<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div><ul class="summary-list"><li><a href="https://www.businessinsider.com/category/facebook">Facebook</a> confirmed it has hired 3 of its fiercest critics after two years growing privacy scandals.</li><li>The company said in a statement to Business Insider that it believes it is "important to bring in new perspectives to the privacy team" and "the new hires we are making will challenge us to build better approaches to privacy in the future."</li><li>Robyn Greene, an attorney for Open Technology Institute, and Nathan White from Access Now will work out of Facebook's DC office, while Nate Cardozo, an attorney formerly of the Electronic Frontier Foundation, will be based out of Menlo Park, California.&#xa0;</li></ul>After 2 years of growing privacy scandals, Facebook confirmed it has hired 3 privacy law activists, who are among some its fiercest critics.&#xa0;The company announced Tuesday that it hired Robyn Greene, an attorney for Open Technology Institute, Nathan White from Access Now, and Nate Cardoza formerly of Electronic Frontier Foundation. Greene and White will work with Facebook's Washington DC office while Cardoza will be based in its headquarters in Menlo Park, California."We think it's important to bring in new perspectives to the privacy team at Facebook, including people who can look at our products, policies and processes with a critical eye," said Facebook's Rob Sherman, deputy chief privacy officer, in a statement to Business Insider.&#xa0;We know that we have a lot of work to do not only to restore people's trust in Facebook, but also to improve their privacy experiences," he said.&#xa0;Cardoza wrote that Facebook's business model "depends on deception and apathy" in an op-ed in <a href="https://www.mercurynews.com/2015/10/06/nate-cardozo-facebook-others-confuse-consumers-for-profit/">The Mercury News in 2015</a> and that the company's responses to its privacy scandals are "disingenuous and fundamentally unfair."&#xa0;He will primarily be working with Facebook's WhatsApp as its privacy policy manager.&#xa0;Greene responded to the Cambridge Analytica scandal by saying "Facebook basically pimped out its users," arguing that the company covered up "corporate malfeasance."Greene joins Facebook's privacy policy team as a manager on law enforcement access and data protection issues."We hope that the new hires we are making will challenge us to build better approaches to privacy in the future and we're excited to have them onboard," said Sherman.&#xa0;The move received applause from some privacy activists on social <keyword id="6354777" type="COMPANY" weightage="60" keywordseo="Media">media</keyword>, who expressed optimism for Facebook's future and its ability to listen to critics. &#xa0;<div></div><div></div><div></div> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/apple-iphone-sales-slowed-stock-plunge-2019-1">How Apple went from a $1 trillion company to losing over 20% of its share price</a></h3> <div> </div> </div>

After years of unrelenting privacy scandals, Facebook hires 3 of its fiercest critics

By Kishor Dwivedi Lakhimpur Kheri (UP), Jul 15 () The son of a farmer in a remote Uttar Pradesh village has scored 98.2 per cent in his Class 12 examinations which has paved the way for his admission to a prestigious Ivy League University in the US on full scholarship. Anurag Tiwari, who belongs to Sarasan village in Lakhimpur district, said he has got selected to Cornell University where he would be pursuing higher studies in Economics. The 18-year-old humanities student scored 95 marks in Mathematics, 97 in English, 99 in Political Science, and a full 100 both in History and Economics, as per the exam results announced by the Central Board of Secondary Education (CBSE) on Monday. The outstanding Class 12 results just paved the way for the "Cornell Dream" of the boy, who scored 1,370 marks in his Scholastic Assessment Test (SAT), widely used for admissions to major colleges in the US, in December 2019. "Congratulations! The admission selection committee in the College of Arts and Sciences has approved your early decision application to Cornell University for the fall of 2020. I am honoured to share this wonderful news with you and to welcome you to the Cornell community," stated Jonathan R Burdick, Vice Provost for Enrollment, in a letter to Anurag in December. His admission now depended on how well he performed in the board exams. He also shared with another letter from the varsity that offered him a full scholarship. But the journey so far has not been easy, said Anurag, who had to move to a residential school in Sitapur district for education, as he cited the weak financial condition of his family that includes parents Kamalpati Tewari and Sangeeta Tewari and three elder sisters, one of them now married. "My parents were initially reluctant to send me to Sitapur. My father is a farmer and mother a home-maker. They thought if I go away for studies, I may not return to farming. But my sisters convinced them to allow me to study," Anurag, who studied at the VidyaGyan Leadership Academy, run by the Shiv Nadar Foundation in Sitapur, said. "Now they are all happy and proud of me," the village lad said in fluent English. Asked about his fluency in English, Anurag said it happened after Class 6 when he joined his current school and hardly spoke the language at his native village. "For the first two years here, I could barely speak English. However, I had tried hard and could understand if someone spoke. It is only now that I have gotten fluent but I'm still trying to improve it," he said. On the idea of studying abroad, Anurag said he was always inclined towards Humanities and Liberal Arts. After Class 10, he opted the Humanities stream against advices of many, some of whom questioned his choice and suggested more traditional traits – science and commerce. "Eventually my teachers and counsellors in Delhi advised I could try for Ivy League colleges if I wished to pursue Liberal Arts. There are various good colleges in our country but even those abroad can be good based on my preference for studies. Thus, I applied to Cornell University and took the SAT," he said. The boy said he would have gone to Cornell University in August but due to certain travel and visa restrictions that is unlikely now and expects to land there only by February 2021. "I'm hoping to study Economics as a major subject and Mathematics as minor and also pursue post-graduation abroad only and eventually decide if I can get into Data Analysis. "But after completing my education and gaining some work experience, I would certainly want to return to India to work here and also contribute in the education sector," he said. KIS TIR TIR

UP farmer's son scores 98.2 in Class 12, set to join top US university

Daniel Barry / Stringer / Getty Images<ul class="summary-list"><li>Bank of America's wealth management arm is expanding the scope of its training programs, opening up development resources to its 6,500 client associates.</li><li>The changes around client associates' training, which will fully roll out in February, underscore the wealth management industry's sweeping efforts to attract and retain talent.</li><li>"There have been development programs in place," Andy Sieg, the head of Merrill Lynch, told Business Insider in an interview. "But one of the areas of feedback we've heard from our client associates in the last couple of years is that as the business has grown more complicated in the last two decades, our development programs haven't kept pace." </li><li><a href="https://www.businessinsider.com/prime">Visit BI Prime for more wealth management stories</a>.</li></ul>Bank of America's $2.6 trillion wealth management arm is expanding the scope of its training programs by opening up development resources to its roster of 6,500 client associates.Client associates are salaried employees who support financial advisers, typically more than one at a time. For instance, they assist advisers with client inquiries on a transaction's status, clarifying something from a statement that a client didn't understand, or helping a client follow through on a mortgage application.They're "the glue that brings everything together," Andy Sieg, the head of <a href="https://www.businessinsider.com/category/merrill-lynch">Merrill Lynch</a>, told Business Insider in an interview. "There have been development programs in place," Sieg said. "But one of the areas of feedback we've heard from our client associates in the last couple of years is that, as the business has grown more complicated in the last two decades, our development programs haven't kept pace."Client associates (CAs) will now have access to specialized training through <a href="https://www.businessinsider.com/category/bank-of-america">Bank of America</a>'s onboarding and talent development body, known internally as the Academy, aimed at client-facing employees across business lines.CAs do not directly manage clients' assets, though some 55% of staffers in that role have passed securities licensing exams like the Series 7 and Series 66.A CA may also be an employee who did not pass all the hurdles of Merrill's rigorous financial adviser trainee program, but they could still become a full-fledged adviser down the line.Merrill LynchAndy Sieg has helmed Merrill Lynch since 2017.The changes around client associates' training, which will fully roll out in February, underscore the <a href="https://www.businessinsider.com/category/wealth-management">wealth management industry</a>'s efforts to attract and retain young talent in a historically tight US labor market. The war for talent playing out across the big business of managing money is particularly acute as a wave of advisers are <a href="https://www.businessinsider.com/bank-of-america-merrill-lynch-wealth-management-changes-2019-11">expected to retire</a> in the coming years, according to industry research firm Cerulli Associates.Cerulli also found that wealth managers are broadly ill-equipped to train up new advisers. Merrill Lynch's expanded client associate coaching is one way to better train up relatively junior staffers and free up financial advisers to up productivity - a focus for big wealth managers seeking to boost margins who want FAs to focus on more than just portfolio construction. "We try to use simulators that help them practice on the technology, which we feel like is a much more productive and efficient way to get people up to speed on the systems that we use," John Jordan, managing director and head of Bank of America's Academy program, told us in an interview.Through the expanded development, instructors will train up client associates around areas like more granular aspects of financial planning and investment management. The Academy has more than 230 dedicated managers around the US, and Jordan estimates some 45,000 employees will go through that group's training - across business lines, including the private bank - this year.<h1>Changing roles mirroring a changing industry </h1>Merrill Lynch, for its part, has already made efforts to sweeten the pot for trainee hires. We <a href="https://www.businessinsider.com/andy-sieg-merrill-lynch-financial-adviser-trainee-hiring-salaries-2019-10">first reported in October</a> that the wealth manager, among the largest in the US by client assets and number of advisers, raised trainee financial advisers' starting salaries by $10,000 to $65,000.It had also deployed 75 performance managers around the country to coach trainees, tracking goals and metrics like how many meetings they have with potential clients. The CA's widening scope also highlights financial advisers' evolving roles across the industry, from sole stock-picker to a more all-encompassing financial planner working on a team, Sieg said.CAs may resemble more of a senior relationship manager, or a junior financial adviser."As part of this new training curriculum, we're also trying to have training programs that match this increased level of specialization that we see for CA's within our most modern and fastest-growing teams," he said.REUTERS/Vivek Prakash Bank of America's global wealth and investment management unit reported record client balances of $3 trillion as of December 31. Merrill Lynch, which is housed under that umbrella, reported record client balances of $2.6 trillion.Wealth managers at the largest US banks, like Merrill Lynch and rivals like <a href="https://www.businessinsider.com/morgan-stanley-cfo-on-shareworks-user-conversion-to-wealth-clients-2020-1">Morgan Stanley Wealth Management</a> and Wells Fargo Advisors, have booked broad-based rises in client asset levels <a href="https://markets.businessinsider.com/news/stocks/sp-500-2019-annual-return-for-year-best-since-2013-2019-12-1028790061?">as the stock market soared</a> in 2019. Merrill Lynch meanwhile has stopped specifying in earnings reports the number of full-fledged financial advisers who operate under the Merrill banner. It now counts advisers and financial solutions advisers, who assist clients who use Merrill Edge digital products, together.Of that group overall, the firm reported 17,458 advisers as of December 31, marking a 1% drop from the quarter prior that it attributed largely to "seasonally lower hiring in our training program." <a href="https://www.businessinsider.com/intelligence/10-up-and-coming-fintechs-2019?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=finance&amp;itm_campaign=10-up-and-coming-fintechs-2019-2"></a> <h3>NOW WATCH: <a href="https://www.businessinsider.com/tesla-tuner-shop-custom-model-x-2019-12">The world's first Tesla tuning shop creates super exclusive special edition Model X</a></h3>

Merrill Lynch is about to launch a new training program for 6,500 client associates - and it shows how the role of full-fledged financial adviser is quickly changing

<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div><ul class="summary-list"><li><a href="https://www.businessinsider.com/category/amazon">Amazon</a> CEO <a href="https://www.businessinsider.com/category/jeff-bezos">Jeff Bezos</a> is acting as a hands-off philanthropist with his Day 1 Families Fund. </li><li>Through the fund, Bezos gave nearly $100 million to 24 nonprofits working to combat family homelessness in the US. Now, he's leaving millions of dollars at the discretion of each charity, <a href="https://www.vox.com/recode/2019/8/12/20758787/jeff-bezos-day-one-fund-philanthropy-charity-homelessness">Recode</a> reported.</li><li>Typically, funders are stringent with their donations, restricting how the money can be spent and asking for quarterly updates. Bezos hasn't specified how his donations should be spent, other than combatting homelessness, and he's only asked for one update per year.</li><li>Bezos' unconventional, laissez-faire approach to philanthropy could garner criticism, but the charities he is serving are both baffled and delighted.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories.</a></li></ul>Amazon CEO Jeff Bezos is acting as a hands-off philanthropist: he's given nearly $100 million to charities combatting family homelessness, and now he's leaving the millions of dollars at their discretion, Recode <a href="https://www.vox.com/recode/2019/8/12/20758787/jeff-bezos-day-one-fund-philanthropy-charity-homelessness">reports</a>.Bezos <a href="https://www.businessinsider.com/jeff-bezos-launches-2-billion-bezos-day-one-fund-for-homeless-2018-9">launched</a> the $2 billion Bezos Day One <a href="https://www.bezosdayonefund.org/">Fund</a> in September 2018. It currently has two projects: the Day 1 Families Fund, which includes the annual leadership awards given to the 24 charities combatting homelessness; and the Day 1 Academies Fund, which is launching a nonprofit that will eventually open preschools in underserved communities.Typically, funders are stringent with their donations to nonprofit charities, restricting how the money can be allocated and asking for quarterly updates. Bezos is instead taking a laissez-faire approach: the <a href="https://www.businessinsider.com/amazon-ceo-jeff-bezos-richest-person-net-worth-billions-2018-12">richest person in the world</a> hasn't specified how his donations should be spent, other than the broad directive of combatting homelessness, and he's only asked for one update per year, according to Recode.Of the recipient charities, 15 received $5 million grants, and the remaining nine received $2.5 million grants.Bezos historically <a href="https://www.bloomberg.com/news/articles/2017-10-31/for-bezos-now-world-s-richest-philanthropy-is-saved-for-later">hasn't prioritized philanthropy</a>. In 2017, The New York Times <a href="https://www.nytimes.com/2017/06/15/business/media/jeff-bezos-amazon-rich-charity.html">reported</a> that Bezos had only given about 1% of his wealth to charity. Notably, Bezos has not signed The Giving Pledge, a pledge created by Bill and Melinda Gates with Warren Buffett that signifies a commitment of wealthy individuals to give more than half of their wealth towards philanthropy. Tech execs including Elon Musk, Mark Zuckerberg, Sheryl Sandberg, Larry Ellison, and Reed Hastings have all <a href="https://www.businessinsider.com/19-tech-titans-who-wont-leave-their-fortune-to-their-families-2016-6#microsoft-cofounder-bill-gates-2">signed</a> the pledge. Jeff Bezos' ex-wife, MacKenzie Bezos - who is now <a href="https://www.businessinsider.com/mackenzie-bezos-amazon-stake-stock-divorce-2019-8">considered</a> the third-richest woman in the world - <a href="https://givingpledge.org/Pledger.aspx?id=393">signed</a> the pledge in May 2019. Read more: <a href="https://www.businessinsider.com/mackenzie-bezos-amazon-stake-stock-divorce-2019-8">MacKenzie Bezos is officially Amazon's second-largest individual shareholder and the third-wealthiest woman in the world</a>Bezos' scouting process for the recipients of the Day 1 Families Fund grants was also non-traditional. Foundations typically announce grants and accept applications from prospective recipient nonprofits. In the case of the Day 1 Families Fund grants, Recode reported that an advisory board composed of eight experts in homelessness put together a shortlist of prospective charities and invited them to apply for the grants. (One charity head told Recode that she was called directly by Bezos' personal attorney, Paul Dauber, inviting her to apply). The bulk of the application was a simple, 500-word essay for charities to describe how they would spend the millions of dollars from the grant to combat family homelessness.Recode notes that Bezos' laissez-faire approach could have downsides, however: the recipient nonprofits could flop even after receiving these enormous grants, and inadequate monitoring from the Day 1 Fund could lead to "mishaps," the head of CharityWatch, an organization that monitors how efficiently nonprofits use donations, told Recode.Here's the full <a href="https://www.bezosdayonefund.org/day1familiesfund">list</a> of 2018 Day 1 Families Fund Awardees: <div itemprop="articleBody"><div><div><ol><li>Abode Services, Fremont, CA • $5 million </li><li>Catholic Charities Archdiocese of New Orleans, New Orleans, LA • $5 million </li><li>Catholic Charities of the Archdiocese of Miami, Miami, FL • $5 million </li><li>Catholic Community Services of Western Washington, Tacoma, WA • $5 million </li><li>Community of Hope, Washington, DC • $5 million </li><li>Community Rebuilders, Grand Rapids, MI • $5 million </li><li>Crossroads Rhode Island, Providence, RI • $5 million </li><li>District Alliance for Safe Housing (DASH), Washington, DC • $2.5 million </li><li>Emerald Development and Economic Network, Cleveland, OH • $2.5 million </li><li>FrontLine Service, Cleveland, OH • $2.5 million </li><li>Hamilton Families, San Francisco, CA • $2.5 million </li><li>Heartland Family Service, Omaha, NE • $5 million </li><li>Housing Families First, Henrico, VA • $2.5 million </li><li>JOIN, Portland, OR • $5 million </li><li>LA Family Housing, North Hollywood, CA • $5 million </li><li>Northern Virginia Family Service, Oakton, VA • $2.5 million </li><li>Primo Center for Women and Children, Chicago, IL • $2.5 million </li><li>Refugee Women's Alliance, Seattle, WA • $2.5 million </li><li>SEARCH Homeless Services, Houston, TX • $5 million </li><li>Simpson Housing Services, Minneapolis, MN • $2.5 million </li><li>The Salvation Army, Center of Hope, Charlotte, NC • $5 million </li><li>The Salvation Army of Greater Houston, Houston, TX • $5 million </li><li>UMOM New Day Centers, Phoenix, AZ • $5 million </li><li>Urban Resource Institute, New York, NY • $5 million</li></ol></div></div></div><a href="https://www.businessinsider.com/intelligence/40-big-tech-predictions-for-2019?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=amazon&amp;itm_campaign=40-big-tech-predictions-for-2019-2"></a>

Jeff Bezos donated $100 million to fighting homelessness - and in an unusual move, he's letting the charities control how it's spent

<ul><li>The Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> allocated ₹99,300 crore to the education sector -- including ₹3,000 crore for the skill development initiatives.</li><li>This is a ₹4,500 crore rise from last year where the government allocated ₹94,800 crore towards the education fund.</li><li>Under the '<keyword id="596294" type="PERSON" weightage="20" keywordseo="study-in-India">Study in India</keyword>' programme, the government will introduce INSAT exam to enroll Asian and African students in Indian universities. </li></ul> The Finance Minister Nirmala Sitharaman allocated ₹99,300 crore to the education sector -- including ₹3,000 crore for the skill development initiatives -- as she announced the Union Budget on February 1, 2020. This is a ₹4,500 crore rise from last year where the government allocated ₹94,800 crore towards the education fund — focusing on improving schools and higher education programmes. 
 
 
 
 
 
 
 
 
 
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 New reforms introduced Sitharaman said that there have been over 200,000 new additions in the New Education Policy, which will be announced soon. Come 2030, India will have the largest working age population in the world. Under the 'Study in India' programme, the government will introduce INSAT exam to enroll Asian and African students in Indian universities. In order to provide quality education to the under privileged, full-fledged online courses will be launched in India -- by the institutions featuring in the top 100 national rankings. Given the increasing global demand, the Ministry of Health and Family Welfare will also kickstart a 'bridge course' to reskill its teachers and nurses. It will also introduce one-year internship for engineering students. Almost 260 million people in India enroll into different courses each year, while another 60 million are deprived of access to education, according to the Right to Education Forum. This shows that the Indian education system needs a revamp. According to the government think tank Niti Aayog, India should increase the education expenditure to nearly 6% of the GDP over the next two years. Poor quality of education is one of the many risks that India faces — adding to its unemployment crisis. The total employment in the country declined by 9 million in the last seven years, since 2017. As of July 2019, 1.5 million people gained skills and jobs, thanks to the country’s <keyword id="2473582" type="PERSON" weightage="20" keywordseo="Skill-India-mission">Skill India mission</keyword>. However, this accounts for merely 21% of the total trainees — 7.2 million — who enrolled for the programme. 
 
 
 
 
 
 
 
 
 
 
 
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 “India’s unemployment challenge is partly because of a low level of education, high dropout rates, labour market asymmetries, a mismatch between the supply of skills and demand and the high aspirations of young people,” K P Krishnan, former secretary of the Ministry of Skill Development and Entrepreneurship, <a href="https://www.indiaspend.com/skills-and-jobs-must-match-to-meet-high-aspirations-of-indias-young/">told</a> IndiaSpend. This is primarily because of the lack of skills to match the changing needs of the digital world. “Lack of skills was evident in new age digital technologies such as Artificial Intelligence, Machine Learning and Cloud Computing. Shortage of these skill sets can be met by the government developing guidelines for various industries in order to create mandatory learning hours for employees — especially in the key growth sectors like IT, BFSI sectors,” Kamal Dutta, MD, Skillsoft told Business Insider. Last Budget, Sitharaman announced a ‘Study in India’ programme, focussed to bringing foreign students to study in India’s higher education institutions. She also said that the government will also ensure industry relevant skill training for 10 million youth in India — building skills in technologies like Artificial Intelligence, Big Data, Virtual Reality, 3D printing and Robotics. This too might see some allocation this budget. Shortage of teachers India is short of teachers and skilled teachers are rarer to come by. As of now, the country has roughly 8.5 million teachers and only 19,000 teacher training institutes. “If we are focussed on the right to education, the quality of education is equally important and the Govt may look to allocate budget to improve education facilities,” said Nivedita Das Gupta, India Country Head, Miracle Foundation India. As of 2018, the country’s national capital Delhi government schools were recorded with 35,034 regular teachers. While the sanctioned strength was 64,096 — which is a shortage of nearly <a href="https://www.indiatoday.in/mail-today/story/teacher-shortage-govt-schools-1414146-2018-12-21">45% of teachers.</a> In August 2019, the Ministry of Human Resource and Development (MHRD) announced an initiative ‘<a href="https://www.moneycontrol.com/news/india/hrd-ministry-to-launch-programme-to-train-over-42-lakh-teachers-across-india-on-august-22-4345371.html">NISHTHA</a>’ — National Initiative on School Teachers Head Holistic Advancement — to train over 4.2 million teachers across the country. See also: <a href="https://www.businessinsider.in/budget/news/startup-esops-to-be-non-taxable-for-five-years/articleshow/73824551.cms">Good news for startup employees - your ESOPs won’t be taxed for five years</a> <a href="https://www.businessinsider.in/budget/news/budget-2020-top-highlights-and-updates-from-finance-minister-nirmala-sitharaman/articleshow/73828229.cms?src=hp_ts">Income tax cuts, stake sale in LIC and other highlights from Finance Minister Nirmala Sitharaman's budget speech</a> <a href="https://www.businessinsider.in/budget/news/new-education-schemes-reforms-policies-in-budget-2020/articleshow/73836166.cms?src=hp_latest">Budget 2020: Indian education sector will now get students and funds from foreign lands</a>

Education Budget 2020 gets ₹99,300 crore allocation, new schemes introduced — including 'INSAT' to enroll Asian and African students

Welcome to <keyword id="9884466" type="UNKNOWN" weightage="60" keywordseo="insider-cannabis">Insider Cannabis</keyword>, our weekly newsletter where we're bringing you an inside look at the deals, trends, and personalities driving the multibillion-dollar global <keyword id="14728" type="ENTERTAINMENT" weightage="100" keywordseo="cannabis">cannabis</keyword> boom.<a href="http://newsletter.businessinsider.com/join/cultivated">Sign up here to get it in your inbox every week</a>.Happy Friday readers,Earnings were the dominant story in the industry this week. A slew of US cannabis companies, or MSOs, posted rock-solid financial results, in many cases outpacing their Canadian counterparts.I asked Cresco Labs CEO Charlie Bachtell about why he thinks that is. In Bachtell's view, it's a convergence of factors: COVID — and the essential designation cannabis dispensaries received in some legal states helped — but he said it also has to do with the expanded <keyword id="40905" type="PERSON" weightage="60" keywordseo="Marijuana">marijuana</keyword> supply from cap-ex projects many companies began in 2019 and have since completed."Those wheels have been in motion for some time," Bachtell told me. "We were going to have a strong quarter regardless of COVID."He also pointed out that in Cresco's home state of Illinois, Chicago Mayor Lori Lightfoot was able to avoid laying off 350 city employees thanks to tax revenues from legal marijuana sales. That, he said, is great motivation for other states to pass legalization."That's found money," he said. "Just dropped from the sky — it wasn't a revenue source the year before."Beyond earnings, I moderated panels at CWCBExpo and Prohibition Live. If you caught those, let me know what you thought.-JeremyHere's what we wrote about this week:<h3><a href="https://www.businessinsider.com/new-jobs-states-legalized-cannabis-arizona-new-jersey-2020-11">The spread of legal cannabis is projected to create more than 20,000 jobs in the next 5 years. Here's a look at how many roles are expected to be open for hiring in each state.</a></h3>The cannabis industry is expected to hire for tens of thousands of new positions in the coming years as new programs in five different states roll out, according to data from the cannabis recruitment platform Vangst. In New Jersey, which recently voted to legalize recreational cannabis, more than 19,000 jobs could be created by 2025.<h3><a href="https://www.businessinsider.com/canopy-growth-strategy-enter-us-cannabis-market-after-biden-win-2020-11">The world's largest cannabis company is angling to jump into the US marijuana market after Biden's win</a></h3>Canadian cannabis giant Canopy Growth is positioning to enter the lucrative US market after Joe Biden won the US presidency. Canopy CEO David Klein told BI in an interview that the company is looking to bring more of its branding and IP over to the US through its partnership with Acreage Holdings. <h3><a href="https://www.businessinsider.com/incoming-curaleaf-ceo-potential-of-new-york-marijuana-market-2020-11">The incoming CEO of the largest US cannabis company explains why he's going all in on New York and the Northeast</a></h3>Joseph Bayern, who will be stepping into the role of CEO at cannabis giant Curaleaf starting in January, told Business Insider that he's bullish on the Northeast, now that New Jersey's legalized cannabis for adult-use. New York could be "could be one of the most compelling markets in the US in the next couple of years," Bayern said.<h3><a href="https://www.businessinsider.com/kevin-oleary-investing-why-betting-big-psychedelics-medicine-2020-11">Kevin O'Leary of 'Shark Tank': Why I'm betting big on psychedelics, and how investors should be thinking about this opportunity</a></h3>In this op-ed article, the "Shark Tank" investor Kevin O'Leary explains why he and other Wall Street investors are betting big on psychedelic mushrooms. Investors who were burned by bad bets on cannabis startups shouldn't be afraid to gamble this time, O'Leary says. <keyword id="2874738" type="PERSON" weightage="60" keywordseo="Psychedelics">Psychedelics</keyword> look different — in a good way — and the pitfalls that befell early cannabis investors aren't likely.<h2>Earnings roundup</h2>Lots of the large multistate operators reported strong earnings this week. Here are the highlights:<ul><li><a href="https://investors.trulieve.com/news-releases/news-release-details/trulieve-achieves-record-third-quarter-results-enters-6th-state">Trulieve</a> reported $136.3 million in revenue, a 13% sequential increase. </li><li><a href="https://www.prnewswire.com/news-releases/curaleaf-reports-record-third-quarter-2020-financial-and-operational-results-301174971.html">Curaleaf</a> reported a $9.3 million net loss on $193.2 million in managed revenue. </li><li><a href="https://www.businesswire.com/news/home/20201118005418/en/Cresco-Labs-Announces-Record-Revenue-of-153.3-Million-Growth-of-59-Million-or-63-QoQ-and-Adjusted-EBITDA1-of-46.4-Million">Cresco Labs</a> reported $153.3 million in revenue and $4.9 million in net income. </li><li><a href="https://www.globenewswire.com/news-release/2020/11/18/2129626/0/en/Ayr-Strategies-Reports-Third-Quarter-2020-Results-Updates-Investors-on-2021-Expansion-Initiatives.html">Ayr Strategies</a> reports $45.4 million in revenue, up 61% sequentially.</li><li><a href="https://www.newswire.ca/news-releases/terrascend-reports-record-third-quarter-2020-net-sales-of-51-million-and-adjusted-ebitda-1-of-17-8-million-860046415.html#:~:text=(%22TerrAscend%22%20or%20the%20%22,quarter%20ending%20September%2030%2C%202020.&amp;text=Net%20sales%20of%20%2451%20million%20in%20Q3%202020%20compared%20to,%2435%20million%20in%20Q1%202020.020.">TerrAscend</a> reports $51 million in sales, a 90% increase year-over-year. </li><li><a href="https://www.globenewswire.com/news-release/2020/11/17/2127897/0/en/Greenlane-Reports-Record-Core-Business-Revenue-in-Q3-2020.html">Greenlane Holdings</a> reports $32.3 million in core revenue (non-tobacco), and a $13.8 million net loss.</li><li><a href="https://neptunecorp.com/sites/default/files/2020-11/NEPT_Earnings%20Release_Announces%20Q2%202021%20vFINAL.pdf">Neptune Wellness Solutions</a> reports C$28.7 million in revenue and a C$23.3 total comprehensive loss.</li></ul>Note: Last week, we included incorrect financials for Green Thumb Industries. The company reported $157.1 million in revenue and a net income of $9.6 million<h2>Executive Moves</h2><ul><li>Curaleaf announces that <a href="https://www.prnewswire.com/news-releases/curaleaf-announces-ceo-succession-effective-january-1-2021-301174972.html">Joseph Bayern</a> will be taking over for Joseph Lusardi as CEO starting January 2021. <a href="https://www.businessinsider.com/incoming-curaleaf-ceo-potential-of-new-york-marijuana-market-2020-11">Read our interview with Bayern here</a>. </li></ul><h2>Deals, launches, and IPOs</h2><ul><li>Cannabis tech startup <a href="https://www.prnewswire.com/news-releases/kind-financial-announces-launch-of-first-ever-closed-loop-payment-app--kindpay-301177648.html">Kind Financial is launching KindPay</a>, a cash-free payment system for dispensaries backed by Herring Bank. </li><li>Y Combinator-backed <a href="https://news.yahoo.com/y-combinator-startup-meadow-debuts-140045769.html">Meadow launched a tool to help early-stage cannabis companies</a> access funding more efficiently. </li><li>Cannabis e-commerce startup <a href="https://dutchie.com/plus">Dutchie launched Dutchie Plus</a>, which the company says is akin to Shopify Plus, where cannabis dispensaries can create customizable online portals to connect with consumers. </li><li>Hemp company <a href="https://www.businesswire.com/news/home/20201118005878/en/Vertical-Wellness-Acquires-The-Organic-Candy-Factory%C2%AE-to-Expand-Brands-Portfolio-Into-the-Fast-Growing-Better-For-You-Candy-Segment">Vertical Wellness acquired The Organic Candy Factory</a> in an all-stock transaction to develop CBD and hemp-derived candies. </li><li><a href="https://mellowicecream.com/">Mellow</a> is launching CBD and THC infused ice creams for delivery in the Los Angeles area. </li></ul><h2>Policy moves</h2><ul><li>New Jersey <a href="https://www.nytimes.com/2020/11/19/nyregion/marijuana-new-jersey.html">postponed a planned vote on a bill to enact marijuana legalization</a> in the state — which voters approved earlier this month — after lawmakers couldn't agree on specifics like tax rate, social justice initiatives, and where the revenue will go. </li><li>Mexico's Senate <a href="https://mjbizdaily.com/mexican-senate-approves-cannabis-legalization-bill-ending-monthslong-delay/">approved an adult-use cannabis bill on Thursday</a>, bringing recreational cannabis one step closer to implementation. If the bill is approved both by the lower legislative chamber as well as President Andrés Manuel López Obrador, Mexico will become the third country — after Uruguay and Canada — to have a federal adult-use program.</li><li>Virginia Governor Ralph Northam <a href="https://www.washingtonpost.com/local/virginia-politics/northam-legalizing-marijuana-virginia/2020/11/16/d829f8e6-2606-11eb-8672-c281c7a2c96e_story.html">says he supports legalizing marijuana</a> after a study found the state could generate $300 million in tax revenue from cannabis sales.</li><li>The city of Madison, Wisconsin <a href="https://www.marijuanamoment.net/lawmakers-in-wisconsin-capital-vote-to-allow-marijuana-use-in-public/">voted to remove penalties</a> around the possession and consumption of marijuana in both public and private. </li></ul><h2>Science and research</h2><ul><li> The Rothman Opioid Foundation <a href="https://rothmanopioid.org/files/ly-how-cannabinoids-effect-pain.pdf">put out a research brief</a> that found cannabis can be an effective alternative to opioids for management of chronic pain and called for additional research. </li></ul><h2>Chart of the week</h2>Cannabis M&amp;A is moving East, according to the Viridian Capital Advisor', which says it's seeing "a key shift in year-to-date M&amp;A activity by region." At the same time, M&amp;A activity in Western states (AZ, CA, CO and NV) is tapering down — from 63.2% of total industry M&amp;A activity in 2019 to 40.6% in 2020.<div type="image" title="Cannabis M&amp;A is moving east" height="920" width="1440" msid="79331247" hostid="261"></div><h2>What we're reading and watching</h2><a href="https://www.economist.com/the-americas/2020/11/21/mexico-may-become-the-third-country-to-legalise-cannabis">Mexico may become the third country to legalise cannabis</a> (The Economist) <a href="https://chicago.suntimes.com/city-hall/2020/11/14/21565279/lightfoot-budget-layoffs-coronavirus-budget-chicago-federation-labor">Lightfoot cancels 350 layoffs tied to her 'pandemic' budget</a> (Chicago Sun-Times)<a href="https://www.nytimes.com/2020/11/16/style/new-jersey-marijuana-.html?smid=tw-share">Finally, New Jersey might be cooler than New York</a> (The New York Times)<a href="https://www.politico.com/news/2020/11/11/new-jersey-navigates-cannabis-legalization-436232">Fault lines emerge as New Jersey Democrats navigate cannabis legalization</a> (Politico)<a href="https://www.bet.com/news/national/2020/11/18/smoke-marijuana-documentary-legalization-cannabis-business.html">Smoke: Marijuana + Black America</a> (BET)

Canopy Growth is angling to dominate the US

<ul class="summary-list"><li>An <keyword id="12021046" type="UNKNOWN" weightage="60" keywordseo="actuary" source="Orion">actuary</keyword> is a professional who uses math and statistics to analyze risk and probability to help ensure companies remain profitable.</li><li>An actuary creates risk categories that companies use to avoid undesirable outcomes.</li><li>Actuaries design models to minimize the damage when undesirable events do occur.</li></ul>Almost everything in life involves risk. When you get behind the wheel of a car you risk being involved in an accident. When you invest in the stock market, you risk losing your investment. The older you get, the greater the risk you will become ill.Here we learn about people called actuaries, who quantify these risks so insurance companies, financial institutions, and hospitals, to name a few, are able to provide risk protection at a fair and competitive price.<h2>What is an actuary?</h2>An actuary is a business professional who <a href="https://www.soa.org/future-actuaries/what-is-an-actuary/" target="_blank" rel="nofollow nofollow nofollow noopener sponsored sponsored sponsored">measures and manages risk</a> based on a deep understanding of mathematics, statistics, and business management. In essence, actuaries predict the financial future of a company with math and science.Actuaries are experts at using their analytical skills, business acumen, and knowledge of human behavior to assess financial risks within an organization in order to help maximize profit and avoid catastrophe.Quick tip: An actuary is not the same as an underwriter, though both work with the same data and in the same industries. Actuaries create the risk categories companies use to make business decisions. Underwriters sort customers or business decisions into the categories created by actuaries.The future for actuaries is evolving due to advances in technology including artificial intelligence (AI), machine learning, and automation. These technologies will create new opportunities for actuaries as true business strategists.<h3>Where do actuaries work?</h3>Although actuaries often work for insurance companies, they're also employed by consulting firms, government entities, employee benefits departments, hospitals, banks - and even investment firms.Any organization that needs to manage financial risk might employ an actuary. This could include making sure a pension fund's assets match its liabilities, working for the Social Security Administration (SSA), or analyzing a set of investment options to determine which one is more likely to be profitable.<h3>What exactly do actuaries do?</h3>Most actuaries, <a href="https://www.bls.gov/ooh/math/actuaries.htm#tab-2" target="_blank" rel="nofollow noopener sponsored nofollow sponsored">no matter their specialty, do the following</a> with each project:<ul><li>Meet with clients or company officials to discuss the project at hand</li><li>Compile and analyze statistical data</li><li>Estimate the likelihood and cost of an unwanted event</li><li>Design charts, tables, or reports to explain their calculations</li><li>Discuss their findings with appropriate authorities and offer proposed solutions</li></ul>By specialty, the role an actuary plays can vary:<ul><li>Health insurance actuaries develop long-term care and health insurance policies by predicting costs of providing care based on a variety of factors including family history, geographic location, and occupation.</li><li>Life insurance actuaries create <a href="https://www.businessinsider.com/what-is-an-annuity" target="_blank" rel="noopener">annuity</a> and life insurance policies on the basis of risk factors such as age, gender, and other health factors.</li><li>Property and casualty insurance actuaries formulate insurance policies that protect against accidents, natural disasters, fires, and other events.</li><li><keyword id="11895316" type="UNKNOWN" weightage="100" keywordseo="finance" source="Orion">Finance</keyword> actuaries develop investment strategies that manage risks and maximize returns for companies or individuals.</li><li>Pension and retirement benefits actuaries design pension plans to ensure the availability of funds to pay future benefits and help companies develop alternate retirement plans such as 401(k)s.</li><li>Enterprise risk actuaries identify economic, financial, or geopolitical risks that might impact a company's bottom line or long-term objectives.</li><li>Public sector actuaries may work for the federal government and evaluate proposed changes to Social Security, Medicare, or other government programs.</li></ul>All this, says Shane Canfield, CEO of federal employee insurance provider, <a href="https://www.waepa.org/about/m-shane-canfield-chief-executive-officer-ceo/" target="_blank" rel="nofollow noopener sponsored nofollow sponsored">WAEPA</a>, "Allows actuaries to help businesses grow and provide value to their customers. Actuaries help leaders make strategic decisions and consumers prepare for their future."<h2>What is actuarial science?</h2>The field in which actuaries work is known as actuarial science. It is a discipline that assesses financial risks in the insurance, finance, and other fields using mathematical and statistical models. Actuarial science deals with evaluating risk and maintaining the economic stability of an organization or business. It involves the use of mathematics, statistics, and probability principles to anticipate undesirable future events and take preventive measures.<h2>How to become an actuary </h2>The road to becoming an actuary begins with a college degree, Canfield says. "A solid undergraduate math degree is a must, usually through a dedicated university actuarial program. Mathematics is the foundation and principal discipline," he adds, "however, it is also critical to have sound knowledge of business management, risk management, finance, and forecasting."Quick tip: Though not mandatory, a college program that offers an internship can help you decide on your ultimate focus, be it insurance, pensions, government, financial, or elsewhere.Finally, depending on your specialty, there are credentialing exams to pass. Credentialing is done through one of two professional associations, the Society of Actuaries (SOA) or the Casualty Actuarial Society (CAS).<h3>Actuary salary</h3>When it comes to compensation, actuaries outrank other similar occupations including mathematician, statistician, financial analyst, and accountant. The median pay in 2020 was just over $111,000 per year <a href="https://www.bls.gov/ooh/math/actuaries.htm#tab-1" target="_blank" rel="nofollow noopener sponsored nofollow sponsored nofollow sponsored">according to the U.S. Bureau of Labor Statistics (BLS)</a>.With job growth predicted to be 18% between 2019 and 2029, which is much faster than most related occupations, the long-term employment outlook in the actuarial field is solid for the foreseeable future.<h2>Actuarial societies</h2>There are two professional societies for actuaries: the <a href="https://www.soa.org/" target="_blank" rel="nofollow noopener sponsored nofollow sponsored">Society of Actuaries (SOA)</a> and the <a href="https://www.casact.org/" target="_blank" rel="nofollow noopener sponsored nofollow sponsored">Casualty Actuarial Society (CAS).</a>The SOA is a worldwide professional organization for life, health, pension, and retirement actuaries. The CAS is the international organization for property and casualty (P&amp;C) actuaries.Both organizations provide credentialing pathways for their respective members and both offer professional development, educational opportunities, and advocacy for their constituencies. <h2>The financial takeaway</h2>An actuary is a business professional trained to model and predict the financial future of a company based on risk. Utilizing analytical skills, business acumen, and knowledge of human behavior, actuaries are able to foresee undesirable outcomes and suggest solutions in order to avoid financial catastrophe.For those with a strong interest in mathematics, statistics, and analytics, a career as an actuary may be a great career choice. Rapidly evolving technologies and new opportunities for actuaries as business strategists have resulted in higher than average salaries and job growth in the actuarial field.<a data-type="5fa321ac2c44cc6da52a5577">Volatility measures how dramatically stock prices change, and it can influence when, where, and how you invest</a><a data-type="610d99ca4dde6134eb171eef">What is the Sharpe ratio? How investors use it to analyze an asset's risk</a><a data-type="60f31936fdabbb1b270e9087">What to know about speculation: When investors buy high-risk assets with the expectation of significant returns</a><a data-type="60ef025e4ee35001a50ba5b7">What is leverage? How investors can use debt to increase the returns on investments</a>

What to know about actuaries - the professionals who predict the financial future of companies with math and science

The entire list and a brief profile of 'Delhi ke nirmata'⁠— the makers of Delhi felicitated at Kejriwal's oath taking ceremony

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Getty Images / Thomas Peter-Pool</div></div></div><ul class="summary-list"><li>A trade war between the US and China has been heating up this year, with the US levying tariffs on $250 billion of imported goods from China and China retaliating with tariffs on $110 billion of US goods.</li><li>Tariffs can increase the price of goods, which can have serious economic effects.</li><li>Several economists and business groups have warned that higher prices from tariffs can hurt American firms and consumers, but the Trump administration continues to defend its policies.</li><li>Experts predict that some of the first prices to rise will be on computers and computer parts, furniture, and tires.</li></ul>A trade war between the US and China has been heating up for much of this year, and it could have huge impacts on the US economy.President Donald Trump's administration has <a href="https://www.businessinsider.com/trump-china-trade-war-tariff-chinese-goods-2018-9?IR=T">levied tariffs on a total of $250 billion of imported goods from China</a>. That represents about half of all imports from China.<a href="https://www.businessinsider.com/trade-war-china-to-retaliate-to-fresh-trumps-200-billion-tariffs-2018-9?r=UK&amp;IR=T">China has retaliated</a> by announcing tariffs on $110 billion of US exports.<h2>Tariffs affect the economy</h2>Both Trump's tariffs on China and China's retaliatory tariffs are likely to impact the economy in various ways. At the most basic level, tariffs increase the prices of goods, directly by making imported goods more expensive via the imposed tax, and indirectly by allowing domestic manufacturers who do not have to pay the tariff to charge higher prices.Indeed, that latter effect is the main argument in favor of tariffs: By being able to charge higher prices, domestic producers can theoretically become more profitable and invest more in factories and workers.However, those higher prices can either be passed on to consumers or absorbed by companies buying intermediate products, which can cause economic harm.<div class="KonaFilter image-container display-table"><div><div class="image on-image">REUTERS/Frank PolichFord has said that tariffs on steel and aluminum imports will likely cost the company $1 billion.</div></div></div>For example, Ford says that a separate set of tariffs on steel and aluminum imposed by the Trump administration this spring will likely cost the automaker $1 billion, <a href="https://www.cbsnews.com/news/ford-ceo-steel-aluminum-tariffs-will-cost-automaker-1-billion/">according to a CBS News report</a>.<h2>Higher prices could hit consumers' wallets</h2>The <a href="https://www.businessinsider.com/trump-china-trade-war-tariff-chinese-goods-2018-9?IR=T">most recent set of tariffs against Chinese imports</a>, which went into effect at the end of September, targeted around $200 billion of goods with a 10% tax scheduled to increase to 25% on January 1, 2019.Unlike earlier rounds of tariffs that mostly targeted materials and intermediate goods, about a quarter of the new tariffs target consumer goods directly, according to <a href="https://piie.com/blogs/trade-investment-policy-watch/trump-and-china-formalize-tariffs-260-billion-imports-and-look">an analysis by the Peterson Institute for International Economics</a>.Those tariffs could have an even more direct impact on Americans' wallets than the <a href="https://www.businessinsider.com/trump-china-tariff-full-list-of-goods-products-2018-6">earlier round of tariffs</a>, which were mostly against industrial products and intermediate goods.Some of the <a href="https://www.businessinsider.com/trump-tariff-china-trade-war-products-that-will-get-the-hardest-2018-9">goods that are likely to be hardest hit by the newer tariffs</a> include computers and computer parts, furniture, and tires.Economists, including Ian Sheperdson of Pantheon Macroeconomics, suggest that <a href="https://www.businessinsider.com/trump-tariff-china-trade-war-consumer-goods-2018-9?r=UK&amp;IR=T">consumers could see price increases</a> as a result of tariffs on those goods."We don't know for sure how quickly importers will raise wholesale prices of the affected items, or how quickly manufacturers of substitutes for Chinese products will lift their prices," Sheperdson wrote in a note to clients. Sheperdson estimated that the newer round of tariffs could add as much as 0.5% to the headline CPI inflation rate.An <a href="https://www.ntu.org/foundation/detail/trump-trade-taxes-will-exceed-obamacare-taxes-next-year">analysis by the National Taxpayers Union Foundation</a> suggested that the full impact of the 25% tariffs beginning in 2019 would hit Americans harder than the total taxes levied under the Affordable Care Act, better known as Obamacare.Retailers have also warned that the <a href="https://www.businessinsider.com/jcpenney-tariffs-retail-apocalypse-2018-9">tariffs could increase prices for consumers</a> and threaten the retail industry. JCPenney counsel David M. Spooner wrote a <a href="https://www.regulations.gov/document?D=USTR-2018-0026-5572">letter dated September 6</a> to US Trade Representative Robert Lighthizer warning that "No retailer will be able to simply absorb the cost of a 10% percent tariff, much less a 25% tariff in today's ultracompetitive retail environment. That means consumers will pay higher prices."<div class="KonaFilter image-container display-table"><div><div class="image on-image">ReutersWalmart has warned of price increases for consumers.</div></div></div><a href="https://www.businessinsider.com/trump-tariff-china-trade-war-walmart-letter-2018-9">Walmart wrote a similar letter</a> to Lighthizer, warning "Either consumers will pay more, suppliers will receive less, retail margins will be lower, or consumers will buy fewer products or forego purchases altogether." Walmart included a <a href="https://www.businessinsider.com/walmart-products-hit-hardest-by-trump-china-trade-war-2018-9">list of specific items</a> that it's particularly concerned about, including luggage, gas grills, and HDMI cables.<h2>Business groups are worried</h2><a href="https://www.businessinsider.com/trump-china-trade-war-third-tariff-attacked-by-gop-democrats-business-2018-9">Several industry groups also have warned</a> of increased prices and threats to US firms resulting from the trade war. Matthew Shay, president and CEO of the National Retail Federation said, "with these latest tariffs, many hardworking Americans will soon wonder why their shopping bills are higher and their budgets feel stretched." Jay Timmons, the National Association of Manufacturers' president and CEO, called for increased trade talks to cool down the trade war. "Now is the time for talks-not just tariffs-and manufacturers have laid out a blueprint to reset the US-China commercial relationship that will result in ending China's unfair and anti-competitive behavior," Timmons said.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Scott Olson/Getty ImagesFarmers are at risk of being hurt by retaliatory tariffs against agricultural goods like soybeans.</div></div></div>Casey Guernsey, a seventh-generation farmer and spokesperson for Americans for Farmers and Families pointed out that the uncertainty surrounding the trade war could interfere with farmers' plans for the future. Guernsey said, "as trade tensions escalate, and our ability to sell our goods to major markets diminishes, we're having to make long-term business decisions that could affect our farms for generations."During testimony in August to US trade officials, <a href="https://markets.businessinsider.com/news/stocks/trump-tariffs-manufacturing-sector-testifies-on-trade-war-with-china-2018-9-1027518683#1">several smaller manufacturers</a> warned of the potential damage from a trade war. John McCann of MEC Aerial Work Platforms in Kernan, CA painted a stark picture, saying "tariffs will cause layoffs, lives will be devastated, the hope and optimism that comes from meaningful work will be gone."JPMorgan CEO Jamie Dimon argued in a CNBC interview that there <a href="https://www.businessinsider.com/jamie-dimon-trump-tariffs-china-trade-war-business-economy-2018-9">could be further indirect consequences</a> of a trade war beyond immediate price increases, as economic confidence and investor planning could be shaken. "The real negative isn't that - it's confidence, consistency. If people start reducing investment, if people start moving their supply chains around, that we have seen already moves the markets a little bit," Dimon said.<h2>Trump has pushed back</h2>The Trump administration has pushed back against criticism of the tariffs. <a href="https://www.businessinsider.com/trump-china-trade-war-wilbur-ross-tariff-price-increase-2018-9">Commerce Secretary Wilbur Ross</a> suggested that price increases from the nascent trade war would go unnoticed by most Americans. <div class="KonaFilter image-container display-table"><div><div class="image on-image">Joe Raedle/Getty ImagesCommerce Secretary Wilbur Ross has defended the tariffs.</div></div></div>Ross said, "Well, you can do the numbers this way if you have a 10% tariff on another $200 billion, that's $20 billion a year. That's a tiny, tiny, tiny fraction of 1% total inflation in the US, because it's spread over thousands and thousands of products. Nobody's going to actually notice it at the end of the day."Trump himself weighted in, saying at a <a href="https://www.businessinsider.com/trump-on-tariff-china-trade-war-no-effect-on-economy-2018-9">New York City press conference</a> that "a lot of money is coming into our coffers. And it's had no impact on our - absolutely, by the way - no impact on our economy which I said it wouldn't."<h2>China retaliates</h2>As a response to the September round of tariffs, <a href="https://www.businessinsider.com/trade-war-china-to-retaliate-to-fresh-trumps-200-billion-tariffs-2018-9?r=UK&amp;IR=T">China imposed retaliatory tariffs</a> on about $60 billion of US exports to China, representing about 85% to 95% of the total goods export trade from the US to that country.Retaliatory tariffs are the second big threat from a trade war, after domestic price increases. By making American goods more expensive in Chinese markets, US exporters are placed at a disadvantage to producers in China and other countries.The full impact of a trade war between the US and China is likely to be felt across the country, but <a href="https://www.businessinsider.com/trump-china-tariff-trade-war-states-map-hurt-2018-8">unequally among different states</a>. Total goods trade with China - both imports and exports - adds up to 7.6% of the total size of Tennessee's economy, and 6.4% of each of the economies of California and Washington state.<div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image on-image"><a title_source="Andy Kiersz/Business Insider" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/5b86945864dce81c008b56ba-960/trade-with-china-as-percent-of-gdp.png"></a>Andy Kiersz/Business Insider</div></div></div> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/is-activated-charcoal-safe-for-eat-drink-teeth-whitening-2018-9">What activated charcoal actually does to your body</a></h3> <div> </div> </div>

Here's exactly how Trump's trade war with China could affect you

What do you do when your country tortures you? Syrian refugees are finding a landmark pathway to justice in German courts.

<ul class="summary-list"><li>Strategies around attracting, training up, and holding onto financial adviser talent are changing.</li><li>A wave of US advisers are expected to retire in the coming years, and many firms are ill-equipped to fill their shoes with newbies, according to the industry research firm Cerulli Associates.</li><li>Business Insider reviewed training outlines from some of the world's largest wealth managers and spoke with executives about how new financial advisers are trained; how their programs have changed over the years; and how people joining their programs today can succeed.</li><li>Succeeding early on as a financial adviser is notoriously difficult. Around three-quarters of adviser trainees in the industry exit the business during their first year, according to Cerulli data. </li><li><a href="https://www.businessinsider.com/prime">Visit BI Prime for more wealth management stories</a>.</li></ul>The <a href="https://www.businessinsider.com/category/wealth-management">wealth management</a> industry's strategies around drawing in, training up, and holding onto financial advisers has reached an inflection point.A wave of US advisers are expected to retire in the coming years, and firms need to fill their shoes with newbies who can take on retirees' clients and their assets, according to the industry research firm Cerulli Associates. The average financial adviser's age is 52, the firm estimates.While firms' adviser headcount, productivity, and client assets can be top-of-mind for investors, executives, and analysts, complex layers of training for new advisers are powering the next generation of talent behind the scenes.To report the most comprehensive look at how firms are preparing for that retirement cliff and what their training looks like, we interviewed leaders at <a href="https://www.businessinsider.com/category/ubs">UBS</a>, <a href="https://www.businessinsider.com/category/morgan-stanley">Morgan Stanley</a>, and <a href="https://www.businessinsider.com/category/merrill-lynch">Merrill Lynch</a> about how new advisers are trained up; how their programs have changed over the years; and how advisers joining their programs today can succeed.Succeeding early on as a financial adviser is notoriously difficult. Around three-quarters of adviser trainees in the industry exit the business during their first year, according to Cerulli data. Morgan Stanley, Merrill Lynch, and UBS declined to provide their adviser trainees' graduation rates.<h1>Merrill Lynch</h1>Bank of America's wealth management business touts adviser training as one of its biggest strengths for more than 70 years, back to when formal training was developed in the 1940s. These days, the wealth manager is grappling with the same aging adviser force as its rivals. <a href="https://www.businessinsider.com/bank-of-america-merrill-lynch-wealth-management-changing-training-program-2020-1">It's opened up more capabilities</a> and tweaked features of its main training program in response to a fast-changing pool of talent.For instance, <a href="https://www.businessinsider.com/bank-of-america-merrill-lynch-financial-adviser-trainee-trends-shift-2019-10">we first reported last fall</a> that advisers-in-training who exited the trainee program without becoming full-fledged advisers were more commonly transitioning to other roles within the firm instead of leaving altogether. It underscored how even the most traditional firms are opening up different career paths.It's also adjusted compensation levels to stay competitive.Andy Sieg, the head of Merrill Lynch, <a href="https://www.businessinsider.com/andy-sieg-merrill-lynch-financial-adviser-trainee-hiring-salaries-2019-10">said in an interview</a> with us last October that the firm's 3-1/2-year-long financial adviser development program (FAPD) graduation rates are "not as high as we would like." Earlier in 2019 the firm hiked trainees' starting salaries by $10,000 to an average of $65,000. It's also deployed 75 performance managers around the country to coach them, tracking things like how many meetings they have with potential clients.Merrill Lynch sets out to recruit fresh talent on college campuses, and began hosting virtual career events - where representatives and prospective trainees can connect live - about two years ago. This quarter, it's also begun rolling out job preview videos to present to candidates throughout the hiring process with the hope that it provides a realistic view of what advisers' days are like. Typically, a recruiter will interview a candidate and then connect them with a hiring manager, and from there a candidate will head into their local branch for a more detailed interview with several people. That might mean speaking with an adviser to get a feel for the role, as well as someone in management there.Then comes a candidate's crucial business plan presentation - and at this point, their training program hasn't even started yet. The candidate will go in to see a hiring panel of three people, typically a FADP performance manager, a local market executive, and a financial adviser.<a href="https://www.businessinsider.com/wealth-management-innovators-recruitment-research-digital-advice-investing-robo-adviser-2019-10">Jennifer MacPhee</a>, the firm's national FADP performance executive, said that in what amounts to a "deep-dive interview," the candidate lays out their business plan, receives live feedback, and from there usually hears back quickly thereafter about their decision to bring them aboard as a trainee.The business plan is all-important because it's a launching pad of sorts for executives to assess and gauge whether the candidate could see real success at the firm. Candidates might describe a niche market, group, or alumni network they're planning to tap into for new clients, and how they plan to win that business.The business plan is personal. One of the plan's sections for candidates to complete is laying out what they like to do - making it easier for the firm to gauge, for instance, whether someone who likes financial planning may immediately suit a team well that's in search of a financial planner at the moment. If a candidate doesn't get a recommendation to move forward from the hiring panel they met with, they may have a chance to revise their business plan with feedback from the panel."I've absolutely had situations where they had a lot of the core components, but they needed to really get a little bit more specific on tactics," MacPhee told us. "And we gave them feedback, we gave them a chance to enhance their business plan; they came back, took the feedback, did a great job, and we gave them an offer."At different points throughout the interview process, Merrill Lynch might refer candidates for different roles if they feel like the talent would be better suited for a different opening, too. The firm also offers a team financial adviser (TFA) route within the wider training program, where advisers might choose to enter into the firm through a specific need that an advisory team has. Having more junior additions on the team could make more senior advisers more productive. While the entire FADP population is about 3,300 people, some 25% of its population is in its TFA program. Whether a candidate is taken onto a team from the program's outset, or continues as a sole practitioner, each has to go through its highly intense 30-week beginning phase of training that kicks off with licensing. That comes with a study routine and dedicated licensing coaches. By the fourth week of training, adviser trainees are scheduled to take their standard Securities Industry Essentials (SIE) exam, which is published by Finra; by the ninth week, they're set to take the Series 7 exam; by week 13, they're taking the Series 66.Once candidates have passed those exams and have completed training and internal assessments, they can begin engaging with prospective clients.Candidates are monitored on a regular basis in their local markets. They have monthly goals for themselves, as well as parameters to stay in the program. Managers check in on metrics like how many meetings and networking events they're going on, and how many new people they've connected with.Through the three years that follow the rigorous, initial 30-week foundation, the firm aims to educates the trainees on a deeper level around everything it offers. Wirehouses like Merrill Lynch, of course, try to keep as much of a client's financial life inside the firm, rather than seeing them doing business with a competitor in a different area.Ultimately, MacPhee said, the main qualities the firm looks for include resiliency and a strong work ethic, as well as abilities to take coaching and be dynamic if something isn't working at the first go.<h1>Morgan Stanley</h1>Wealth management has been a key component of Morgan Stanley's evolution since the financial crisis. The business, now with some $2.7 trillion in client assets through Dec. 31, is "clearly stabilizing the firm," chief executive James Gorman said on <a href="https://www.businessinsider.com/morgan-stanley-has-won-265-solium-corporate-clients-since-may-2019-10">a quarterly earnings</a> call in October.Now, the firm is taking steps to improve its financial adviser associate (FAA) program, with an aim to better equip new advisers. Jeff Tucker, the head of FAA sourcing and development who joined the firm in 2017 after about a decade with Merrill Lynch, said his team has spent the last year considering how to best execute on that.For instance, this year the firm is rolling out trainee "roadmaps," or guidelines on how they can build up their own practice before they begin to run into challenges. "Where I think the industry has done a poor job in the spirit of trying to respect the entrepreneurial spirit of advisers is, I think we've overshot and had the pendulum swing too far to the other extreme to where we don't provide enough prescriptive direction early on," Tucker said.Morgan Stanley calls its FAA program "intensive" - a three-year-long training and development program that comes in addition to an initial four-month pre-production program. From the outset, the firm encourages new trainees to think about their target markets, what might set them apart, and whether they can harness groups and associations for prospective clients. "We don't expect a new adviser to have all the answers," Tucker said, though they are expected to demonstrate a baseline knowledge around the industry, and whether they understand the career's rigor. "You have more advisers leaving the industry than we've been able to attract, and at the same time, you have wealth being created at a rate faster then we can even pursue," he told us.The firm will consider a few things, like candidates' ability to pass exams and their understanding of what goes into actually being an adviser day-to-day. From there, they complete a series of interviews. The first is a video interview with the internal recruiting team. If they pass that, then they move into the pipeline of their local complex, where local leadership picks it up from there, brings the candidate in, and completes the interview, business plan, and evaluation process.Only then is a candidate's hiring decision made. The first stage is a four-month, pre-production period, when the firm is helping FAAs get started with licensing, business plan formation, and educating on everything Morgan Stanley offers clients."Business planning is a life cycle. It's not an event," Tucker said. "The most successful financial advisers, whether you're 20, 30 years in the industry, are always updating that business plan because it's a living, breathing document."He likes to think of the three years that follow the initial preparation period as building upon one another - first doubling down on skills and going through coaching support "not dissimilar to a bicycle, having training wheels, and then you reach a point where you no longer need the training wheels." In an FAA's third year, they may have ramped up to a point where they're seeing momentum with client acquisition efforts and targeted marketing.As far as the firm's measures of success, Tucker said that ultimately, "new assets are the lifeblood of our industry." "It's the most effective measure of how well any adviser, whether you're new or experienced, is executing on their business development strategy," he added. If FAAs show signs of struggling, the firm provides additional client acquisition coaching support, Tucker said, adding that he has a team of regional training officers in the field and in local markets. They're delivering virtual training, going to local offices for live training, and making themselves available for FAAs when they're having challenges."And that doesn't even include the local complex management teams that have boots on the ground daily with the financial adviser associates," for assisting them with challenges like figuring out how to win new business. At the same time, the firm is trying to better anticipate FAAs' challenges, involving a kind of blueprint approach that companies take with their franchisees -corporations provide newcomers guidance and a playbook to hit their marks and get on the right footing. That's where the new roadmaps come in, with one instance being guidelines on how to handle clients' goals-based planning process. "What steps should that adviser take? How should that financial adviser engage the prospect? Are they using a checklist? What are the questions that they ask? What follow up steps should they take at the end of that meeting? How should they reconnect and gain commitment for the next step?" he said.Morgan Stanley's program offers FAAs a base salary, incentive compensation, and a bonus opportunity; the firm declined to comment on its trainees' base salary. <h1>UBS</h1>UBS, the world's largest wealth management firm, two years ago implemented its new financial adviser training program: the wealth manager development program, which takes place over three years.It's doubled down on expanding global wealth management particularly as its investment bank's performance has struggled in recent years. The firm recently carried out an overhaul of its wealth business under co-heads Tom Naratil and <a href="https://markets.businessinsider.com/news/stocks/credit-suisse-hired-detectives-follow-top-banker-before-joining-rival-2019-9-1028544755">newly appointed</a> Iqbal Khan.When a new adviser trainee starts up in the program, UBS starts out by coordinating with existing adviser teams. Experienced financial advisers and their field leadership teams will gather with adviser development leaders and think about where teams could benefit from taking on new advisers."First and foremost, we need people who put the client first in everything they do," said Jane Eisland, the head of next generation advisor development. "Of course, they need to have a number of things; strong communication skills, interpersonal skill, analytical skills, and empathy."They receive virtual and live training, and are immediately placed with a team. The new training program's approach is more tailored to each person, Eisland said, and with a more team-centric approach.First, newcomers get licensed and go through two weeks of on-site training at different offices. They're given detailed client acquisition and social media training, and then go back out into the field and work for another four to five weeks with their team, all the while still engaged in virtual training with managers."One thing that's important about this is that every person is not going to be expected to do the same thing," she said. "You might have one team where they really want someone to go out and acquire clients; you may have another team where they want someone to develop current relationships, and you may have one more focused on investment management."After a second on-site training, advisers-in-training return to the field and begin production, when they can start prospecting and giving advice. Around two months later, they're brought into UBS offices for another round of on-site training, working more on communication skills and getting trained up on more complex offerings and products.Advisers-in-training are encouraged to earn other designations, like the certified financial planner designation. UBS has also taken other steps to bring in and train new talent. We previously reported that it was bringing back a junior position <a href="https://www.businessinsider.com/ubs-reinstating-wealth-planning-analysts-amid-industry-recruiting-woes-2019-12">known as the wealth planning analyst</a>."Client needs are increasingly complicated," Eisland said. "We're looking for people who help uncover needs of clients and help provide solutions."See also: <a href="https://www.businessinsider.com/rising-star-financial-advisers-morgan-stanley-merrill-lynch-wells-fargo-2020-1">Meet 6 up-and-coming financial advisers at Morgan Stanley, Wells Fargo, and Merrill Lynch who are managing big money and navigating a cutthroat industry</a>See also: <a href="https://www.businessinsider.com/ubs-reinstating-wealth-planning-analysts-amid-industry-recruiting-woes-2019-12">UBS is bringing back a junior analyst role in its wealth management arm as the industry grapples with recruiting fresh talent</a>See also: <a href="https://www.businessinsider.com/top-wealth-management-executives-predict-industry-future-in-survey-2019-11">AI will transform wealth management in the coming decade. These are the skills human advisers will need to stay relevant, according to 8 top wealth execs.</a> Get the latest Bank of America stock price<a href="http://markets.businessinsider.com/stock/BAC-Quote"> here.</a>

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