Sandra Mews of Canada and winner of PlanPlus Global Financial Planning Awards 2013 talks to Cafemutual about her journey and what it takes to make it big in the advisory space.
What inspired you to take up the financial advisory profession?
I was inspired to join this industry when I won a financial "stock market competition" in university when attending business school. I thought the investment industry would be an interesting and challenging career. That was in 1987.
Tell us about your business model and what kind of services do you provide?
Our business model consists of comprehensive financial planning, estate planning, investment implementation and insurance brokerage for life insurance disability and group benefits.
One of the major problems in India is that clients don't pay for financial advice. How can advisors convince people to pay fee?
As in India, in Canada very few members of the public are aware or willing to pay for financial planning yet. We strive to be transparent and give clients the option of paying fee or having us receive commission from the implementation of insurance or investment solutions.
You have helped women clients after they went through a divorce. How do you handle such emotionally and legally complex cases?
Yes over the years, I have dealt with quite a few women & men that have had emotionally charged or legally complex situations. I find that the best way to cope is to constantly keep learning how to deal with people in difficult situations, be sensitive to their feelings and only go as fast with the process as the client can emotionally handle. Also, I try to be open and available to existing legal counsel if he/she wishes to talk with me.
Referrals remains one of the main sources of client generation for individual financial advisors. How can advisors increase their likelihood of getting referred? Is there a structured way of asking for referrals?
Unsolicited referrals is the foundation of our business model. They have to be earned and this takes time. But it is worth it and is also the most effective way monetarily to excel. Clients are told they are appreciated but are never forced to provide. "We like to help those they care about, if we can."
Please share one of the most memorable moments in your financial planning journey…
One memorable moment was planning for a recently separated lady who was lost both emotionally and financially. At the age of 56, she had overspent without understanding the consequences, and was now about to lose her home.
She was not prepared for the fall out, and also unexpectedly acquired custody of her grandchild at the same time. She was not even emotionally capable of retaining her current job. But over a four year period, we were able to get her back on her feet, buy a modest home and she is working full time in a job she enjoys.
What are the qualities of a good financial advisor? What is required to succeed in the financial advisory profession?
I imagine many get asked the question about a good financial planner – and they differ. I believe that caring is number one. Couple that with great listening skills, excellent ethics and you have a wonderful mix. Notwithstanding, the advisor should be constantly expanding one's knowledge within the industry.
What would be your advice to budding financial advisors?
Budding financial advisors, I urge you to tap into existing senior advisors in the industry and learn from them. Also, take course - even pay for mentoring if necessary to speed up your knowledge. Learn from their mistakes.
What are your future plans?
Future plans will include speaking engagements to the public and to the industry. I will continue to do what I love to do - meeting with clients and helping them towards their goals.