An Unconventional Practice with an Unconventional Start

An inflection point

What makes my story unconventional is the starting point. I spent almost two decades in the family business – a high traffic restaurant in the heart of downtown Montreal. Combined with my curiosity for people and their stories, this created an environment where I would listen and learn from many individuals of various walks of life. Conversations with our “regulars” were a particular highlight. There was one customer in particular, responsible for the inflection point leading me to the world of finance. Operating a successful trading firm, he often commented that I possessed many of the attributes that form a strong basis for a career as a trader.

My parents who believed strongly in hard work ethic, taught me the value of a dollar earned. Unlike most typical teenagers spending their income on material things, I focused on learning how to manage money, taking an interest in growing it, passively. I started buying stocks at 16 and owned the first of several rental properties by the time I was 20. Naturally, the concept of saving and investing was deeply ingrained at a very young age.

Flash-forward several years to an unfortunate circumstance that changed everything: a call in the middle of the night, informing us that our restaurant caught fire. The damage was extensive, leaving our family with no business to operate while waiting for it to be re-built. I believe that everything happens for a reason – the owner of that trading firm happened to reach out and offered me an opportunity; something I would not have considered a year prior.

I passed the requisite courses to work on the trading floor, around the clock, in international markets. It was an exciting entry into the world of finance; being placed in an environment where I could soak up market knowledge, and see the impact of investor emotion and political climates. It, however, wasn’t a sustainable lifestyle for a newly-married husband and father. At this time, our family financial advisor suggested I consider a career in personal finance, given my affinity for investing and saving. Like a lightbulb going off, it seemed the clear choice to leverage and integrate my experience as a business owner, my knowledge accumulated as a trader, and my interest as an investor.

Learning to swim

Entering the industry as a young Advisor in 2015, it seemed you could come into an existing book of business or inherit clients at a bank, or buy assets from a retiring peer at a wealth management firm. I chose to attach myself to an independent firm. However, that route also meant starting my new career with zero assets under management. Looking back, I question whether I would have done things differently, because it’s certainly a more challenging path. For me, the independent structure was like being thrown into the ocean without a life jacket and no other choice than to learn how to swim… fast.

I became very intentional about my industry education, making a conscious effort to surround myself with bright people who showed me what I needed to do, to succeed – those who had practices I could emulate, or an approach I admired. I sought out opportunities to network, looking for other professionals who complemented my own service ethic and shared like-minded values. I was a sponge for knowledge and experience from peers, and from people in adjacent industries, where together, we could add value to the client base I was looking to grow.

When I first started, I was encouraged to make cold calls to prospect, but this method just didn’t feel like the right fit for my talents, nor was it a strategy I could get excited about. So, I turned to my network. While I couldn’t tout years of experience, I traded on the reputation I’d built as a sounding board to friends from school, restaurant customers, and anyone I’d “bumped” into where I invested time to cultivate those relationships over time. What started as informal prospecting soon emerged as a viable strategy resulting in organic growth – primarily consisting of referral-based leads. I became more mindful of what fed me – the ability to carve out a space for myself and earn the role of trusted counsel to clients. Given my propensity for entrepreneurship, being an advisor has also afforded me the opportunity to live vicariously through the eyes of my business-owner clients, and play an integral role in helping them grow their wealth.

In a world where everything is seemingly for sale – products, services, online teaching, etc. – I’ve always been a proponent of FREE education! The truth is, I felt my parents’ hard-earned money could have been better managed; their financial choices more efficiently guided. This is why I want to level the playing field for anyone who works hard for their money. Advocating for financial literacy is the best way to accomplish that and has become a differentiator in building my practice. I want to put my clients in the driver’s seat. With my guidance they can ultimately make sound decisions on their own.

What gets measured gets done

Regardless of how good I am at my job, I can’t control the markets, but I can add value by guiding entrepreneurs in how they spend and save their money. I focus on helping them build those disciplines and invest passively – growing what they aren’t re-investing in their own businesses, so they can focus on what they do best.

I recognize that educating my clients on the quality of their investment holdings and integrating the financial professionals that support them is the most meaningful impact I can have on their financial situation and their businesses. I focus on executing on the financial plans we put in place to address the tax and legal implications of their retirement and estate planning objectives. Helping my clients, goes beyond the selection of stocks and bonds – it integrates the successful transfer of intergenerational wealth, so no one’s hard-earned money goes to waste. Rather than be distracted by market ups and downs, I teach them to focus on the things that are controllable.

One of the characteristics that drew me to Mandeville Private Client Inc, which is co-branded as Zagari+Simpson, is their approach to the discipline of financial planning. Our teams rigorously engage our clients to go through the exercise of building a financial plan.

Without putting a formal plan in place and setting milestones, it is a more difficult task evaluating the success of a path taken. What gets measured gets done, right?

My advice: be open and malleable

I'm now in the process of integrating a highly experienced partner who complements my approach. While I naturally gravitate toward a macro view of our business, she’s able to focus on the details from a micro perspective. We each have our respective strengths, but work on every file together, rigorously testing our clients’ plans from various angles so they benefit from solutions derived through our collaborative skillsets and experience. I’m excited to scale up the business with a professional who covers my blind spots and increases our ability to connect with a wider range of clients.

As someone who has only been in the business for six years, I’ve learned one thing that has consistently resulted in success: be open and malleable. I’m open to what may initially seem unconventional but adaptable enough to integrate creative solutions.

While the industry – and our role as Advisors – may be in need of a little disruption, I’m not here to change that world; I’m here to make an impact on people who share my vision. That may be the secret to client retention – empower like-minded individuals with education, give them the ability to leave anytime they want, and deliver as much value as possible outside of investment returns.

For ideas to grow your practice, or information about how BMO ETF Portfolios can benefit your clients, contact your BMO Global Asset Management Regional Sales Representative today.