New Canadians emerge as affluent but demanding market

New Canadians emerge as affluent but demanding market

New Canadians emerge as affluent but demanding market

and “entrepreneur class” immigrants, the latter two being those who show specific intention to invest or start enterprises. That means that new and recent Canadians are wealthier, and are often elite and demanding clients.

“Because of larger immigration more people are arriving and a great proportion of them are professionals who have a knowledge of the stock markets already from [places like] India,” says Dhiri. “They are a growing market, but also there are those who have been here for a number of years, who have been building wealth and growing their businesses. They are a group who very much value financial services.”

Networking is important. Dhiri is an active member of the South Asian Business Association and attends Punjab Cultural University alumni meetings which twice a year in the Vancouver area. He also is active in providing seminars and in business and community groups. “All these activities help me in growing my business and also help me provide vital services to the community and letting them know what is available.”

Networking can also help you identify specific demands and needs of each cultural community, areas which may require specialization and tailored advice.

Dalakoti, who lived for 18 years in China and speaks Mandarin (in addition to English, Hindi, Russian, Urdu and basic French) notes that the Chinese immigrants of recent years are quite different than those of the 1990s.

“The Hong Kong guys were from a different era and they have done well too. Their kids have gone to schools and universities here, they have businesses and they are well established,” she says. “It’s predominantly mainland Chinese now. The new Chinese who are coming, in my experience, come in with a lot of money and they are finding a way to place it and live here.”

Often the main breadwinner will remain running a business in China, while the spouse and children settle in Canada. “One of their interests is in getting money into Canada legally,” says Dalakoti. “They buy large properties here and they want the Canadian passport as a form of security. But their wealth and their ability to generate income is still in China.”

“These people are going to need people like us to guide them,” says Dalakoti. “There are so many legal ways of doing things in Canada. Many of these people may not know then, but they don’t want to figure things them out themselves. My advice [to them] is always: ‘find and advisor, or find an accountant who is dealing with things like this and let the professionals handle it or at least advise you.’”

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