Sean Joseph, wealth advisor at CIBC Private Wealth in Oakville, Ont., says advisors should focus on the families they’re working for. ‘I often think about my own parents and how I would want a wealth advisor to treat them.’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’ve also launched a Behind the Advice podcast – find all the episodes here.
Sean Joseph, wealth advisor at CIBC Private Wealth in Oakville, Ont., talks about growing up in an immigrant family, his early experience with charity, and why he worries about the impact of aging demographics on the investment industry.
Describe your upbringing.
My parents immigrated to Canada from Sri Lanka in the late 1980s while my mom was pregnant with me. They worked very hard to support me, my older sister, my younger brother, my paternal grandmother and my father’s younger brother.
My father worked any job he could get after arriving in Canada, including as a security guard and factory worker, before becoming a bookkeeper, which was related to his background in accounting in Sri Lanka. He eventually became a comptroller. He has since retired and now works part-time as a self-employed consultant.
How did this upbringing influence how you think about money?
My parents did a great job of shielding us from financial difficulties when we were younger, although I had a sense growing up that money was a concern. I remember when my parents found out my mother was pregnant with my younger brother. They were balancing past-due bills and dealing with medical issues for my grandmother. There was a real concern about how we could afford another addition to the family.
Looking back, I’m much more aware of the challenges they faced supporting us. It drilled the importance of having savings to fall back on. Life can be unpredictable and expensive, although money can’t solve all problems, it can help navigate life events.
Describe your first money lesson and what you learned from it.
For my sixth birthday, I got a Ninja Turtle wallet, flush with $5 and $10 bills, and some nickels and quarters in the side pocket. I remember being in church when the collection plate came around, and instead of giving one of the bills, I put in a few quarters.
My older sister, who was also like a parent to me, observed my very modest donation and was quick to tell my parents. It led to a conversation about giving back and the importance of understanding that the blessings we have are not shared by everyone. My parents led by example when it came to giving back, and it’s a lesson I want to instill in my son when he gets older.
What did you want to be when you grew up, and how did you get into financial services?
As a child, I wanted to be an astronaut or basketball player. As I got older, I wanted to follow in my father’s footsteps in accounting and finance. I graduated from university with a degree in finance during the 2008 global financial crisis, which made it difficult to break into the industry. My first job out of university was as a bank teller. I thought it would be a stepping stone to an analyst or research role. As a bank teller, I had the opportunity to interact with a wide range of people and build relationships. I quickly realized I liked dealing with people and seeing the impact of my work firsthand.
As I was being promoted to advisor and senior advisor roles with retail banking, I completed my chartered financial analyst (CFA) designation. I found a lot of value in applying the institutional concepts from the CFA to the clients I was working with. I was fortunate in that, eventually, wealth management recruited me, which kick-started my career as a wealth advisor.
What decision around money and investing made the greatest impact on your life?
It’s not groundbreaking, but saving consistently. When you save, you are helping your future self. I think it’s possible to live in the moment and enjoy life while also setting aside money for the future. A small decision early in life to save birthday money, set aside summer savings, and save a portion of each paycheque automatically comes back around in powerful ways. The early savings enabled my wife and me to pay for our wedding, our first home, and to start our family.
What’s the hardest piece of money advice/wisdom for you to follow?
I hear people say that when financial markets are volatile, not to look at your portfolio; forget about it, and it will recover. I disagree. I think these are the best times to evaluate your portfolio with your advisor. Ask questions about your holdings, uncover opportunities, and identify risks. More importantly, evaluate with your advisor if your portfolio matches your circumstances. As much as markets can change, people’s lives can change just as much, if not more.
In your work, what do you worry about when it comes to money?
Aging demographics. The baby boomers are getting older, and we’re facing important questions on how we care for them, both in our families and as a country. I’m experiencing this with my own parents, and it comes up frequently in client meetings. Not enough people have a plan for that, and what happens to their assets when they pass away. I have been in these situations with clients, and they can be very time-consuming and emotionally taxing for loved ones.
What advice do you have for someone who wants to enter your business?
Focus on the people and families we’re working for. It’s easy to get distracted by other things this industry has to offer. Also, always remember someone has placed trust in you and the advice we provide makes a real impact. I often think about my own parents and how I would want a wealth advisor to treat them.
This interview has been edited and condensed.