewer loans. Canada has been far out ahead of international peers on implementing these rules (part of the Basel III reforms). Some observers have warned that going ahead with the output floor changes could hurt banks' competitiveness and hamper lending to businesses and consumers at a time when the economy is stalling and a wave of homeowners are expected to be looking for new mortgages. #banks #capitalrules #mortgages https://lnkd.in/gei6uqUD

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