Shawn Filion, senior wealth management advisor at Desjardins Securities Inc.Stéphane Bourgeois/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 clients. Season 4 of the Behind the Advice podcast is now available. You can find episodes from all four seasons here.
Shawn Filion, senior wealth management advisor at Desjardins Securities Inc. in Cornwall, Ont., talks about wanting to be an accountant like his mom when he was growing up, the benefits of continuing education and why Sherlock Holmes would make a good advisor.
Describe your upbringing and early money experiences.
I grew up in a family of four in Cornwall, Ont. My father worked for Brewers Retail and my mother was a bookkeeper. My parents would sometimes take on second jobs to earn extra money to help support my younger sister and me. My mom also took accounting classes at night. I remember, as a kid, helping her study for exams, reading her questions about accounting terms such as assets and liabilities. That’s when I was first exposed to different money concepts.
I also had several part-time jobs growing up, everything from babysitting and mowing lawns to working the coat check at a local banquet hall. At 16, I got a job at a gas station. At 17, I did a co-op program at the Desjardins Credit Union, which earned me some high school credits. I was later hired on as a teller at the credit union, while still working at the gas station.
I worked both jobs from my late teens to my early 20s. As I started making money, my parents recommended that I open a savings account at a local financial institution. I remember going in regularly with my dad to do our individual banking transactions. I invested in my first guaranteed investment certificate at age 15 and my first mutual fund at the age of 18.
What did you want to be growing up and how did you get into financial services?
Like many kids, I wanted to be a pro hockey player. Then, for a while, I wanted to be a dentist. From my teens, I wanted to be an accountant after watching my mom’s career and even had a chartered accountant recruitment poster on my bedroom wall. Looking back, I realize how nerdy that sounds, but it was an inspiration at the time. I realized I enjoyed accounting, economics, investments and the psychology of money. I worked toward being a financial advisor so I could help clients structure their finances.
What’s the hardest piece of money advice for you to follow?
Avoiding lifestyle inflation as our income grows can sometimes be challenging. As we move through different stages of life, it’s natural for spending to increase. For example, now that our children are in their teenage years, they tend to want nicer things and are interested in activities such as sports or music, which come with additional costs. These evolving needs and expectations can make it harder to keep lifestyle spending in check, even with the best intentions.
What’s the single most important move you made to build your business?
Continuous learning and earning certifications and accreditations. I’ve never stopped taking courses, including obtaining my certified financial planner designation, an MBA and other investment credentials. It can be challenging to do while also working full-time, but I think it’s worth it to build your career and skills.
What’s a significant change you see coming for the financial services industry in the coming years and how can advisors be prepared for it?
People are becoming more financially autonomous. Many clients are doing their own research and investing online. It means they’re coming to advisors with more information and they’re better prepared. They need an advisor who can piece it all together and help prioritize the information based on their own needs. Advisors should embrace this autonomy and use it to help provide clients with more personalized advice.
What advice do you have for someone who wants to enter your business?
It ties back to my own experience of continuous learning; this career involves many courses, designations and professional development. Take as many courses as you can early in your career. Also, take the ones most relevant to your career path. There are so many career options within finance.
Which famous person or fictional character would make a great financial advisor and why?
Detective Sherlock Holmes. He asks precise, probing questions and pays close attention to details others miss. An advisor’s job is to ask good questions. From the very first meeting with clients, it’s about discovery. The more we know about our clients, the better we can help them get what they want from their wealth.
This interview has been edited and condensed.