Voted #6 on Top 100 Family Business Influencers, most influential expert on Wealth, Finance and Investments: Jacoline Loewen LinkedIn Profile

October 19, 2017

What's the most exciting technology on your radar?

It has been a week of technology here in Toronto with SIBOS, CIX and the UBS Future of Finance Awards Dinner.

One of the questions I got to ask our finalists of the UBS Future of Finance was their views on cryptocurrencies and banking fintechs impact on banks. Our UBS COO, Axel Lehmann, spoke about this topic too. Axel Lehmann said,
I truly believe that whole question of robotics and artificial intelligence over a time horizon of four to eight years will fundamentally change the banking business. As banks, we understand that our business is all about data. These technologies have the potential to really fundamentally change the way we operate in terms of getting smarter with the customer, understanding what kind of products we should offer and so on. That is definitely exciting.

I post on Twitter the question: What is the most exciting technology on your radar. One of the best answers came from Roman Monaenkov @roma_odin  who said his answer was Etherium - the cryptocurrency. Do I sense a little bias as Vitalik is also Russian and here in Toronto.

Here is the fantastic video sent by Roman which features Vitalik Buterin, one of the founders of Etherium.  Vitalik is speaking as the keynote speaker at MaRS explaining cryptocurrency in a thorough and understandable presentation.


Vitalak Buterin, speaking about Etherium and cryptocurrency at MaRS, Toronto.

Follow on Twitter @jacolineloewen

True change in Banking is really coming from outside the industry - Fintechs

Visiting Toronto for SIBOS, Axel Lehmann, chief operating officer of UBS, carved out time to speak at The National Club. During his talk, Mr. Lehmann delved into financial technology – or 'fintech' – and how UBS is engaging with this exciting technology.

Here is an excerpt from a recent interview between Business Insider and Mr. Lehmann which gives a summary of the topics Axel covered here in Toronto. Read full interview here. 
While no lender wants to become the next Nokia or Kodak, crushed by an innovation they failed to properly understand, it's not always clear how an organization with 100,000 employees should deal with the threats and opportunities posed by fintech.

Ben Moshinsky: Where are the main threats and opportunities to UBS from the fintech boom?

Axel Lehmann: True change is really coming from outside the industry. That is the key challenge we face as of today. The whole fintech discussion has changed, we have moved on from discussing whether a revolution is taking place, and how the banks will become redundant, to a place where most banks are looking at collaborative efforts with other firms. This is why most of what we do in terms of technological development we do in partnership with fintech companies.

It’s less the technology, as such, providing a transformative element in the banking industry. It’s really alternative business models that have the potential to shake up everything and eat into our cake.

We have a legacy infrastructure which can be regarded as a liability, but it’s also an asset

It is also full of opportunities. We, the banks, are operating from a position of strength from a customer perspective especially in terms of the amount of customer interaction, the know-how we can provide, and the services we can offer. You can’t create any of this overnight.

And secondly, we have a legacy infrastructure which can be regarded as a liability, but it’s also an asset. When the Trump election got through, for example, volatility was high. We have an infrastructure that can scale up in line with volatility, and that’s something you need to have.

So, in this regard, I’m personally optimistic. It’s easier, when you look to consumer industries, for example, Uber or WhatsApp, to disrupt a lightly regulated sector. But when you look at where we as banks are, you get into the highly regulated space immediately, when you talk about balance sheet and liquidity, and this makes this industry less easy to disrupt.
But no doubt, we still do have to be mindful that we’re not losing out on some of that less regulated space, particularly at the point of customer interaction.

BM: What's the most exciting technology on your radar?
AL: I truly believe that whole question of robotics and artificial intelligence over a time horizon of four to eight years will fundamentally change the banking business. As banks, we understand that our business is all about data. These technologies have the potential to really fundamentally change the way we operate in terms of getting smarter with the customer, understanding what kind of products we should offer and so on. That is definitely exciting.
Business Insider then asked about how UBS is interacting with fintech. Mr. Lehmann explains the Future of Finance Challenge which was run around the globe. Out of the 11 regional finalists in the Americas, Canada has 5 companies going to New York. It shows that Canada has a dynamic fintech industry.
Here is the article again:

BM: How does a bank, like UBS with tens of thousands of employees, interact with a fintech startup of just a few people? What kind of cultural changes need to happen
AL: Dealing with fintechs is a cultural shift that needs to take place and you want to have the local people to innovate. At UBS we have a systematic process on how we expose ourselves to fintech companies. For example, we have a series of initiatives that we’re driving, such as our Future of Finance Challenge. This competition, which is happening at the moment, provides a forum for start-ups and growing companies to come and present their ideas to compete for support from UBS to
Axel and Sophie Perceval, Wondereur, award for Future of Finance
accelerate their ideas. That’s the type of work we’re doing. We really want to take advantage of some of those fast-moving and smaller boats with great ideas and great software that we can scale up and use in our organisation.


BM: Is competition for those boats fierce? How do you make sure you invest enough time and money?
AL: UBS has a CHF2.1 billion net saving target, but nevertheless our IT spend is at a record level of more than 10% of revenues. We do not sacrifice mid-term and longer term development to make numbers for a quarter. Secondly, if you look to our overall positioning it is quite unique, and that gives me confidence. We’re the global leader in wealth management, which is one of the key areas to invest in digital. Every dollar we invest there, hopefully wisely, is helping us strengthen that franchise.

Jacoline Loewen, Future of Finance Awards Dinner
The Five Finalists for the Future of Finance from Canada are:

Global-Regulations
MindBridge
Overbond
Veriday
Wondereur

October 15, 2017

How to leave a legacy - Cathedral Approach

From the magazine Unlimited, they have a fascinating story on how to leave a great legacy and the lessons come from looking at how cathedrals were built in the middle ages. I also wrote an article for the Globe and Mail on Cathedral building and how similar it is to building a business in that each generation adds a wing or a tower and then passes it along to the next generation to continue the vision. Some cathedrals took hundreds of years to complete which is hard to imagine. I am complaining about Eglinton Avenue and the time to build the subway so it does make me realize that time is relative.

I will post my article below but here is the article from Unlimited and the link to the full article.
We are entering an era of Cathedral Wealth, where the most meaningful thing that you can hand down to the next generation is no longer a watch or family estate, but a grand challenge, a life’s work or a multi-generational task.
In the Middle Ages, building a cathedral to honour God was considered one of the greatest works that a community could undertake. Everyone from heads of state and religious leaders to architects, craftsmen and labourers joined together to create these monumental structures.
Building a cathedral was an endeavour of such scale that they would often take decades or even centuries to finish. The people that laid the foundations would do so in the almost certain knowledge that they would never live to see the finished product.
Today, at a time when the future of mankind has never looked more complex and uncertain, we are increasingly realising that our biggest questions may require multi-generational answers.
‘Modernity has pulled us into an era of short-termism and individualism,’ says Rachel Armstrong, senior TED fellow and founder of Black Sky Thinking.
‘However, the biggest issues facing humanity, such as climate change, over-population and energy and resource shortages, require us to think in terms of solutions that will span generations.’
Like the craftsmen that laid the first stones at St Paul’s, St Basil’s and Notre Dame, today’s leading scientists, business leaders and creative innovators are beginning to think in terms of a new kind of wealth – the handing down of purposeful and life-affirming projects that only their grandchildren, or even great-grandchildren, will see bear fruit.
‘In the past, your legacy would have been much more about handing down tangible assets, such as cash and bricks and mortar,’ says Ken Forster, angel investor and managing director of Internet of Things solutions company Momenta Partners.
‘Today, it’s about a more organic, more sustainable wealth transfer – leaving your life’s work, something you created, unfinished, and trusting those who follow you to see it through to completion.’
In this report, we examine how Cathedral Wealth and long-termism are beginning to emerge in society in three pivotal ways.
: Creative Cathedrals – the multi-generational projects that are shaping the future of science, technology and design
: Commercial Cathedrals – how the world of business is moving its sights from the next quarter to the next decade and even the next century
: Cultural Cathedrals  why our fascination with long-term cathedral wealth is driving the emergence of new forms of art and culture that will be enjoyed by future generations

UBS COO Axel Lehmann on fintech: Banking jobs 'will completely change'

This week, our COO for UBS Global is flying in from Zurich and will join us for an evening with the five Canadian fintechs heading to New York for the finals. We will be handing out awards to the companies this Wednesday and Axel Lehmann, our COO will be there to talk fintech.
Here is an excerpt from an interview with Axel by Business Insider. I am impressed by Axel and how he is leading UBS into fintech. 
LONDON – Of all the challenges faced by leaders of large investment banks, the growth of the financial technology industry, or fintech, is unique.
Since the 2008 financial crisis, fintech startups have boomed, making quick ground on a banking industry struggling to cope with new financial rules and legacy tech systems.
Unlike challenges such as Brexit, low global growth, and interest rates, fintech's impact is hard to predict and quantify for banks.
It has the potential to totally disrupt established business models or boost productivity and profitability. Or perhaps do both at the same time.
While no lender wants to become the next Nokia or Kodak, crushed by an innovation they failed to properly understand, it's not always clear how an organization with 100,000 employees should deal with the threats and opportunities posed by fintech.
Business Insider chatted with Axel Lehmann, chief operating officer of Swiss bank UBS, to ask how the organisation is coming to terms with fast-changing world of fintech.
Ben Moshinsky: Where are the main threats and opportunities to UBS from the fintech boom?
Axel Lehmann: True change is really coming from outside the industry. That is the key challenge we face as of today. The whole fintech discussion has changed, we have moved on from discussing whether a revolution is taking place, and how the banks will become redundant, to a place where most banks are looking at collaborative efforts with other firms. This is why most of what we do in terms of technological development we do in partnership with fintech companies.
I don’t want to get blindsided. It’s less the technology, as such, providing a transformative element in the banking industry. It’s really alternative business models that have the potential to shake up everything and eat into our cake.
We have a legacy infrastructure which can be regarded as a liability, but it’s also an asset
It is also full of opportunities. We, the banks, are operating from a position of strength from a customer perspective especially in terms of the amount of customer interaction, the know-how we can provide, and the services we can offer. You can’t create any of this overnight.
And secondly, we have a legacy infrastructure which can be regarded as a liability, but it’s also an asset. When the Trump election got through, for example, volatility was high. We have an infrastructure that can scale up in line with volatility, and that’s something you need to have.
So, in this regard, I’m personally optimistic. It’s easier, when you look to consumer industries, for example, Uber or WhatsApp, to disrupt a lightly regulated sector. But when you look at where we as banks are, you get into the highly regulated space immediately, when you talk about balance sheet and liquidity, and this makes this industry less easy to disrupt.
But no doubt, we still do have to be mindful that we’re not losing out on some of that less regulated space, particularly at the point of customer interaction.
BM: What's the most exciting technology on your radar?
AL: I truly believe that whole question of robotics and artificial intelligence over a time horizon of four to eight years will fundamentally change the banking business. As banks, we understand that our business is all about data. These technologies have the potential to really fundamentally change the way we operate in terms of getting smarter with the customer, understanding what kind of products we should offer and so on. That is definitely exciting.
BM: How will that affect headcount in big banks? Will bankers need new skills?
AL: I think it’s always that question, that people understandably want to ask, about possible headcount reductions. We were here 50 years ago when UBS was the first to roll out an ATM in Europe. The press was then speculating about how that would eliminate all the tellers and the branch network. Now history shows that this hasn’t really happened. In reality branch staff started to have different forms of customer service opportunities and I think the same will happen now more broadly in banking.
The more you implement robotics and automation, that will in part substitute processes that humans are doing today.
The jobs and the job profiles will completely change. Technology, and it’s my deep conviction, will support and complement the human capabilities. Of course, if I’m a retail customer with $10,000 to invest I might decide to do it all via a machine, but if I have seven figures I will need somebody to help me, to provide expert advice, and so the vital role of the relationship advisor definitely won’t disappear. Banking will stay a people's business.
So I don’t want to speculate if we have more or less people. We’ll have different jobs and the skill levels of those people will be different. Of course, there will likely be eliminations of some process functions. The more you implement robotics and automation, that will in part substitute processes that humans are doing today. However, I do think that probably what will happen is we will then see a significant increase in productivity and efficiency.
BM: How big a profitability driver will that be?
AL: This productivity will help drive profitability or absorb any additional costs that you have, in terms of further technological development or regulatory developments. It will be reinvested in other ways, either to enhance the franchise or deal with further regulation.
BM: How does a bank, like UBS with tens of thousands of employees, interact with a fintech startup of just a few people? What kind of cultural changes need to happen
AL: Dealing with fintechs is a cultural shift that needs to take place and you want to have the local people to innovate. At UBS we have a systematic process on how we expose ourselves to fintech companies. For example, we have a series of initiatives that we’re driving, such as our Future of Finance Challenge. This competition, which is happening at the moment, provides a forum for start-ups and growing companies to come and present their ideas to compete for support from UBS to accelerate their ideas. That’s the type of work we’re doing. We really want to take advantage of some of those fast-moving and smaller boats with great ideas and great software that we can scale up and use in our organisation.
Jacoline Loewen and team for fintech challenge
BM: Is competition for those boats fierce? How do you make sure you invest enough time and money?
AL: UBS has a CHF2.1 billion net saving target, but nevertheless our IT spend is at a record level of more than 10% of revenues. We do not sacrifice mid-term and longer term development to make numbers for a quarter. Secondly, if you look to our overall positioning it is quite unique, and that gives me confidence. We’re the global leader in wealth management, which is one of the key areas to invest in digital. Every dollar we invest there, hopefully wisely, is helping us strengthen that franchise.
Read the rest of the article here.
Join me on Twitter @jacolineloewen

October 13, 2017

An evening at the McMichael Canadian Art Collection

Alex Janvier
It was a packed at the McMichael which is located in Kleinberg, a bit of a hike north from Toronto. As I walked up to the gallery, the sweeping evergreen trees overlooking the winding path relaxed me and put me in the mood to enjoy the evening. The gallery event was showing the art of Alex Janvier who was there for the evening and who gave a speech about his life and sources of creativity.

The McMichael really is worth the drive.

Members of the board were attending and I enjoyed the company of Laura Mirabella, who is CFO of the City of Vaughn, as well a board director of the McMichael.

Laura Mirabella and Jacoline Loewen

A delicious buffet was served and then we all heard the artist, Alex Janvier, speak about the story of his life and how he is inspired. After touring his collection, there were some interesting items in the gallery's store. There was a book with his art over the years, umbrellas and bags, but my favourite were the coffee mugs with his gorgeous colours and patterns which almost infuse you with energy.

October 11, 2017

Valitas Appreciation Event with Peter MacKay

Peter MacKay with Susan Fulford, Jacoline Loewen and Debbie Dimoff




"Boats are safe in the harbor, but that is not what they are built to do," said Peter MacKay, Vice-Chairman of Valitas advisory board.  Speaking at the Valitas event at The Spoke Club, Peter shared a few war stories about how he seen the corporate finance mandates achieved by Valitas and the challenges of undertaking corporate finance deals. He also made a few light comments about his political background and said he would not start discussing taxes.
Peter's words certainly inspired the room of entrepreneurs and Bay Street's finest - lawyers and wealth managers.
Paris Aden, founder of Valitas, also spoke about the success of the firm and the passion of the team. "Thank you to Peter MacKay for his commitment and contribution to Valitas".
@jacolineloewen
Author of Money Magnet.
 Jacoline Loewen, author of Money Magnet, Attract Investors to Your Business

October 10, 2017

Meet William, the youngest reader of Money Magnet

One of the fine women I mentored sent me an uplifting email and photograph featuring the latest addition to her family, sweet William.
William's mother is Farrah Ahmad Solly who is a Rotman graduate close to my heart.  I met Farrah when she was the marketing expert in her group project. The team went on to win the overall competition and Farrah contributed the lion's share to their success. I was impressed with Farrah then and now and I'm now impressed with her dedication to her family.
William Solly, son of Farrah Ahmad Solly
Wiley has a good summary about Money Magnet, It is still being used by Ivey and Ryerson. I get emails from entrepreneurs who used it as their blueprint to access private equity.

More about Money Magnet

The number-one issue for every entrepreneur is Money—getting money, raising money, convincing investors to give you money. Whether you are a start up, a family business, or a $100-million company, your biggest issue is always money.
 
Money Magnet is the solution to your money worries. It's the complete how-to guide to attracting private investors—debt and private equity—for business founders and owners. It reveals what private investment is and how it works, the benefits and pitfalls, how and where to find it, and how to be successful in attracting it.
 
Praise for Money Magnet
 
"Every ambitious private business owner should understand the role of investors and how to attract them. Money Magnet is an indispensible guide to the process."
Austen Beutel, Chairman and CEO, Oakwest Corporation Ltd.
 
"Don't put another nickel into your business until you have read this book. Money Magnet is Financing 101 for entrepreneurs and owners who want to grow their business."
Greig Clark, Entrepreneur (College Pro Painters and Arxx Building Products) and Venture Capitalist (Horatio Enterprise Fund)
 
"Money Magnet begins with a startling proposition: some businesses succeed more than others simply because they know how to raise money. By sharing these processes, tools and secrets, Loewen is daring Canadian entrepreneurs to dream bigger than they've ever dreamed before."
Rick Spence, Entrepreneurship Columnist for the National Post and PROFIT Magazine

Follow on Twitter @jacolineloewen
Money Magnet, by Jacoline Loewen, published by Wiley.

October 4, 2017

Billionaires share one characteristic: They were not born billionaires.

The following is an excerpt from the Bloomberg Markets article titled How UBS Became Home to Half the World’s Billionaires

By Elisa Martinuzzi and Joel Weber | October 3, 2017

BLOOMBERG MARKETS: Almost half the world’s billionaires bank with you. That’s a distinct set of clients. What have you learned from them?

SERGIO ERMOTTI, CEO of UBS Bank: It’s always fascinating to hear how they became so successful. When you look at billionaires, many of them share one characteristic: They were not born billionaires. I was in Asia recently, where I met a few, and they have quite impressive stories. It feels like the American dream, only it’s no longer just in America. The main lesson for me is that with passion, focus, vision, determination, you can do a lot.

BM Which trait most stands out?

SE You see a lot of passion for what they do. And the same level of focus. It’s quite clear that it’s not all about money. Of course some people care about that, but at the end of the day, they enjoy what they do.

BM How much time do you actually spend with clients?

SE Not as much as I would like. The most interesting discussions are actually when we are fortunate enough to bring them together. We organize events where our clients can get together. It’s also a way for them to foster a level of cooperation, of getting to know each other—which is important for business regardless of UBS being involved or not.

BM You’re like Tinder?

SE At these events we are a kind of sophisticated speed-­dating organizer, sure. It adds value for our clients. Take Art Basel. The idea is that people attend because they share a common interest, a passion. And while attending the events, maybe they start to talk about other issues or opportunities.

BM What did you think of UBS before you got here?

SE I thought it was an incredible franchise with almost 150 years of history that had survived a dramatic moment. My predecessors had stabilized things, but it was not clear yet what the path was going to look like going forward. I’ve always been impressed by the fact that, as bad as things got here, only 2 percent of clients closed their accounts. I figured the franchise and the quality of the people who are able to retain the clients during such a crisis must be extremely high. My view was, I want to be a part of this.
Bloomberg Markets: How would you describe your business today?

SE We are the undisputed global leader in wealth management. We think that this is a huge advantage. It’s a very fragmented market still. And if I look at our position and the growth expectations of wealth creation, which is expected to be twice as high as GDP, we should stay focused on doing this. Sell-side analysts, rating agencies, and the media still consider us an investment bank. I find it totally ridiculous. If you look at where our business comes from, we are basically the world’s most expensive investment bank and its cheapest asset manager.
BM What advice did you get when you arrived here?


Jacoline Loewen and team
SE Some competitors were telling me, “Shut down the investment bank; we’ll serve you.” They wanted to grab flows and build out their business. People also told me to sell Wealth Management Americas. My popularity would have soared, especially in Switzerland; UBS wouldn’t be where it is today; and I doubt I’d still be here. That was a defining moment—to say, These are businesses we can turn around. It was a good reminder that the consensus is not necessarily the right thing to do.

BM Was there a company, maybe even outside your industry, that you looked to for inspiration?

SE Not for strategy. But when I joined, I said I wanted UBS to be the Apple or the IBM of the financial-services industry: from glory, to near-death, and then back to glory.

Read Full article here
Follow on Twitter @Jacolineloewen

September 18, 2017

Fintech challenge finalists announced - 5 Canadian companies out of 11 finalists

Thank you again to all who applied to the UBS Future of Finance Challenge 2017. Please read the full Media Report here with links to all the global finalists.

Jacoline Loewen and team for FinTech
After careful consideration and collaboration, those listed below are the applicants who we feel currently have the highest potential to partner with UBS in one or more of our businesses globally.
We would like to extend our thanks again to all applicants, and remind you that although your application might not have been chosen this time, this does not preclude you from applying to any future Challenges.

Finalists from the Americas

  1. Wondereur, Toronto
  2. Inpher
  3. Overbond, Toronto
  4. Veriday, Toronto
  5. Decipher Finance
  6. Elsen
  7. MindBridge Analytics, Toronto
  8. Catalytic
  9. Authomate
  10. FinMason (FinRiver)
  11. Global Regulation, Toronto
Twitter: @jacolineloewen
LinkedIn:


September 16, 2017

5 Canadian FinTech companies selected as Finalists out of 11


Jacoline B. Loewen, Disruptive Technology in Fintech
From TechFest happening in Vancouver to the Waterloo Innovation Summit and Elevate Toronto, it was the week of innovation and entrepreneurs.

During the same week, I got an amazing phone call from Switzerland. Our UBS Global Fintech Challenge was done.  UBS was now releasing the details about the finalists selected to go to New York.

The eleven finalist companies will receive mentoring about their technology and brain storm about how they could work with our UBS information technology team members.

The finalists will spend several days in New York And hang out with the UBS key players and decision makers for UBS Bank around the world. This is worth more than the prize money for both the startups but also for UBS. It is an amazing way to engage with the best, most disruptive and the most relevant innovative fintech companies from around the world.

The 11 finalists will then be helped to prep and then to present their Pitch Deck to the judges. One winner will be selected to get the investment capital award. Probably the mentoring and networking is of far greater value but someone has to won the podium. This is all coming up in November, 2017.

I must say, I was stunned to hear the numbers behind the competition and how much the Canadian FinTech is hitting above its weight. For your interest, here is a quick numbers break down:
  • 1,000 applicants across the globe.
  • 125 were looked at closely
  • Out of the 11 finalists in the Americas going to New York - a whopping 5 are Canadian.
  • 2 of these Fintech companies are female founded and led.

It would be amazing if a Canadian won. I will keep you posted!

Self-made billionaire reveals his number one secret to success


The Billionaire, Ray Dalio, one of the world's largest and best-performing hedge funds has published his autobiography which I recommend. A true entrepreneurial success story, Dalio started his company in a tiny apartment. He was a self-described poor student. Forty years after starting his company, Dalio decided to share his success secrets in his new book,Principles.
Ray says the most important chapter that reveals the number one roadblock to success that is so engrained in the human experience, and in our DNA, it's difficult to overcome. But those who recognize it and take steps to knock down the barrier will be in a much stronger position to get what they want out of life.

Dalio's advice: Be radically open-minded

Good decisions aren't necessarily the ones that stroke your ego. A good decision is what's best for you and your company. To make good decisions, argues Dalio, a person must have the ability to explore different points of view and different possibilities, regardless of whether it hurts your ego.
Ask any of your friends or any entrepreneur if he or she is open-minded, and most--if not all--will say they are. But are they? Are you? According to Dalio, here are some cues that will tell if you are truly open-minded.
  • Close-minded people don't want their ideas challenged; open-minded people are not angry when someone disagrees.
  • Close-minded people are more likely to make statements than ask questions; open-minded people genuinely believe they could be wrong.
  • Close-minded people focus much more on being understood than on understanding others; open-minded people always feel compelled to see things through others' eyes.
  • Close-minded people lack a deep sense of humility; open-minded people approach everything with a deep-seated fear that they may be wrong.
Dalio believes that recognizing these traits in yourself is just the first step. The second step is recognizing them in others. Once you do, "surround yourself with the open-minded ones," he says.

September 10, 2017

Imagine a trustworthy world of money - imagine blockchain and crypto-currency

Imagine a world where everyone was perfectly honest and trustworthy when it came to money.  This is where banks arose to help trusted intermediaries to able to protect and transact with money. Now, imagine a world with a single, universal, absolutely trustworthy and completely indestructible financial ledger. This is where blockchain is arising. It is to create a simplified, single ledger for transfer of value.
Jacoline Loewen at the Blockchain and Crypto-Currency Event, 2017
With these points in mind, I put together an event discussing these themes and how blockchain is gaining in achieving this lofty vision.
Crypto-currencies and blockchain technologies are attracting tremendous interest from new and traditional participants across all sectors, and banks are at the forefront of understanding the potential applications of these technologies - which will change how banks operate at an organizational level, not just at a technology level.
Efforts like UBS's Blockchain and Innovation Lab in London, UK will drive innovation through unique partnerships with fintechs and other large banks as blockchain technologies are better understood by regulators and clients and industry standards emerge.
In 2015, UBS started a pathfinding journey to explore, harness and share the potential of blockchain. As a leading financial organization, it is our duty to understand the technology and its implications, to share the knowledge and benefits with clients, the financial industry and the wider society, and become ready for blockchain in production in 2018.Thank you to our expert speaker, Peter Stephens, Head of UBS Blockchain and Innovation Lab in London, UK. A special thank you to Andre Perey, Blake, Cassels & Graydon LLP (Blakes), who hosted the fireside chat with Peter. Andre is also a director on the board of UBS Bank (Canada).If you would like more information about the Exploring Blockchain and Crypto-Currencies event held by UBS Bank (Canada) in August, 2017, or for UBS reports on blockchain and cryptocurrencies, please contact me for details.


Jacoline Loewen: 416-332-7012
You can follow me on Twitter @jacolineloewen

August 27, 2017

The Atmospheric Fund Board

I was pleased to be invited to serve for a third term on the board of directors of The Atmospheric Fund.
Being on the Investment Committee means real input into private equity investing and sustainable investing.

TAF is governed by a 12-member board. Five of these members are City Councillors and seven are citizen members appointed through the City of Toronto’s public appointments process. TAF has been fortunate to have attracted a wide range of experience and expertise to our board, including investment specialists, energy experts and community engagement professionals. The board meets five times a year and board meetings are open to the public (but may include in-camera sessions).

Investment Committee

The Investment Committee oversees both management of TAF’s endowment and mandate-related investments (loans and equity investments in enterprises that can deliver emission reductions). The committee members have a wealth of investment and legal expertise and provide recommendations to the TAF board on all investment decisions.
Members:
  • Rob A. Roberti (Chair), Principal at Verde Finance
  • John Campbell, City Councillor
  • Bill Crossland, President and CEO at Thermal Energy International Inc.
  • Jason Kotler, Entrepreneur
  • Hyewon Kong, Associate Portfolio Manager at AGF Investments Inc.
  • Matthew Z. Leibowitz, Partner at Plazacorp Ventures
  • Jacoline Loewen, Director at UBS Bank (Canada) Wealth Management
  • Graham McBride, Independent Investor and Strategist
  • Bill Tapscott, Managing Director at Era2 Productions Inc.
  • Terry Vaughan, Senior Consultant at Prime Quadrant
The committee’s responsibilities include:
  • Selecting the investment manager(s) and any other agents or advisors needed to prudently manage the endowment
  • Formulating and amending when necessary the Statement of Investment Objectives and Principles (SIOP), with consideration to TAF’s mandate and purpose of advancing solutions to climate change and air pollution, and reviewing the SIOP at least once per year
  • Preparing and maintaining a Prohibited Securities List of companies whose securities cannot be held in the portfolio in keeping with the mandate and beliefs expressed in the SIOP
  • Monitoring the investment manager(s) and any other agents or advisors with respect to investment performance and compliance with the SIOP
  • Reviewing and advising on impact/direct investments and providing recommendations on those investments to the board
  • Providing quarterly reports to the board on the performance of the endowment and any other aspects of asset management, which the Investment Committee deems appropriate or as requested by the board





How to build wealth fast

We all know that automating a monthly deposit to our nest egg bank account is a proven method to build wealth. It's fairly painless as you do not notice the withdrawals and you rapidly adjust your lifestyle. Pretty quickly, your wealth does grow, particularly if you choose lower risk investments with a decent interest rate?
How about something more specific?
I like the table below that shows monthly savings rate with interest earned. It is over a 25 year period which my not serve your needs but will be good to show your adult children to inspire them to at least start with the automatic monthly savings to their TFSA.


August 2, 2017

Toronto Triathlon Festival 2017

The UBS Bank (Canada) team showed their true grit at the Toronto Triathlon Festival 2017.
It was a great experience to be with my team on the weekend and to see the competitive spirit of all of them.

Thank you for the great day

Jacoline Loewen, Toronto Triathlon Festival

July 20, 2017

Do you know the 3 Ways Retirement Planning is changing?


For "complete" retirement planning, there is more required than the usual "meat and potatoes" approach of financial preparation. Recent research shows that the retirement planning needs are changing.

Pre-retirees report that they are more anxious about the emotional adjustment to retirement than they are about financial security. Once over that barrier, the retirees worry about health and long-term care, and not so much about having income to sustain their lifestyle.

Our findings confirm that the wealthy investors are focused on:

1) Liquidity: Wealthy pre-retirees want to reach a certain asset or dollar level before they retire. In contrast, age is the retirement trigger for pre-retirees with fewer assets.

2) Longevity: More than half of wealthy retirees feel unprepared for health issues and long-term care. This is an opportunity for Financial Advisors to add far more value to their clients.

3) Legacy: 51% of retirees plan to leave assets to heirs and charity. As a result, many maintain and even increase equity holdings after retirement. Retirees in their eighties, for example, have equity levels similar to investors in their fifties.

July 15, 2017

Technology Hall of Fame Awards celebration

Jacoline Loewen
At the EW Technology Hall of Fame Awards celebration at the Rideau Club in Ottawa.

July 13, 2017

Could you be the future of finance?

Submit your innovation and join our launch event in Toronto


Please join us for our breakfast and briefing session about our UBS global innovation challenge for FinTech start-ups, with up to US$250,000 in prizes and support for technologies that best address our four challenges.
Contact Jacoline Loewen to get on the guest list.

The UBS Future of Finance Challenge 2017 is open to start-ups and established, growing companies that think they can change the way finance works and how banks meet their clients' needs.


To find out morehttps://innovate.ubs.com/  Complete a submission form to enter our global innovation competition for FinTech start-ups, with up to US$250,000 in prizes and support for technologies that best address our four challenges.
Twitter: #UBSinnovate



 

Life with a Baby celebrity golf day

Healthy Start, Healthy Future held their fourth annual Celebrity Tournament, this year featuring a special celebrity skills challenge with some of your favourite stars.

The Celebrity Tournament is in support of the Life with a Baby Program to support parents and prevent Postpartum Mood Disorders. Support focused on the mental and emotional health of mothers, and mothers of preterm infants who spend time in the NICU to prevent postpartum depression.
It was a terrific golf event that featured appearances by a wide range of celebrities who believe in our cause.

Our 4th annual golf tournament took place on Monday July 10th 2017 at The Thornhill Club..
Jacoline Loewen and golf with Healthy Start

Healthy Start, Healthy Future manages the Life with a Baby Program, Canada’s largest peer‐to‐peer network with over 10,000 members. This program is geared toward providing a Healthy Start for parents and children from day one.  Members are primarily mothers aged 25‐40 with at least one child. Proceeds from the event will benefit Life with a Baby and other programs that support new and expecting parents to ease the transition to parenthood and prevent the debilitating effects of Post‐Partum Depression and of Perinatal Mood Disorders.

For the fourth year in a row, CFL Hall of Famer Damon Allen returned as host for the event along with Todd Keirstead, golf professional, founder of Golf With Attitude and Bring Back the Game - which focuses on helping everyone enjoy golf regardless of age or (dis)ability.

Other celebrities in attendance include:
  • Murray Foster – Songwriter, environmentalist, filmmaker, and musician with Moxy FrüvousGreat Big Sea, and the Cocksure Lads.
  • Bryan Muir - Retired NHL defenceman and former Stanley Cup Champion with the Colorado Avalanche.
    Sherman Hamilton – Former Basketball Player for Team Canada and sports analyst on Sportsnet & NBA TV.
  • Paul Jones –  Raptors TV host and Raptors play-by-play announcer for radio broadcasts.
  • Sherry Middaugh – Five-time Ontario and one-time Saskatchewan curling champion, multi-time bronze medalist at the Scotties Tournament of hearts.
  • Rob Hitchcock – Former linebacker and safety for the Hamilton Tiger Cats and the Edmonton Eskimos of the CFL.
  • Gregg T. Butler – Former CFL defensive back and football coach at the CFL and CIS levels.
  • Bob Turcotte – Retired curler, winner of 3 Canadian senior curling championships, multiple provincial titles, and a world championship.
  • Roy Weigand – Retired curler, winner of 3 Canadian senior curling championships, multiple provincial titles, and winner of one world championship. 
  • Jason Portuondo – Veteran Canadian TV/Radio personality and sportscaster for TSN, CTV, Sportsnet, G98.7FM, and 680 News.
  • Ian Leggatt –  Retired professional golfer, winner of one PGA Tour event and one Nationwide Tour event. Ian appears as a golf analyst on Sportsnet and is currently the Director of Golf at The Summit Golf and Country Club.
  • Dennis Maruk – A retired Ukrainian-Canadian professional ice hockey player. He played in the National Hockey League from 1975 to 1989, scoring a career high 60 goals for the Washington Capitals in 1981–82.
  • Dwayne De Rosario - A retired Canadian professional soccer player, who played as a forward or as an attacking midfielder. A four-time MLS Cup champion, he also won the 2011 MLS Most Valuable Player award. 
  • Anson Henry - A Canadian sprinter who specializes in the 100 metres. At the 2003 Pan American Games he won the bronze medal in the 100 metres. Also competed at the 2008 Olympic Games.
  • Glenn Howard - Canadian curler from Tiny, Ontario. One of the most decorated curlers of all time; He has won 4 world championships, 4 Briers and 15 Ontario provincial championships.
  • Elliot Price - A Canadian sportscaster and currently the host of the morning show of CJCL 590 in Toronto.

July 12, 2017

Boomers will pass $4 Trillion to the Next Generation business owners over the next 5 years

The huge transfer of small business wealth is the last big direct impact that the baby boomers are going to have on the economy during their working lives, said Glenn Huber, president of Calgary-based private equity firm Chrysalis Acquisition Partners Inc. After that, boomers’ big influence will be mainly on the travel industry, retirement homes, and ultimately, the funeral business.
 
Jacoline Loewen, director of business development
Mr. Huber’s company has set up a fund, the Chrysalis Acquisition Fund 1, to buy up small and medium-sized businesses in Western Canada that are looking for an alternative to selling to heirs, employees, or individual buyers. In many cases the fund will partner with a small firm’s remaining management, providing the capital to help buy out the founder.
 
Jacoline Loewen, director of business development at UBS Bank (Canada)
 and an expert on small business succession, said the recession delayed the start of the boomer transition because many entrepreneurs did not want to sell out while the economy was weak. Now, she said, many are ready to think about it, although few have done the necessary preparation. That has created an even bigger bubble of small companies ready to change hands.
 
Ideally, business owners should begin thinking about transition five to 10 years before they leave, she said, and even before they hit their 50th birthday. In preparation, they should hire advisers, or at least set up an expert advisory board that can help guide them and provide contacts. But baby boomers tend to overestimate their health and stamina, and “stay on for far too long,” Ms. Loewen said.
 
The first choice for many small business owners is to have their children take over, Ms. Loewen said, although often the kids just aren’t interested, having seen the toll that running an enterprise can take. When the children are keen to take over, she said, a proper valuation of the business needs to be performed, and the next generation should be prepared to buy in – even competing with external buyers if necessary.
 
At Alps Welding, Mr. Dussin and his parents set up a structure where he received shares that will gain value as the business grows. Eventually, he can buy out his parents’ holding.
More importantly, Mr. Dussin said, was the gradual process of shifting managerial control from one generation to the next. He came in as vice-president 11 years ago, then took on more responsibility over time, becoming president about five years ago.
 
Mr. Dussin’s father is still involved, and that is a key aspect of baby-boomer business succession if it is to proceed smoothly. “This business is my father’s life … He doesn’t have a lot of interests outside of work. It is not like he has been waiting to play golf five times a week,” Mr. Dussin said.

PricewaterhouseCoopers, in a recent report, predicts a “highly competitive buyer’s market between 2018 and 2025” for family businesses, and suggests that many owners will not get the nest egg they hoped for.
 
Over all, the sale of small businesses in the coming decade will involve a massive transfer of assets – estimated at between $1-trillion and $4-trillion in Canada alone. And if many of those businesses simply close up shop, it could damage the economy through significant loss of employment.


Boomers will pass a small-business baton worth as much as $4-trillion