Here’s what you need to know today

• Gold prices hit a new record high of US$2,739.50 ($4,100.86) per troy ounce, as investors flee to safety amidst continuing tensions in the Middle East and Eastern Europe. Gold has risen 32% so far this year. (Capital Brief)
  
  

• The highly-ambitious $40 billion Sun Cable project has received approval from Singapore’s Energy Market Authority. The Mike Cannon-Brookes-backed project will generate solar energy in the Northern Territory and then transmit it via 800km overhead transmission lines to Darwin and 4,300km undersea cable to Singapore, with the ambition to provide 15% of Singapore’s energy needs. The Energy Market Authority this week determined the project was technically and commercially viable, an important step forward. (AFR)
  
  

• Qantas faces fines of up to $100 million after the Federal Court ruled the airline had illegally sacked 1,700 ground staff during the pandemic. The court heard 3 test cases and for each of them determined the worker was illegally sacked and awarded compensation ranging from $30,000 to $100,000, setting a precedent for the broader class of 1,700 sacked workers. (SMH)
  
  

• News Corp has sued AI startup Perplexity, accusing it of “massive illegal copying” of its journalism. This follows the New York Times last week sending Perplexity a ‘cease and desist’ notice telling the company to stop using its journalism. Separately, the New York Times is suing OpenAI for breaching its intellectual property rights when training AI models on NYT reporting. (FT)
  
  

• APRA, the Australian government regulator that overseas Superannuation amongst other things, has warned executives of Super funds on their spending on travel and entertainment. Super funds must act and spend in the best interest of their members, and APRA has warned Super funds it will be investigating spending it sees as questionable. (AFR)
  
  

• The Boeing strike may be coming to a close. The company has offered 33,000 striking workers a 35% pay rise over four years, bonuses and additional contributions to retirement plans. The workers will vote on the proposal on Wednesday, the same day that Boeing reports its Q3 results. (Reuters)

What the…?

It turns out even executives don’t like return-to-office mandates. Cheryl Ainoa, the Chief Technology Officer of Walmart-owned Sam’s Club, announced she would be leaving her position at the retail giant after it was announced remote workers would need to relocate to one of the company’s three main hubs.

Walmart announced the relocation mandate in May and layoffs for employees who hadn’t yet relocated began in early August. (Quartz)

Investing is a lifelong journey

Here’s what you can learn today.

Question from the Equity Mates community: Best advice you could give to someone who is looking to become a financial adviser?

We put this question to Glen Hare, financial adviser and co-founder of Fox & Hare.

I am biased, but I think being a financial adviser is an awesome job. We're in high demand, the pay can be great and, despite persistent failures in some sections of the industry, there are a lot of progressive companies with great benefits and working environments out there. So, my first piece of advice would be to get out there and do it! That being said, there are two suggestions I would make to help aspiring advisers get the most out of their new career: specialise and empathise. 

First up, find a niche. The financial world is massive, and trying to be a jack of all trades will very likely leave you as the master of none. Figure out what gets you fired up – maybe it's helping young families plan for the future, helping divorcees get back on their feet after a separation, or supporting small businesses to grow. Once you've found your tribe, focus on becoming the expert they turn to. The deeper your understanding of their needs, the better the advice you can give, the more in demand you will be. A huge benefit to our industry’s seeming inability to focus on anything other than ultra high net worth individuals and retirees means there are plenty of ‘untapped’ niches to go around. We did this at Fox & Hare, focusing on 20-45 year olds, and it’s paid off very well.  

 Next, remember that it's not all about the numbers. Of course, you will need to know your way around a financial analysis and be able to build effective investment strategies – this is a given. But your members (as we call them at Fox & Hare) are not just numbers on a spreadsheet. You’ll very quickly realise they're real people, with real dreams, real fears, and real opinions. Yes, they’ll be reaching out to you for help with their financial future, and that's a big deal but, and here’s the twist, sometimes they won’t listen, sometimes they won’t agree and sometimes they’ll act in ways that seem totally and completely irrational. So, brush up on those people skills!   

Learn about psychology, learn how to persuade, learn how to write and speak in a way that is clear to different types of people – do anything that will help you understand what makes your members tick and properly communicate what it is that you’re trying to say and why. The stronger the connection you build, the more they'll trust your guidance. 

It's about using your expertise to empower people and help them reach their goals. Find your niche, hone your skills, and remember it's not just about the money – it's about life. 

Want to speak to Glen or another of our hand-picked financial advisers? Fill out the form on our website and we’ll put you in touch.

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