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(November 24, 2008) Clients who are expecting a decent raise in the new year may be disappointed, as employers scale back on their planned salary increases for 2009, according to a survey by Mercer.

About half of the 175 companies that were polled said they were cutting back. In the second quarter, the national average planned increase in wages for 2009 was 3.8%. That has now fallen to 3%.

Of course, there are pockets of the economy in which workers may fare a little better. Only 16% of public sector employers said they planned to scale back salary increases.

While cost containment may be important, Mercer warns employers that salaries are the key to maintaining a stable talent pool and the intellectual capital needed to excel when the economy picks up again.

For some workers, just keeping their jobs may be tricky. The survey found that nearly 23% of respondents plan to reduce their workforce, while almost 51% are contemplating staff cuts. Hiring may screech to a halt, as 30% plan to allow attrition to erode their staff costs, while another 36% are considering the same strategy.

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Fund honours slain CFA student

(November 24, 2008) The family of a Toronto man killed in June has learned that he had passed the Chartered Financial Analyst (CFA) exam. Oliver Martin had overcome dyslexia to become part of the select few who manage to pass the exam.

“He was able to counter and manage his dyslexia and grow up to earn a B.Comm., be a magazine publisher, work in the investment industry, and was on his way to becoming a Chartered Financial Analyst,” said Alan Dudeck, Martin’s stepfather. “There are currently few and insufficient remedial public school programs in place to help children with dyslexia make the same leap,” says Dudeck.

In honour of Martin’s accomplishments, his family has established the Oliver Martin Memorial Trust Fund, which will fund remedial and resource programs in the Toronto public school system to assist students identified as dyslexic.

“We hope that the corporate and non-profit sectors will participate in this endeavour,” said Dudeck. “We have much work ahead of us — all of which will serve to remember and honour Oliver, as well as serving to build on school resources in our city for children with learning disabilities.”

The high-profile double homicide of Martin and his childhood friend Dylan Ellis has not been solved, but police believe it was a case of mistaken identity. Martin had been working at Russell Investments Canada, and the firm has contributed $20,000 to the fund.

“It is important that Oliver’s example of determination and perseverance continues in helping the lives of children with learning disabilities,” says Irshaad Ahmad, president and managing director of Russell Investments Canada. “I’m not surprised that he passed his difficult CFA exam. He was a bright young man, with an extremely bright future.”

Contributions to the Oliver Martin Memorial Trust Fund can be made at any TD CanadaTrust branch. The fund’s account number is 1967-5003122.

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Consumer confidence falls

(November 24, 2008) Canadian consumer confidence fell again in November, declining 2.9 points to a reading of 71, according to the Conference Board of Canada. The benchmark “100” reading would reflect the sentiment of 2002.

“Consumer sentiment has fallen to depths previously reached only in 1982 and 1990, which were both periods of recession in Canada,” said Paul Darby, deputy chief economist for the Conference Board. “The ongoing troubles in equity markets undoubtedly had a negative effect on consumers’ view of their family financial situations and future job prospects in their communities.”

Despite this low level of confidence, 25.9% of consumers still said it is a good time to make a major purchase. Darby says this slight increase from October could indicate that confidence may soon start to climb again.

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OSFI names new executive member

(November 24, 2008) The Superintendent of Financial Institutions, Julie Dickson, has announced the appointment of Gary Walker as assistant superintendent, corporate services sector.

Prior to the appointment, Walker was OSFI’s senior director, human resources and administration. He joins the executive team, which consists of Dickson, Ted Price, assistant superintendent, supervision sector, and Robert Hanna, assistant superintendent, regulation sector.

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Mackenzie launches Symmetry One

(November 24, 2008) Mackenzie Financial has announced the launch of a new line of portfolio products, named Symmetry One. The simplified product is an extension of the existing Symmetry Portfolio Service.

“Symmetry One encompasses all the elements of portfolio management — portfolio design, construction, rebalancing, monitoring and reporting, all wrapped into a single, easy-to-manage account,” says David Feather, president of Mackenzie Financial Services Inc.

There are five Symmetry One mandates, ranging from the Conservative Portfolio (35% equity and 65% fixed income) to the Symmetry Equity Class (100% equity).

The portfolios are available for registered accounts as well as non-registered accounts. For taxable accounts, investors may select a tax-efficient monthly income stream based on return of capital. Investors can choose between two annualized distribution rates: 6% and 8%.

Mackenzie also announced that the Symmetry Managed Return Class will be renamed Symmetry Fixed Income Class, effective November 24, 2008.