Will Rainey, a former UK pensions actuary turned Head of Sales Operations for AsiaPAC at WTW, discusses his career journey through investment strategy in Hong Kong and Thailand. He emphasizes the importance of financial literacy for children, sharing insights from his best-selling book, 'Grandpa’s Fortune Fables.' Will also talks about the contrasting worlds of pensions and investment consulting, the value of adaptability, and his experiences relocating with his family. His passion for developing positive money mindsets in young readers shines throughout the conversation.
Will Rainey transitioned from a pensions actuary in the UK to an investment strategist in Hong Kong, emphasizing adaptability in career paths.
His international experiences in Hong Kong and Vietnam enriched his professional skills and provided vital life lessons for his family.
Rainey's advocacy for teaching children financial literacy through his book aims to cultivate early money management skills and habits.
Deep dives
Career Transition from Pensions to Investments
The guest shares the journey of transitioning from a pensions actuary to an investment actuary, highlighting the motivations behind this career shift. Initially working in pensions in the UK, he recognized an opportunity in investment consulting that aligned with his interests and skills. The role involved performing stochastic analysis and understanding asset-liability dynamics, which was both a challenge and an opportunity for growth. This move opened up new avenues, allowing him to leverage his actuarial background in a different capacity within the financial landscape.
Importance of Education and Early Career Choices
The discussion emphasizes the significance of selecting the right educational path and gaining exemptions from actuarial exams early in one’s career. Starting with a strong foundation in actuarial science provided the guest with a competitive advantage, as he faced less pressure during the exam period. By allowing for a balanced approach to work and study, he could focus on gaining practical experience, which further benefited his career progression. This strategy ultimately enabled him to handle more complex responsibilities as he advanced in his profession.
International Experience and Cultural Adaptation
The guest describes his adventurous move to Hong Kong and later to Vietnam, which significantly enriched his professional and personal life. Living in these countries exposed him to diverse cultures and challenged him to adapt to various business environments and client expectations. He enjoyed the entrepreneurial spirit of smaller offices and developed vital client relationship skills that were essential for success in sales. This international experience not only enhanced his career but also provided invaluable life experiences for his family.
Focus on Problem Solving in the Actuarial Profession
The conversation addresses the evolving role of actuaries and the increasing importance of problem-solving skills over mere technical expertise. As technology advances, actuaries will need to leverage their analytical abilities to identify and address real-world client challenges. The guest pointed out that professional success will rely more on creativity and strategic thinking than solely on performing complex calculations. This shift calls for a more holistic understanding of clients’ needs and adaptable strategies in the actuarial field.
Passion for Teaching Children About Money
The guest expresses a strong commitment to educating children about personal finance, inspired by his own experiences as a father. After taking a break from corporate life, he wrote a children's book designed to impart essential financial lessons through engaging stories. The goal is to instill good financial habits from an early age, breaking the cycle of poor money management often passed down through generations. This endeavor, along with developing educational programs for schools, aims to help children—and their parents—gain a deeper understanding of money management.
Will shares his unique journey from being a Pensions Actuary in the UK to becoming Head of Investment Strategy in Hong Kong, Head of Sales Operations in Thailand, as well as being an advocate for teaching children about money.
We explore everything from how Will discovered the actuarial profession, transitioning from pensions to investment consulting, relocating with his family from London to Hong Kong, taking some time out of the corporate world and becoming a financial wellbeing advocate & author!
We of course discuss his fantastic best-selling book “Grandpa’s Fortune Fables.” It’s a fantastic way to help children to develop a healthy relationship with money from an early stage, and there is plenty in there for grown-ups too. I’m a couple of chapters in with my 6 year old!
I hope you enjoy the conversation! (And apologies for the audio quality, it dips from around 20mins onwards but is well-worth sticking with :) )
Actuarial People is sponsored by my recruitment company Turner Perkins. I specialise in helping pensions actuarial professionals across all experience levels with their career moves. Please visit https://turnerperkins.com or email james.turner@turnerperkins.com to arrange a confidential conversation!