Travis Koivula of Aviso Wealth in Victoria, says other advisors should invest in industry training and outwork everyone else in the office to get ahead.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 here.
Travis Koivula, senior wealth advisor at Island Savings Wealth Management and portfolio manager with Aviso Wealth in Victoria, talks about his money anxiety growing up, his short-lived period as a landlord and why he thinks Ted Lasso would make a great advisor.
Describe your upbringing and how it shaped your money values.
I was born and raised in Kamloops, B.C. My dad fixed air compressors and my mom was a teller at the local bank.
My dad had quite a hard upbringing, which I think gave me some money anxiety growing up. He was one of four kids raised by a single mom and money was very tight. It shaped his view on money. He often worried it would run out or there would never be enough.
Growing up, we had two deep freezers full of food and shelves of canned fruits and vegetables. I realized later that my dad grew up hungry and having all that food was how he ensured it would never happen again.
Describe your first money lesson.
I mowed the neighbour’s lawn and was excited to go to the corner store to buy some O-Pee-Chee hockey cards. My parents said I could only spend half the money and the rest would go into long-term savings. It was frustrating at the time. What I didn’t know was that my mom was investing those funds for me into Canada Savings Bonds.
When I started university, I had a sizeable amount of money to cover unexpected costs. It taught me about the power of delayed gratification and the importance of being prudent with money.
What early life experience impacts how you work with clients?
As a teenager, I remember coming home from a basketball practice and finding out my dad had lost his job. My parents had savings and didn’t have a mortgage at the time. They modified their spending and made changes, but were ultimately fine.
I stress the importance of taking control of your future, especially if you’re approaching retirement age. If a company lays you off or if you have a health problem, you’re in a position where you can retire.
What did you want to be growing up and how did you get into financial services?
In elementary school, I thought I wanted to be an RCMP officer like my cousin. While studying engineering at the University of Victoria, I read Peter Lynch’s One Up on Wall Street and Roger Lowenstein’s Buffett: The Making of an American Capitalist, and I knew that’s what I was called to do. I switched fields and started working in finance.
My first job involved knocking on people’s doors to see if they were happy with their advisors and if I could help them with their investments. I wasn’t good at it, and after a couple of years of limited success, I realized that helping people make better financial decisions through investing and planning at Island Savings was my ideal fit.
What is the biggest money mistake you’ve made and what did you learn from it?
In 2020, when interest rates were at an all-time low, I decided to buy a rental building. It was the worst decision of my life. My wife and I spent an enormous amount of time doing repairs, renovations and tenant management. We also had a lot of extra stress, and calls would come in at the worst times.
While I was able to sell it for a profit last year, had I invested that money in the markets instead, I would have made three times as much, had zero stress and paid less in taxes.
What’s the single most important move you made to build your business?
Investing in myself. Each year, I spend a percentage of my income on industry training and courses. It has given me an edge that has compounded over time. It also gave me the confidence to write a book, called The Slow Cooker Investor, which is expected to be released later this year or early next year.
What’s the best piece of advice you’ve received in your career to date?
Never let a short-term decision ruin a long-term career. A reputation takes a lifetime to create and a moment to destroy. I’ve watched advisors chase a quick win – more money, more clients, fewer scruples – and it always catches up with them.
What advice do you have for someone who wants to do what you do?
Don’t do what I did: going door-to-door to find clients. It’s a hard road with a low probability of success. Be an assistant or associate to an established advisor; you get to experience working with clients.
Also, try to outwork everyone else in the office; take on new tasks and expand your learning. The harder you work, the more you will be rewarded in this industry.
Which famous person or fictional character would make a great advisor and why?
Ted Lasso, from the TV series of the same name, would be a great financial advisor in my opinion. He’s an inspirational leader who believes in putting people before numbers.
When speaking to his team, he asks unique questions that others aren’t thinking of, which helps discover hidden values and biases. Also, in a crisis, he keeps himself and others calm.
This interview has been edited and condensed.