As a financial advisor with RBC, I am able to take a holistic approach with clients. I work on both sides of the balance sheet, assisting with investment and savings needs and credit/debit management. This enables me to better understand all the complexities of a client's financial picture. My goal is to help set up a road map unique to each client to [help them] meet both long- and short-term goals. I manage a $100 million book of business and about 350 clients.
How has the value of advice changed today versus five years ago?
Clients are looking for more convenient channels of advice, and RBC has responded to that by offering online, telephone and in-branch advisors. Advice no longer revolves around a specific product or solution, but is all- encompassing. I want to know what is truly important to my client so I can offer specific advice.
How are clients changing?
Clients are requesting a lot more information than in the past. They also prefer to work with one individual to manage their investment needs, not maintain multiple advisors. [It's] more of a ‘one-stop shop' approach driven by the relationship. They are also looking for simpler solutions they can understand. We spend a lot more time on the client discovery part [of the discussion] than we ever did.
How do you communicate the value of advice?
We don't provide a cookie cutter approach, but do our best to listen to their needs and wants and work with them to create a specialized plan. We [often] become a life coach, [or] relationship coach. I have had clients in tears in my office, there've been meltdowns, etc. You just have to wear a lot of hats. Our priority is to provide the right advice.
What sets you apart from peers?
I do a lot of listening. I communicate in ways that clients can understand and often find that the simpler the strategies, the better. I provide ongoing communication with my clients and am very proactive in reaching out to them. Most importantly, I offer customized advice that is unique and tailored specifically to the client.
How do you celebrate advice?
My success comes from my ability to help my clients meet their goals. There is nothing more rewarding than assisting a client purchase their dream home, helping clients through various life stages, helping them save for that once-in-a-life-time trip, or reach retirement with [the appropriate] income.
What aspects of financial advice needs to change?
A lot of the advice out there is not necessarily accurate. There is a lack of accountability, but that is changing. Clients are becoming more educated and interested in their financial well-being, so they are asking better questions. My frustrations come from meeting with clients who are jaded and have had lots of bad experiences with investment advisors. Even though I start from the basics with each client, sometimes there's a little bit more hand-holding involved with these clients to convince them that I am different and our relationship is ongoing. Clients, on the other hand, need to be more trusting. We are not bad guys. We are there to help them.
Are you involved in the community?
I am actively involved with RBC's Ride for Life, hosted by the Juvenile Diabetes Research Foundation. I ride in that every year and raise funds. I also take part in art and music community activities in my neighbourhood. My biggest charity, however, is the one I do for an orphanage in Ghana in Africa. I do a lot of fundraising for them. It is also a great way to get my clients involved, too.