Ambrose RecoskieSupplied
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.
Ambrose Recoskie, investment advisor with Line Seven Capital at iA Private Wealth Inc. in Barrie, Ont., talks about growing up being raised by a single mother, his dream of being a comedian and how he got into financial services:
Describe your upbringing.
I grew up in Barry’s Bay and Cobden, Ont., the second oldest of four kids. My parents owned Pizza Hut and KFC restaurants. My first job was washing dishes across all three of their restaurants. I was fired twice in one week for sneaking French fries. I learned quickly about workplace rules, even in a family business. My parents split up when I was in my pre-teens. My father was physically abusive, so my mom decided to take us kids and move away to raise us on her own. Her first job was selling hydro door-to-door. She later found success selling Mary Kay cosmetics.
I remember once, on ‘Take Our Kids to Work Day,’ my mother took me with her selling hydro door to door. I remember saying to her, ‘Mom, I would never go door to door. It’s so degrading.’ Then, when I started working in financial services years later, I went door to door to find clients. She likes to remind me of what I said to her when I was a kid. Watching her when I was growing up is probably what gave me the confidence to do it myself. Going door to door is very humbling. You learn how to handle rejection and keep going.
How did your upbringing influence your money habits?
Watching my mom juggle work, commissions, and four kids on her own gave me a deep respect for financial resilience. Income was never guaranteed, and there were many lean months. We didn’t have structured money talks, but I watched how she prioritized needs over wants, saved where she could and made every dollar count. It made me cautious. I learned to value consistency, prepare for the unexpected, and approach money with a sense of responsibility rather than fear.
Describe your first money lesson.
One of my earliest money lessons came from a mistake, not mine, but one that affected my brothers and sisters. When I was a teenager, my mom put our family’s RESP savings into an investment with a seven-year deferred sales charge schedule. I was 14 at the time, so we needed the money in four years. When the time came to withdraw it for school, the penalties were significant. I remember how frustrated and embarrassed my mom was. That moment stuck with me. It was one of the reasons I eventually chose this career. I wanted to be the kind of advisor who could help people avoid situations like that.
What did you want to be when you grew up, and how did you get into financial services?
I wanted to be a comedian. Ace Ventura and Dumb and Dumber were my favourite movies growing up, and I used to do Jim Carrey impressions. I performed amateur stand-up nights around Toronto at venues such as Spirits, Eaton House and Yuk Yuks. Making people laugh, there’s no better feeling.
After high school, where I didn’t have the best grades, I joined the Canadian Armed Forces as an AVS technician. During my time, I saw many of my friends heading off to university and realized I wanted that experience too. I upgraded my English and math, and got into Ryerson University (now Toronto Metropolitan University) to study finance.
I still write ‘bits,’ but I don’t perform because of the cultural shift in the comedic space in which people can take clips out of context, and they can go viral. I made a conscious decision to put my career and my family first. I still enjoy making people laugh and try to bring a sense of humour into client conversations today. Finance is serious, but people often appreciate a lighter tone about their savings and goals.
What is the biggest money mistake you’ve made, and what did you learn from it?
Paying for university with a credit card. It wasn’t the smartest move, but at the time, it was the only option I had because I didn’t qualify for student loans or family help. It taught me how quickly debt can pile up and how incredibly hard it is to dig out when the interest is working against you. It also gave me an appreciation for building plans that account for the real-life scenarios that people face.
What’s the hardest piece of money advice for you to follow?
Being patient. I advise clients to think long-term and to stick to the plan, but like most people, I find it hard to sit still during periods of uncertainty or volatility. The impulse to act can be strong. But I’ve learned to pause, reflect and trust the process.
What are you best at when it comes to your own finances?
I’m good at removing emotion from financial decisions. I can separate how I feel from what the data says. That helps me stay grounded during market swings and keeps my focus on long-term goals instead of short-term noise.
What do you worry about when it comes to money, both personally and in the industry?
In the industry, I worry about how easily people can be misled by complex products or poor advice. There are still parts of the financial world that lack transparency. Many families pay high fees or take on risks they don’t fully understand. We need to do better. Personally, I worry about managing my time. In this profession, it’s easy to put clients first and let your own planning slide. I try to be mindful of that.
What advice do you have for someone who wants to enter your business?
This job isn’t about being the smartest person in the room. It’s about building trust with clients and doing what you say you’re going to do. If you want to succeed, listen carefully. Follow up. Be consistent. Clients don’t care how much you know until they know they can rely on you. It takes time to build a practice. You’ll hear ‘no’ a lot. Don’t let it discourage you.
This interview has been edited and condensed.