By Eva Keogan
By Luuk Jacobs
By Jonathan Max
By Luuk Jacobs
By Andy Milner
By Julia Kirkland
Guest blog from Julia Kirkland, Senior Partner at FSTP
If you don’t know already, which of course you do, the Markets in Financial Instruments Directive (MiFID) is EU legislation which first came into effect in 2007. It was created to regulate firms providing services to their clients which are linked to ‘financial instruments’, these being shares, bonds, units in collective investment schemes and derivatives. In addition, it covers the venues where those ‘financial instruments’ are traded.
Fast forward 10 years or so and we have an updated version – MiFID II. This includes the revised MiFID and a new Markets in Financial Instruments Regulation (MiFIR). January 3, 2018 is the day MiFID II must be implemented across Europe.
Now we’re on the cusp of this deadline, the thorny and sensitive topic of Knowledge and Competence (K&C) is bubbling up as a major concern across the industry. We’ve spoken with numerous firms in both the Asset Management and Wealth Management sectors and they have one thing in common; they’re all grappling with the assessment of competence of information providers.
Who is in scope?
In Asset Management, this may cover a wide range of roles from sales teams, client services, broker servicing staff to Portfolio Managers (the really sensitive aspect of K&C). Managers may struggle with the fact they must tell a Portfolio Manager of 20 years plus who hasn’t got a formal qualification, they need to be assessed as competent and in a very short timeframe too.
In Wealth, the scope may cover desk assistants, team secretaries and portfolio assistants who may all be in direct contact with clients, giving them information about prices, valuations, charges and providing generic market or sector views. Additionally, research teams who might attend meetings with clients to provide market, sector or stock views on a non-advised basis may fall under this too. Most of the firms we are speaking to are including research teams. Most of the above staff members have never been included in formal K&C Schemes before but this has changed.
What happens in 2018?
As it stands, information providers not assessed by January 3 will need to be supervised in their activities and oversight of any client interaction must be in place. If you’re not prepared, January 2018 is fast approaching and maybe it’s time to look outside your company for third party support and assistance.
Our guest blogger Julia Kirkland, is Senior Partner, FSTP
FSTP is a training solution provider with expertise in MiFID II and the company also runs workshops to cover Wealth and Asset Management to meet the ESMA requirements and provides advanced K&C assessments for more seasoned, professional staff.
By Jonathan Max
Really interesting article from HRB on whether Men and Women needed different kinds of networks to succeed following a study on the networks of male and female MBAs suggests that males being successful in the workforce was largely dependent on being active in a social network where as women often also sough an 'inner circle' in addition to a broader network.
Would be great to hear what our MBS/MSc members think?
Research: Men and Women Need Different Kinds of Networks to Succeed
HBR.ORG Results from a study of MBAs.
By Andy Milner
According to Ignite Europes they are:
Ability to engage Quantitative Technical knowledge Technical aptitude Adaptability Ability to think differently
By Eva Keogan
Last week was our inaugural panel session for Cass Business School where we gathered some really interesting people together to talk about the future of work in our sector.
We have mainly grown online since we launched AlgoMe Community, so it was a great experience to extend into the real world and meet students who are at the beginning of their careers and others who are already well into them, and on a path to pushing themselves further. Attending were current MBA and MSc students and alumni of Cass, and we were delighted to see such a diverse and engaged audience. We hope most, if not all, of them are now actively participating in our community. If you’re registered as a mentor, you might start receiving a few more requests.
The purpose of the evening was to talk about the Impacts of FinTech to careers in Investment Management and marry up the insights and views of the panel with our audience and also to get a feel for what the next generation of investment management professionals had set in their sights.
To do this, we shared some of the early findings from our FinTech, Investment Management and future careers Survey (we will be releasing this shortly and doing a follow up article in the community too). This allowed us to create a truly interactive debate as we put the same questions to our audience. They were then able to give feedback via the AlgoMe Community app in real-time (and thankfully it all worked beautifully without a glitch too).
The key questions we wanted to hear the views of the audience and panel on were:
- Are career paths less well defined due to the changes happening in the industry?
- What skills will be the most important to develop careers in Investment Management?
- Will FinTech and Innovation be positive or negative for future careers?
- What are the most important things to do to be successful?
There was a general feeling both Investment and Asset Management are ripe for disruption and there as an opportunity and threat of this coming from the outside due to the slow adoption of new technologies by the industry. This led into a discussion about technology skills and a skills gap. There was consensus among the panel about career paths not being too rigid, applying skillsets to new challenges can be a highly successful strategy and also advice to 'follow the good people'.
Then panel consisted of Rob Carter (CEO, AlgoMe), Ruben Lara, Chief Data Office, Standard Life Aberdeen, and Olivia Vinden, FinTech and Innovation Practice lead at Alpha FMC. Both Ruben and Olivia are members of the Advisory Panel for Velocity, the FinTech accelerator of the Investment Association, so their excellent insight into the way that FinTech is reshaping the Industry was extremely useful, and of course credible. Luuk Jacobs chaired the panel, he is co-founder of AlgoMe and AlgoMe Consulting. Each panellist was able to share their unique views of the industry and Fintech and offer career tips too. We’ve had some excellent feedback from the audience about this as well.
We are looking forward to an ongoing programme of panels and events over the coming months. If you would like to hold something similar with us at your place of work, we are happy to develop this with you as a breakfast, lunch session or evening event – please get in touch with any of the AlgoMe Community team for more info.
By Chris Freeman
A guide to planning decisions to help you achieve success
We are still relatively early on in the New Year so change and improvement is likely to be on your agenda. While fitness and diet are probably the first to pick up on our radars, work and careers are not far behind and many of us will be taking stock and giving our life at work a bit of an overhaul too.
Being successful is part and parcel of ambition. However, there is no magic pill that will make you successful in your career. Only you can make yourself successful and whatever it means to you is the key. You are the one that sets the bar and puts in the effort and reaps the rewards.
As you will be making throughout your career the decisions to create your road to success, what should you be looking at? Here are six questions to pose to yourself which may require some soul searching but are incredibly useful tools too.
1 First and foremost, what does success mean to you?
You can’t be successful if you haven’t got a goal, so how would you describe this for yourself?
Is it money, position, power, quality of life, work life balance, family, health, friendships, social life or something else or more likely a combination of these? If a combination of all the above, in what sort of ratio do each of these and others fit in? Define the measure of your level of success What level/seniority do you want to reach? Do you want to be top of the bottom (big fish, little pond), bottom of the top (small fish, big pond), or reach for the stars (big fish, big pond)?
2 Are you willing to give up/or to let go or do you want the cake and eat it all?
The most likely truth of the matter is you can’t have it all, but I’m happy to be proved wrong on this one.
If you want to go after a goal you have to be single minded about achieving it. This doesn’t mean you give up everything else, but you may need to move on from old/stale habits and beliefs. You need to give yourself a personal audit looking at;
What’s stale? What’s are you willing to give up (even for a short period), this may even be something you enjoy doing, but can no longer justify the time/cost?
3 Where are your boundaries?
This is possibly the most important area of all. As you progress you will unconsciously change, but proceed with caution here. You will want to be an improved version of your current self, not turn into someone you don’t want to be! You will therefore need to set some parameters about your values and ethics.
What are the red lines you will never cross? What are your ethics? How will you treat others? How do you payback your good fortune?
4 What others think
Some people will celebrate your success others will think you are a show off, getting too big for your boots/selling out.
What will you do to take people with you on the journey? Who don’t you mind losing along the way?
5 Building support
You will need a support network both at home and at work.
Who will these people be? Do you share your goals with them? What is their payback for being on the team? How will you support them?
You might not be successful immediately and don’t let yourself be put off by failing, learn from it and try again. If you don’t fail, you might not have tried hard enough.