Treena Nault, a certified financial planner and owner of Nault Group Private Wealth Management at IG Wealth Management Inc. in Winnipeg.Create Marketing/Supplied
In the Behind the Advice series, Globe Advisor asks advisors about their relationship with money from a young age, lessons learned over the years and how their experiences influence the advice they give to clients. We also produce a Behind the Advice podcast – find all the episodes here.
Treena Nault, certified financial planner and owner of Nault Group Private Wealth Management with IG Wealth Management Inc. in Winnipeg, talks about her old-fashioned upbringing and how she landed a job at a financial services firm – the same one she’s worked at for 30 years.
Describe your upbringing.
I was born and raised in Steinbach, Man., a small town outside of Winnipeg. I’m the youngest of five kids, including a brother and three sisters. My dad worked at the local Datsun dealership and eventually became the general manager. After that, he ran other small businesses, including a gas station, and worked part-time after his ‘retirement’ until he was 80. My mom stayed at home to raise us kids. She had some part-time jobs later in life, when we were older, at local retail stores and volunteering at the local church.
What was your experience with money as a kid?
I didn’t have an allowance growing up. Sometimes I would get a bit of money from my parents and grandparents at Christmas and on my birthday. If I wanted to buy something, like clothes or CDs, I couldn’t ask my parents for money. I realized I’d have to start making my own money.
My first job was in my teens at the local denim clothing store. It was fun, but I spent every dollar I made in that store. As I got older, I knew I wanted to be more independent and eventually move out of my parents’ house, so I got a second job at another clothing store and started saving. I then got a full-time job as a receptionist at a local manufacturing company.
What did you want to be growing up, and how did you get into financial services?
I had an old-fashioned upbringing. I wasn’t expected to go to post-secondary school or be anything other than a wife and mother. I knew I wanted to get married and have a family, but I didn’t have any specific career aspirations. My first full-time job after high school was as a teller at Steinbach Credit Union. I then got married and moved to Winnipeg.
In 1992, I got a job in the client services department at IG Wealth Management and have worked there ever since. I took several courses and worked my way up through the organization. Then, in 2004, after promoting a new product IG Wealth Management had just launched at a conference, a top advisor at the company suggested I would make a great advisor. It was something I had thought about. I told him I would do it if he’d mentor me – which he did.
What’s the biggest money mistake you’ve made and what did you learn from it?
In my early years as a self-employed advisor, I didn’t plan for the taxes I would owe on my income. It’s tough to admit, given what I do for a living, but I really got myself in a hole, and it was hard to dig out of it. But it’s because I made that mistake that I’m so passionate about teaching people about money and taxes.
What’s the hardest piece of money for you to follow?
I have a hard time spending money that I’ve budgeted. We were in Maui earlier this year and, while I knew what the resort would cost, I felt sick to my stomach when I saw the bill. I could afford it and had budgeted for it, but sometimes, in my head, I’m still that broke kid.
What decision around money and investing made the greatest impact on your life?
Investing what I can, consistently. I recently started investing from scratch after paying out a divorce settlement. I’m super proud of how much I have now versus then – more than I could’ve imagined. I also delegate my investments to our portfolio managers. I believe in managed money for the majority of retirement savings.
What do you worry about when it comes to money, both personally and in the industry?
I worry about outliving my money. I have this conversation with clients, too. It’s a huge balancing act – living for today and saving for tomorrow. I also worry about the next generation inheriting so much money over the next 10-plus years and how they will manage it. We need to educate them about making that money last, especially as they’re likely to live even longer.
What advice do you have for someone who wants to enter your business?
Do it for the right reasons. Do it because you want to help people make their money last, give it to their children and to charity. There’s so much good in what we do. It’s a profitable business to be in, but it has to be service first.
This interview has been edited and condensed.