Business

Life as a Professional Multi-Asset Trader & Portfolio Manager: Meet Elliot Hewitt

Published

5 years ago

October 20, 2020

The profession of trader is often portrayed in Hollywood with references that go from the Wolf of Wall Street to The Big Short or even Wall Street. But what is it really like to live as a professional trader in 2020? We’ve asked Multi-Asset Trader and Portfolio Manager Elliot Hewitt.

Elliot Hewitt is a full-time trader based in London, living between Monaco, London and Panama that gathered experience in the institutional side of Finance (Investment funds in London) and on the retail side. His career as a pro trader started from a passion for Finance at a very early age and he reached his first major success at the genesis of Brexit where he profited big from short selling the British Pound which crashed more than 12% in a single day. In this recent interview, we look into the life of this professional trader, the myths, the ups and the downs.

Do you enjoy being a trader and do you find it fulfilling?

“I could honestly not wish for a better job. This is what I wanted to do as a kid, and it is how my life turned out to be. I could talk about financial markets for hours if you let me. The way I see my job as trader is similar to that of a pirate but with more financial data and mathematics: You see I basically spend my days looking for clues and hints into where trading opportunities could be, like a treasure hunt. Once I have gathered all the information and have made my research I can go ahead and take that risk to earn that potential reward. Now, the downside that I recognise being a trader is you need to be comfortable with loneliness. Trading is a very solitary practice; you may feel disconnected from your entourage, but you need to stay strong because stability of mind is key to success in this field” explains Elliot. “Now in order to break the loneliness of my job I have actually created a community of profitable traders that have gone through my rigorous training and with whom I exchange on a daily basis on a virtual trading floor. This has made my career as a trader so much more fulfilling knowing that I have impacted many lives through my programs and through my social media @youngtraderwealth. Reading testimonials from student traders is something I am very proud of.”

Is being a trader stressful and could you lose everything you have?

“Emotions and psychology are a key part of trading that you need to master. In fact, the emotional side is more important than the technical knowledge of trading. The reason why so many traders lose usually comes down to psychology and an incapability of managing one’s emotions. This can of course lead to stress especially when you start mixing other emotions such as managing OPM (other people’s money) or getting into a losing streak that affects your mind. However, the image most people have of traders is that it is a very risky job where you could essentially lose everything you have in a single day and then jump off the highest building in New York. Well sorry to break the myth but that’s not how things work. A major part of being a trader is managing risk. My job is really about finding opportunities that offer positive risk to rewards. So, for me to lose everything I have I would need to ignore all my risk management knowledge and essentially break all my established rules to go all in on a single trade. Professional traders generally don’t do this. This is a mistake beginner make and at that stage you most likely don’t have much to lose. This is why starting to trade financial markets with no real training is so dangerous.”

Do you have a lot of free time and/or take many vacations?

“When it comes to free time, I must say there is a huge difference between working in a financial institution and trading for yourself. Trading for a financial institution such as a fund is very time consuming; you need to be at the office to prepare for the London session open so generally that means 7am at your desk and you end the day between 6pm-9pm depending on the day knowing that you will always have a colleague that stays longer than you do. You see when you work for an institution, there will always be something to do as you are literally getting paid for your time there so the company will try to squeeze as much juice out of you” explains Elliot. “However, working as an independent retail trader is another story. You get to be your own boss which has so many perks but in exchange you need to be self-motivated and self-disciplined to succeed. As of right now, I trade independently and thus can take some time off whenever I wish depending on my earnings of course. My career allows me a level of freedom that is hard to grasp and understand for the majority. I can essentially move residency whenever I want, I can go to Bali and continue working from my hotel, I can arrange my week to only work 2 days, I can make last minute plans in the middle of the week and I can spend my week ends however I want as financial markets aren’t even opened. This is the reason why I am able to live in between residencies in Monaco, London and Panama City and avoid any winter months haha.”

How much money do you make and in your opinion is Hollywood’s caricature of traders accurate?

“My earnings will vary depending on the month’s profit but is on average nicely positive every month. Consistency is key as a trader and I would usually only have one losing month in the year and maybe two mega months where the real cash is made. In terms of how much money I make every month, I prefer to stay discrete, but I can say that I don’t have to worry much about my finances and am able to satisfy my desires and impulses. Now caricatures made by Hollywood movies are exactly that, caricatures. So, the wild parties, the eccentric hobbies and the drug addiction issues are simply some vices and excess people with money can get into, but I don’t think it is specific to traders. Excess is a rich person’s weakness. Just turns out traders generally do make quite a bit of money.

Instagram: @youngtarderwealth

Twitter: @youngtraderwlth

Website: www.youngtraderwealth.com

Business

Why Multi-Province Payroll Compliance Is the Hidden Challenge Canadian SMBs Face and How Folks Solves It

Published

6 hours ago

November 6, 2025

Matthew Wiles

Photo courtesy of: Folks

Byline: Shem Albert

Running payroll in Canada can feel like crossing a country stitched from many different fabrics. Each province weaves its own pattern of tax rules, leave policies, and benefit requirements, creating a landscape where a single misstep can ripple through every paycheck. For small and mid-sized businesses, the challenge often remains hidden until growth pushes hiring beyond provincial borders or brings remote workers into the fold. What seems like a routine back-office task quickly becomes a test of accuracy, timing, and local knowledge. This is the gap that Folks set out to close, offering a way for employers to navigate Canada’s regulatory patchwork without slowing their momentum.

Provincial Rules Add Complexity

Canada’s payroll environment varies sharply by province. Federal rules set the foundation, but provincial tax rates, deductions, statutory leave entitlements, and benefit premiums add layers of complexity that employers must monitor carefully. Small and mid-sized businesses with staff across provinces or remote employees face different tax tables, reporting deadlines, and leave calculations that directly affect pay accuracy and remittance schedules.

Folks built its payroll module to address these differences. The platform calculates the correct provincial tax rates and deductions for each employee, applying updates automatically so employers avoid misapplied withholdings or late filings. Multi-location tax management allows a company with workers in Ontario, Quebec, or several other provinces to process payroll without creating separate accounts for each jurisdiction. Bilingual functionality in English and French and secure Canadian data hosting support compliance while keeping employee records accessible across language and regional boundaries.

Unified Records Improve Accuracy

Payroll errors often stem from mismatched employee data. Changes in pay rates, banking details, or benefits eligibility may not align between HR and finance systems, creating incorrect deductions or delayed payments. Smaller teams juggling separate platforms spend valuable hours reconciling information instead of focusing on strategic work.

Folks resolves these issues by combining HR and payroll in one platform. Updates to wages, hours, or tax information entered on the HR side flow directly into payroll without re-entry. This single, verified record strengthens the accuracy of every payroll run and ensures employees receive the correct pay and deductions. By removing the need for repetitive administrative work, HR staff can redirect their time to tasks that support growth and employee engagement.

Automation Keeps Provinces in Step

Each province sets its own requirements for holiday pay, pay frequency, and statutory benefits, making manual calculations both time-consuming and error-prone. Businesses that expand or hire remote employees must keep pace with shifting provincial regulations or risk penalties and audit issues.

Folks address these demands with automation designed for Canada’s regulatory landscape. Pay statements, deduction calculations, and custom pay schedules follow the applicable provincial rules without extra configuration. The system’s automated updates mean that a company hiring staff in British Columbia or Quebec can meet local payroll standards without adding new layers of setup or monitoring. Employers gain the ability to expand into new regions while maintaining accurate, on-time pay.

Reporting Strengthens Compliance

Changing tax rates and reporting requirements require ongoing attention from HR and finance teams. Companies that rely on disconnected systems risk missing a provincial update or submitting incorrect remittances, which can lead to fines and interest charges.

Folks provides detailed reporting tools that compile payroll, deductions, and benefits information across all locations. Employers can generate clear remittance and deduction summaries, simplifying the process of meeting provincial filing requirements. For organizations that want additional guidance, Folks also offers a payroll management service that brings in-house specialists to assist with configuration, compliance, and regular updates. These reporting features help companies stay audit-ready and avoid costly compliance gaps.

Scalable Payroll for Expanding Businesses

Many small businesses begin in a single province, where local tax and payroll demands can be learned over time. Growth into new provinces or the decision to hire remote staff adds a level of complexity that manual processes cannot handle efficiently. Errors multiply, compliance risks rise, and payroll teams spend more time correcting mistakes than supporting expansion plans.

Folks provides payroll that scales with company growth. Provincial tax logic, automated deductions, bilingual support, and secure Canadian data storage are built directly into the platform. By maintaining an accurate employee record and applying province-specific rules automatically, the system allows Canadian SMBs to expand with fewer administrative surprises and more predictable payroll operations. Companies gain the stability of compliant payroll across provinces while controlling the time and costs that typically accompany multi-jurisdiction growth.