“I don’t think this is typical of most financial advisors, but I knew as a teenager that this was my preferred career,” says Chris Tringham at Park Place Securities.Supplied
In the Behind the Advice series, Globe Advisor asks advisors about their relationship with money from a young age, the lessons they’ve learned over the years and how those experiences shape the advice they give clients. Behind the Advice is also a podcast: Season Five is now available and you can find all the episodes here.
Chris Tringham, portfolio manager with Park Place Securities at Aligned Capital Partners Inc. in Kingston, Ont., talks about growing up with parents who lived in different countries, the book he read as a teenager that inspired him to get into financial services and his advice for others trying to get into the industry.
Describe your upbringing and how it shaped your relationship with money.
My parents separated when I was 2 years old. My Canadian mother returned to Canada and my British father stayed in Britain, so I split my time between the two countries.
My parents also had different outlooks and approaches to money: my mom was a career counsellor while my father worked offshore. I remember one parent being more willing to buy me things I wanted, such as new basketball shoes, while the other set spending limits.
Was there an experience with money that impacts how you work with clients?
My dad was into investing, which I think inspired me to learn more about it from a young age. When I turned 18, I met with a financial advisor to review my registered education savings plan because I wanted to learn more about managing investments.
I remember the advisor pulled up Morningstar on their computer and said, ‘This fund has been doing well. Should we switch into that?’ It seemed logical at the time, but in hindsight it’s a very different approach from what most successful advisors do today.
Instead of chasing performance and focusing client meetings on investment products, I listen carefully to their goals.
What did you want to be when you grew up and how did you get into financial services?
I don’t think this is typical of most financial advisors, but I knew as a teenager that this was my preferred career. I was inspired by the book, The Motley Fool Investment Guide for Teens, which I received for my 13th birthday.
I loved talking with people about investing and retirement and I could never get enough of reading about what was happening in financial markets.
That said, when I started my career, I thought the holy grail was working for a big bank on Bay Street in a fancy skyscraper, staying there for 30 years, and then collecting a big, juicy pension. After a couple of years of working at a big bank on Bay Street, I realized that wasn’t the path for me.
I ended up taking a job at a smaller firm that fit my personality much better. About seven years ago, I got an offer to move back to Kingston to work with MD Financial. About a year ago, I took a position at Park Place Financial, which is another smaller, independent firm.
What’s the single most important move you made to build your business?
Earning difficult credentials when I was younger and had more time. It’s much harder to get your chartered financial analyst or certified financial planner [designations] after getting married and having kids. Of course, these credentials don’t automatically make you a good advisor, but they do accelerate your learning and how peers perceive you.
What’s the best piece of advice you’ve received in your career?
I’ve always enjoyed networking and someone once told me that everyone loves to talk about themselves, so the secret is to get them talking.
I remember this advice when I talk to existing and prospective clients: focus on getting them to talk and listen carefully.
I’ve been amazed by how powerful this technique is. I can spend 25 minutes with someone who has talked for 90 per cent of the time and, at the end of the conversation, they’ll say, ‘I really like you, I’m going to connect you with my friend.’
What advice do you have for someone who wants to enter your business?
Get in front of as many people as possible and have as many conversations as you can. It’s like going to the gym: if you want to build muscle, you have to do the reps. The same is true as an advisor.
Find a bank, credit union, call centre or existing team committed to putting you in front of as many people as you can handle at a young age.
The more people you meet and the more client conversations you have, the quicker you will become an advisor whose advice clients truly value.
Which famous person or fictional character would make a great financial advisor, and why?
I think late-night TV host and comedian Jon Stewart would be a great financial advisor. Whenever a significant news event makes people fearful, he always seems to have a clear view of the situation and how things are likely to play out.
He’s also good at interviewing people, connecting with them and putting them at ease. A big part of what we do as financial advisors is disseminating current affairs to clients and making them feel comfortable sharing how they feel.
This interview has been edited and condensed.