Nobody Told Me

PRACTICE MANAGEMENT
“Nobody
Told Me…”
What makes this profession so rewarding,
what lessons can be learned along the
way, and what stories should be shared?
From one advisor to another, some words
of wisdom for the next generation of
your profession
Nobody Told Me …
that a successful
journey begins with
one step
Jaymie Bongard, Toronto, 32 years
in the business
“Nobody told me to put away one year’s
income, enjoy other peoples’ success, and
eliminate the words ‘I’m not a sales person’
from your vocabulary. Commit to your
work, be able to apologize, put your business in perspective, [and remember that] a
successful journey begins with one step.
Accept the fact that you can make excuses,
you can make money, but you can’t do
both. Be aware of what you’re not good at.
Use reflection, think BIG and know the
secret of silence.”
18 FORUM MAY 2014
Nobody Told Me … to use honest
and persistent persuasion
George Merchant, Sudbury, Ont., 52 years in the business
Nobody Told Me ….
that having a mentor
would make a difference
“One of my most memorable clients is a grumpy lawyer I met
four decades ago who made no secret of his aversion to insurance
agents. I often reflect on my relationship with this client because
it reminds me that my drive to help others must prevail over even
the toughest objections. To succeed in this business, you must
use friendly, honest and persistent persuasion. Furthermore, you
must develop an ability to sort out the people who care about
their family from those who could care less. I knew this lawyer
was a loving father, and that knowledge kept me coming back,
despite the rough reception.”
Michael Dick, Saskatoon, three years
in the business
“If I could give one piece of advice to a new
advisor just starting out, it would be to find a
mentor. Throughout your career many senior
advisors will approach you with various offers
and arrangements. Take the time to align yourself with someone who has similar values, personality and work ethic. [A mentor] needs to be
someone who will inspire you and encourage
you to be the best version of yourself. The relationship [I have with my mentor] has been
mutually beneficial: he has gained a resource
through which he can offer professional service
to a wider range of clients, and I have [had] a
great learning experience. I attribute a large part
of my success to my mentor. He has been my
role model, sounding board and teacher.”
Nobody Told Me … that asking difficult
questions was part of the job
Corry Collins, CLU, CH.F.C., CHS, Halifax, 27 years in the business
“As a new advisor, asking medical questions to strangers [who were applying
for insurance] was tough and sometimes embarrassing. Asking a woman her
weight was bad enough, but fishing for details of a recent Pap smear was a
whole other story. I have learned that health care is full of acronyms. You
might have an MI, or hurt your C6, or even get a CT or PET, and if so, the
medication would be taken BID or PRN.
“My experience with one particular ‘IUD’ really stands out. A client told
me her last consult with her GP was to have an IUD removed. Not knowing
what ‘IUD’ stood for, I assumed it was a body part. I knew the office would
want details on this ‘IUD’ condition, so I asked things like the doctor’s
name, and whether it hurt. Then I asked if this [condition] was a one time
thing, or if it might reoccur. Knowing that the heart is on the left and the
appendix is on the right I asked, ‘Was your IUD on the left or the right?’
Some lessons are indelible.
MAY 2014 FORUM 19
PRACTICE MANAGEMENT
Nobody Told Me …
to put other people’s dreams
ahead of my own
Jeremy Cooper, Medicine Hat, Alta., eight years in the business
“When I was first approached about becoming a financial advisor,
the hook line was, ‘Have you ever considered sales?’ My response
was, ‘You mean the highest-paid profession in the world? Of
course I’ve considered sales.’ And then I read Donald Trump and
Robert Kiyosaki’s book, Why We Want You to Be Rich. Early in the
book, they cast a dark judgment on most financial advisors by
adding a line to the proverb “If you give a man a fish, you feed him
for a day. If you teach a man to fish, you feed him for a lifetime.”
The line they added was: “But if you sell a man a fish, you get all of
his money.” Their contention was that advisors just plain sell fish.
“Well, nobody told me that if I was going to [succeed] in this
profession, I had to put other people’s dreams and goals ahead of
my own financial needs, I had to develop a real heart for my
clients, and I had to recognize that great advisors before me had
given sacrificially to their clients and their profession so that I
could operate with freedom.”
Nobody Told Me …
how transformative
our recommendations
could be
Bradley Gilroy, Sudbury, Ont., one year in
the business
“Even with my father working as a successful independent financial planner, I was not
well informed about the [challenges facing] today’s independent advisor. Nobody
told me about the compliance nightmare
that plagues the industry or about the
incredible amount of time I would have to
dedicate to marketing, presentations and
the pursuit of designations. Nobody told
me this would be the most competitive
I had ever been. [But most importantly],
nobody told me [this career] would be the
most rewarding experience of my life.
[I had no idea] how transformative our
recommendations to clients could be.
Nobody told me about the intangible component — the ability to profoundly impact
lives. And nobody told me I would make
it if I cared enough and worked hard
enough. I learned that this was a career in
which I could grow into the person
I aspired to become. Oh, and I also learned
to tie a tie properly (I had been doing it
wrong for years).”
20 FORUM MAY 2014
Nobody Told Me …
you can’t avoid talking
about death
Ed Tenorlas, CLU, Mississauga, Ont.,
46 years in the business
“Here’s a true story: a business owner was being
insured for $1,000,000 by his insurance agent.
The business owner argued that if he dies there’s
enough money for his wife and his only child.
He engaged his lawyer to write his will and last
testament, instructing his lawyer to provide in
his will that in the event of his death his estate be
divided into two parts: 50 per cent to his son and
50 per cent his wife. The man died two years after
the will was signed and in force. When mother
and son decided to officially split the estate
according to the will, the estate had to cut a
cheque for 1.2 million to the Canada Revenue
Agency before half of the estate could be transferred to the son. Many people don’t want to talk
about death, yet [death is inevitable]. Advisors
need to have these discussions with clients so
there are no surprises once an estate is settled.”
Nobody Told Me …
how rewarding this profession is
Ronald Chan, CLU, CHS, Toronto, six years in the business
“This past year I got a phone call from a friend who wanted to
share some [unfortunate] health news about his two-year-old son.
I reminded him of the critical illness policy that he’d taken out on
his son. We shared some tears knowing his family would be relieved
of some of the financial burden his son’s illness would bring, and
they could focus on recovery. Nobody told me how rewarding our
profession is. [It allows me] to be creative, solve difficult problems
for my clients, and effect change in a more meaningful way than
I could ever have imagined.”
Nobody Told Me … that my bottom line is helping people
Don Galinsky, CLU, CHS, Markham, 58 years in the business
“Nobody told me I would become more and more responsible for making sure my clients receive the service they are
entitled to, and the financial institutions would become less and less responsible. Nobody told me that the financial
industry would make their products and contracts more complex and difficult for the layman to understand. For 58 years
I have provided my clients with what they want at a price they can afford, offering simple explanations for what the
financial institutions make so complex because my bottom line is helping people. This is why my agency prospers and
my clients have stayed with me for many years, and why they consistently refer me to their friends and family.”
MAY 2014 FORUM 21