Throughout her successful career, Lori Claxton had to push herself to be better and smarter because of the gender stereotypes that pervade the industry. And even though things are much better than they once were, some clients still gravitate toward her business partner for no other reason than he is a man.
Despite those snubs, Claxton cannot help but to remain optimistic. It’s just her nature.
Claxton broke into the business in 1993. She spent nine years honing her skills as a financial advisor in Windsor, Ontario, before moving to Alberta. Her base of operations is now with Sun Life Financial in Edmonton and Fort McMurray.
“I have seen things change. I think people are starting to accept the fact that women can really multitask, they can do a lot of things and do them well,” she said. “Do I think the situation is getting better? Yes, I do. Actually, being a woman might even turn out to be an advantage because a lot of people are starting to realize that many women take care of the finances in their families and their businesses.”
For Claxton, it is a privilege to help her clients protect their assets and carry them through a point of crisis. A crisis for some might mean acquiring their first mortgage. For others, it might be losing their job or even worse, a close family member. She doesn’t see other advisors in the industry or the big banks as her competition. It is those points of crisis that test her skills time and time again as an advisor.
“We have millions of people in Canada, and I have to worry about how many of them got diagnosed with cancer today. Does anybody else do that in their jobs? I have to,” Claxton says. “What matters is, what happens when one of the wheels falls off? Does the planning sustain the crisis? We have to remember what we are here for. We are here for both good and bad stuff. Our planning or lack thereof will show up at both of those times. The plan has to survive and sustain in both circumstances.”
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Another struggle Claxton has is guiding her clients through the information overload they encounter every day. From what they read on the Internet and in print publications to what they see and hear on television and radio, she finds her clients end up with more nagging questions than concrete answers to their problems. She frequently tries to clear away the clutter and correct the misinformation that has been received. To her, it is like any trip she makes to her family doctor to address a seasonal cold or flu. She just wants to put things in perspective so her clients have the most pertinent information at their disposal to help them make the best decisions they can. It is best to keep things simple and concise.
And that’s how she strives to keep it. “I ask four or five very simple questions: If you knew you were going to get cancer in the next six months, what would you like things to look like? If your husband didn’t come home tomorrow night, what do you need in your household? What would you like retirement to look like? If you or someone you love would need care, how would you provide for that? I can help you plan toward that. Just simple questions, about what they need?”
To be able to lead clients through all the confusion takes some work to keep on top of the shifts in the industry and breaking news but to Claxton, it’s an important part of her job.
“We don’t live in a bubble. It’s our responsibility to understand what’s new and what’s available. You have to stay up-to-date with product knowledge. Watch the news, every now and then,” is her advice.
Being prepared and informed isn’t enough for Claxton though. “In order to be a proficient advisor and an asset to the industry as a whole, you really have to care about your clients and not see them as just notations in a ledger.
“Are you taking care of other people’s money like you would your own? Can someone truly take your advice? Would you be giving yourself the same advice? Those are the kinds of questions advisors should always be asking themselves,” she says.