I remember it clearly, as though it was just yesterday, hearing my Financial Planner, Lise Allin, say to me, “We need people like you in financial services.” By people like me, she was referring to my unique background in psychology and social work. She went on to say that the communication skills I’d developed as a counsellor/social worker and my own personal enthusiasm about money and financial planning would be a great combination for someone entering this business, exactly twenty-five years ago.
It also helped that, in my words, I’d “gone above and beyond all of my greatest and wildest expectations,” especially given I was a poor kid from Havelock who’d adamantly and passionately pursued my Honours Degree in Psychology from Queen’s University and my Master’s Degree in Social Work from Carleton University.
I’d had the honor of initiating, editing, and writing chapters for a book that is now in its fourth print, a textbook used in Colleges and Universities titled: Alcohol and Drug Problems – A Practical Guide for Counsellors. Not only that, but I also count myself very fortunate to have traveled across Canada implementing Training of Trainers events, in addictions training along with spearheading an entire program at St. Lawrence College in addictions and creating a course at Queen’s University on the same topic.
One of the highlights of my previous career was working at what was called “The Sex and Marriage Clinic”, what an experience that was! People are always interested in that part of my life when I share it with them!
Making A Change At 41
I feel so fortunate I had the opportunities I did in my career to go “above and beyond my greatest and wildest expectations,” and at the ripe old age of 41, I was asking the question, “Now what?!”. I had no idea what I was getting myself in for when my Financial Planner, Lise, invited me to join her team and become one of them.
Now would be a good time to add that the majority of my friends were dismayed and quite concerned that this was going to be my career choice, given all the myths and misconceptions that were running rampant about the curse of capitalism and the scourge of money. As a feminist actively involved in inspiring, activating and facilitating social change due to systemic violence having our politics & values co-opted was a very real concern.
On the other hand, as a feminist, I’ve always been a staunch believer that “information is power.” I had to believe that access to the financial world could and would be a powerful force for good. That my work could involve being a catalyst for radical positive social change in addressing so many of our social problems, such as poverty, unequal opportunity, climate change, racism, sexism, homophobia and transphobia.
Beginning The Financial Journey
So, in September of 1998, I began my financial planning journey, starting by taking the courses to obtain both my insurance license and mutual fund license. During that time, my best friend’s Mother was dying, and I was one of the many caretakers who provided support in her home so she wouldn’t need to be hospitalized or go into a hospice. One of the first lessons I learned in making this career switch was that you can pace your pursuits of this journey as needed, along with how you want to go about creating and developing your financial services business.
Being the driver I am, I was keen to get started and get this transition of mine fully launched as quickly as possible. I was thirsting for knowledge and information and,at the same time, had no idea how very steep, as in Mount Everest steep, the learning curve would be. In addition, it took me ten years in this business to reach the level of income I had in my previous career.
Why, you might ask? Let me explain. What I discovered within financial services is this; you are either a salesperson or you’re a financial planner. Salespeople can make a lot of money, and for planners, it can take a little longer. It only made sense to me that I needed to gather the information needed in order to fully understand each person’s situation and come up with a plan. And coming up with a plan meant co-creating one with my clients, incorporating teaching moments (remember, information is power!) while exploring more of the underlying values and therefore drivers in each and every person’s life.
This included a full plan for debt paydown, often it was student debt from pursuing post-secondary education, purchasing a home, and saving for their (eventual) kid’s education. We laugh with many of our clients who recall being pregnant when we first met, and now their kids are in their 20’s! We also included planning for their retirement (some of whom are now actually there) along with addressing any gaps they may have with regard to their insurance needs – life, disability, etc.
It thrills me to no end thinking of these clients we’ve worked with, some for over 20 years, and sharing these stories about when we met and how far we’ve come.
Growth And Succession Planning
I remember in my first year in this business, I made $12,000. Fortunately, I kept one of my other jobs that paid me $32,000 for a day a week of work in employee assistance programs and conducting critical incident response debriefings. I doubled that income in financial services the following year to $24,000. As the typical Pollyanna that I can be, I thought, how about that, I’ve doubled my income in one year! I worked tirelessly for many years to create a successful business that I am very proud of.
Succession planning is key in this business. It has taken me years to find a suitable, and more specifically, the ideal person to carry on the business as I slow down my involvement to spend more time with my family, friends, and our horses. The introduction of Tara Tennant who is my ideal successor, has been a blessing for me, my clients, and our business.
Tara’s strategic guidance allows us to grow the business while I stay involved and focus on estate, legacy, and philanthropic planning, which is my passion. At the same time, I continue to be involved in introducing Tara to our clients while being present for the next stages of their lives, which is thrilling for me.
25 Years Of Change And Continuity
My business has been my major focus for the past twenty-five years. Through the ups and downs of the markets and the challenges our clients have faced in their lives, where we’ve provided endless guidance and support, I feel very proud to say how thoroughly I’ve enjoyed working in this field. At the same time, there are, of course, many issues and challenges that come with working in the financial services sector.
I wanted to share some of my thoughts/reflections on what has changed and remained the same throughout those twenty-five years. One irrevocable factor is the support I’ve received from exceptional colleagues and assistants who’ve joined our practice and supported me and now us in meeting the ongoing needs of our clients.
What has changed and what hasn’t changed for us in financial services?
Here are 5 things I want to highlight as I continue to move forward working with clients and our team for the NEXT 25 years!
#1. The incredible relationship with our clients that we’ve developed over the years.
What has remained the same and evolved are our clients’ lives.
I feel honored to have experienced so many of my relationships with our clients that began pre-marriage to their spouses, followed by pregnancies and the birth of their children who are now going to University and are in their late teens or early twenties.
We’ve helped guide many of our clients to purchase their first homes, followed by their next larger home to accommodate their growing families.
We’ve had the privilege of setting up education savings plans followed by these young children now going on to post-secondary education and graduating – with their parents now asking us to guide their adult children in saving for their first home and saving for their retirement.
It’s difficult to fully express how great these experiences make us feel. It’s incredibly rewarding and so very satisfying the appreciation we receive for the role we’ve played in their lives.
It truly is an honor and privilege to be a significant part of their lives.
#2. How we educate our clients in order for them to make informed decisions – empowerment at its best.
What has and hasn’t changed over these past 25 years is our approach to our clients, our guiding principles of empowerment, and the ability to make informed choices, given there are so many options and financial services can seem quite complex.
Guiding our clients through a process in which we assist them in comprehending their choices, assessing the pros and cons of various options, and concurrently engaging in conversations to gain a complete understanding of their situation, enables us to offer our advice when considering the necessary decisions.
Only after fully and truly understanding each client’s situation along with their strengths, are we able to step in and share our thoughts about the decisions that need to be made.
What has changed is the enhancement of the questions we ask and how we ask them as we’ve integrated Appreciative Inquiry (AI) and Appreciative Intelligence into our practice.
We’ve talked about how we’ve integrated Appreciative Inquiry in some of our blogs, and now we’re taking a closer look at how best to integrate Appreciative Intelligence which is described as “seeing the mighty oak in the acorn” – we’ll be sharing more with you about Appreciative Intelligence in a future blog and how it relates to the work we do on a daily basis.
Thus, in order to provide accessible, interesting, and practical information, we’ve needed to keep ourselves current in the fields of psychology, including cognitive behavioral change strategies and concepts.
#3. People’s spending habits and the tools we use to bring insights and strategies for future planning.
This is a combination of both what has and hasn’t changed. And the two are tied together when it comes to human nature and making changes to our behavior.
For many people, it’s difficult to change spending habits in order to fulfill longer-term goals. We all have a tendency to live for today and find it much more difficult to imagine ourselves in the future, given in some ways, it’s less tangible.
We need to at least think about and consider what our future could look like and, most especially, what we want it to look like so that we can bring that vision and dream back to the present day. This allows us to also know what amount of money is needed to be set aside now, in order to achieve those future goals.
It takes time and effort to figure out how best to make those changes in our spending habits and we’ve always been here to help with that. That hasn’t changed for the clients we work with.
What has changed is that we are constantly updating the tools we use with our clients that can help bring more insight into what your current spending is, how that spending is segmented, along with tools and strategies that will help with/for your future planning.
Even the language has changed from “budgeting” (which is not a great word because it tends to elicit feelings of deprivation, and that’s not helpful) to “spending priorities” that encompass both short and long-term goals.
Human nature hasn’t changed, but the tools we use to address our tendencies to live for today rather than planning for the future has. These tools have been enhanced based on research results that point us in the direction of how best to support our clients in making those changes and sustaining them.
#4. What hasn’t changed – people taking financial advice from friends or colleagues.
Sadly we’ve heard it far too many times: ”My friend told me to do this…”
Never ever take financial advice from a friend or colleague when it comes to your financial future. If you do, then be doubly sure it’s good advice pertaining to your situation and how you approach money.
We met with a new client whose friend told her it didn’t matter if she sold an investment and then donated the money to a charity vs. donating that investment “in kind” to the charity. This advice cost her an extra $25,000 in income taxes!
That wouldn’t have happened had she consulted with a knowledgeable Financial Planner. Such a shame she took her friend’s advice without question.
Also, be wary of reading newspaper articles that tell you what to do for your own financial future.
There are many journalists who do a fantastic job of reporting on different topics within financial services, like helping you understand how the new First Home Savings Plan works and how different financial products function.
However, until they know and understand your own particular situation it needs to be acknowledged that how these products work is one thing, how they can be applied to your situation is quite another.
When I read some of the “advice” in the business section of the newspaper, I fume and say in frustration, “You’re not responsible for a client’s future, meeting their retirement goals, education planning goals etc.… and guess what?! I am!!!”
Once we start working with a client as their financial planner, we are accountable for all of the plans and recommendations we put in place in order to meet their future needs. Journalists aren’t. Need I say more?
#5 What hasn’t changed – how much I and my team love what we do!
It’s incredibly special when we hear those magic words from our clients, “Thank you so much, you have indeed made our dreams a reality.”
Just recently, as we were sharing an important aspect of one of the services we provide, a client said, “Just one more reason why we love working with you and your team. You’re all amazing!”
This is music to our ears and makes every day I’ve spent in this business over the past 25 years worthwhile and incredibly rewarding.
Looking To The Future
In reflecting on the incredible journey of the past 25 years, I can’t help but feel a profound sense of gratitude. As I look back, I’m reminded of the unwavering support I received from my Financial Planner, Lise Allin, who saw potential in me long before I did. It was her encouragement that propelled me into this field, and I haven’t looked back since. The path I chose, although unconventional, has allowed me to blend my diverse skills and experiences into a unique approach to financial planning.
Throughout these years, I’ve had the privilege of working with extraordinary individuals, creating lasting bonds with clients who entrusted me with their financial dreams and aspirations. I’ve witnessed families grow, dreams come to fruition, and goals achieved beyond imagination. These stories of success and progress have been the driving force behind my dedication to this profession.
However, I want to assure you all that this isn’t a farewell. While succession planning is a critical aspect of any business, I am committed to remaining an active and integral part of our financial planning journey.
As I embark on our 26th year, I look forward to sharing with you the next stages of your lives, celebrating your milestones, and offering my unwavering support. Our journey together is far from over, and I look forward to sharing many more stories of growth and prosperity with each of you.
I want to express my deepest gratitude for entrusting us with your financial future. The past 25 years have been an incredible ride, and as a team we are excited to see what the future holds. Thank you for being a part of this remarkable journey, and here’s to the next 25 years of financial success, growth, and prosperity together.
Thank YOU for making these past years absolutely amazing!!
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