Shiraz Ahmed, founder and chief executive officer of Sartorial Wealth Inc. in Toronto, learned early in his career that complexity in financial products isn't always a benefit. "To me, the best investment strategies are often the simplest," he says.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.
Shiraz Ahmed, founder and chief executive officer of Sartorial Wealth Inc. in Toronto, talks about growing up in Winnipeg in a South Asian immigrant family and studying to be a doctor before changing his career path and winding up in financial services:
Describe your upbringing.
I was born and raised in Winnipeg, the youngest of three sons in a South Asian immigrant family. My father was an aerospace engineer and my mother was a special needs school teacher at my elementary school. They arrived in Canada in the late 1960s with limited resources but a strong focus on education and opportunities.
We lived in a modest home in a good neighbourhood, which was a deliberate choice my parents made to give us kids access to good public schools, even if it meant making sacrifices elsewhere.
How did your childhood experiences influence your money habits?
I used to joke that my dad was like the dad from the TV show The Wonder Years: always tired, always serious. I see it differently as an adult. He was carrying the weight of a mortgage at 18-per-cent interest, raising three kids in a new country and making sure we had every basic need covered. That stress taught me how heavy money can feel and why managing it wisely matters.
I was taught not to assume financial security is guaranteed, which made me resourceful. The unspoken rule in our house was simple: if you wanted something beyond the basics, you had to earn it, so I started working part-time jobs at the age of 12. I had a paper route, worked at the school cafeteria, flipped burgers at Burger King and joined the army cadets for a stipend.
What did you want to be growing up, and how did you get into financial services?
As a kid, I dreamed of being a professional basketball player until reality set in. Like many children of immigrants, I was encouraged to pursue a career in medicine and studied science at university. My dad had major heart surgery while I was preparing for my high school final exams and I remember being very impressed by the cardiologist and the standard of care, and really thought it was the right path for me.
However, as time passed, I realized I didn’t want it as much. I became increasingly drawn to business, particularly the communication and problem-solving. After a couple of years studying science at the University of Manitoba, I moved to Toronto to study commerce at Ryerson (now Toronto Metropolitan University). While studying, I took a part-time job cold-calling clients for a financial advisor. That experience, including grinding through more than a hundred calls a day, taught me the fundamentals of the business from the ground up. The job opened the door to what’s now a 20-plus-year career. It wasn’t the path I planned, but looking back, it was the right one.
What’s the biggest money mistake you’ve made, and what did you learn from it?
Early in my career, I invested in structured products that looked promising on paper. In practice, they proved to be overly complicated and didn’t perform well. I learned that complexity doesn’t equal effectiveness. To me, the best investment strategies are often the simplest. You don’t have to always chase big wins; you just need to avoid big mistakes. That’s the approach I take with my own money and with my clients.
What’s the hardest piece of money advice for you to follow?
Patience. Earlier in my career, I wanted everything to happen quickly: more clients, more growth, more success. But I learned there are no shortcuts. The saying, ‘It takes 10 years to become an overnight success,’ feels very true for me.
What do you worry about when it comes to money, both personally and in the industry?
Professionally, I think a lot about how artificial intelligence and automation will reshape the financial advice industry. I’ve spent years integrating technology and quantitative tools into my work to stay ahead of that shift, but the pace of change is significant, and no one can afford to ignore it.
I worry about the cost of living, from housing to education, and the long-term implications. I also think about what the future of work will look like for my kids. Will traditional career paths still exist? My goal is to create sufficient financial flexibility to support them in a rapidly changing world.
What advice do you have for someone who wants to enter your business?
This is an incredible business – once you build it. Getting there is tough. The majority of new advisors don’t make it past the first few years. You need resilience, structure and a willingness to work harder than most people would. If you stick with it, you can build something that truly reflects your values.
This interview has been edited and condensed.