CAREER
1986–1993          Nesbitt Thomson, Fixed Income
1993–2008          CIBC World Markets, Fixed Income Sales & Leadership
2009–2013          MSL Advisory, Founder & President

CFA SOCIETY
1989                    CFA Charter
1992–1993          CFA Society Toronto, President
1989–1994          CFA Society Toronto, Board of Directors

New CFA Society Toronto CEO Sue Lemon has almost 28 years experience in capital and electronic markets, portfolio management, and capital markets leadership, including her own advisory firm. We sat down with her to get her view on the issues facing the industry today and why she believes the Society’s education programs are the best deal in town.

Can you speak to the biggest evolutions in the financial industry since you were president of the Society back in 1992?

The industry has gone through several trials and tribulations, and hopefully we have learned from them. One of the more striking elements is today’s speed of transaction and the efficiencies that have come along with it, which require fewer people in transactional roles. Interestingly, the regulatory environment and risk management practices now go hand-in-hand with new business opportunities, whereas in the past they might have followed or been an afterthought.

At this point, our industry is in good shape, along with most of corporate Canada. Hopefully, we have enough seasoned individuals with past cycle experience in leadership roles to steer us through the next event—because there ultimately will be one.

How can we as industry professionals and CFA charterholders address the concerns over the “ill-wills” of the industry, including a widening wealth gap?

Education and dialogue are keys. Practitioners will continue to have tough conversations with their clients and will need to be able to demonstrate the value added to the client’s investment objectives and performance expectations.

Simplification, streamlining, and transparency of investment products will also help, as the public needs to better understand the tools that are readily available and their associated costs. CFA Institute’s investor-first focus will also help in this process.

As a long-standing practitioner, where do you think the industry in general has made the most progress, and where do you think it still has work to do?

Over the years, the industry has drastically lowered transaction costs for both institutional and individual investors while enhancing product offerings. However, the offset has been rising costs and margin compression for institutions in the delivery of these enhanced products, due to regulatory and compliance requirements. Going forward, consolidation and a continued focus on generating efficiencies will remain a theme

We need to win back the respect of individual investors and have the tough conversations on planning for the future. This could include providing resources for aging parents, which is becoming a creeping financial threat to the boomer generation’s nest eggs. Public and private workplace pension plans will no longer be sufficient. People will have to be prepared to save more and spend less sooner so that they can be ready for unforeseen expenses, given some of these variables.

Prior to joining the Society as our CEO, you were running your own advisory firm. Can you speak to the key success factors in starting an enterprise?

Transitioning from a large firm over a long career can sometimes be difficult. The key is to focus on your skill set and the business and social network you have built up over the years. I was extremely fortunate to have opportunities because of business relationships developed prior to starting my own business. For some, there are serious barriers to entry such as regulatory and reputational issues, particularly in the fund management sector, where it can take five to 10 years to really get the traction you want.

This issue of The Analyst has a focus on women and leadership, so it is fitting that our new CEO has been a successful leader for many years. Can you speak to the challenges that women still face in our industry and what it might take to alleviate these issues?

I would tell all our female (and male) members to embrace your ambition and competitiveness in setting your career goals. Acquire as many mentors as you can, not only within but also outside the industry as well. Be curious and invest in yourself! Take strategic communication courses whenever you can, read the global financial newspapers and topical books that will ultimately differentiate you from your peers. In the end, you have to have your own opinions in your area of expertise to be valued and get a shot at a leadership role.

Given this backdrop, can you speak to some of your priorities for our Society’s younger members?

Having taught a master of finance course at Queen’s, one of my priorities for our younger members is to make sure we offer some of the best programming available so they can develop deeper product knowledge in their chosen areas of expertise. This is a tough industry, and our members need to be focused on enhancing their marketing and communication skill sets in order to achieve personal development growth. I have already used the phrase “best deal in town” with respect to our programming events, but it is up to our members to take responsibility for their own development. We’ll provide the tools (develop podcasts, for example, as it is hard to leave work for an afternoon). All they need is the ambition to succeed.