Shannon Tatlock, a financial planner at Sun Life Financial, was a teacher before moving to financial services. 'I always tell people I’m a teacher by background, but now I’m an educator in finance,' she says.Supplied
In the Behind the Advice series, Globe Advisor asks advisors about their relationship with money from a young age, the lessons they’ve learned over the years, and how those experiences shape the advice they give clients. Behind the Advice is also a podcast: Season Five is now available and you can find all the episodes here.
Shannon Tatlock, a financial planner at Sun Life Financial Investment Services (Canada) Inc. in Moncton, talks about her brief teaching career, a regrettable house purchase and why advisors are becoming more like psychologists.
Describe your upbringing.
I was born and raised in Moncton and have lived here ever since. My parents had me when they were pretty young; my mom was 19 and my dad was 22.
My dad worked in trucking but then started as a commission-only salesman just three months after I was born. I jokingly tell him that I’m the reason his career is a success because he had to make it work to support the family.
My parents are still together today, 43 years later, and my dad is still in the industry, 42 years later. We’ve worked together at Sun Life for 15 years. I also have a younger brother, who’s a building manager.
Did you always want to be in financial services?
No. Growing up, I wanted to be a lawyer because I loved arguing. In Grade 12, I did a co-op placement in a law office and hated every minute of it. I realized it was mostly paperwork and nothing like the Law and Order episodes I watched on TV.
I didn’t know what I wanted to do, so I decided to go to teachers’ college. I worked as a teacher for about 18 months. Although I enjoyed teaching, I didn’t really like living by the education schedule.
After a few long conversations with my dad, I decided to take a leave of absence from teaching to work with him and never looked back. I always tell people I’m a teacher by background, but now I’m an educator in finance.
What is the biggest money mistake you’ve made and what did you learn from it?
I cashed in my RRSP in 2008, using the Home Buyers’ Plan, to buy a house. I then sold the house in 2011, so I lost money when I cashed out my RRSP and when I sold the house. I was young (in my early 20s) and impulsive and just wanted a house. I should have been more patient, weighed the pros and cons of homeownership, and done it when I was ready.
What’s the best piece of advice you’ve received in your career?
If you wouldn’t suggest this to your family member, why are you recommending it to a client? I firmly believe doing the best thing for the client may not always benefit me financially, but it will always come back to me. There is no wrong way to do the right thing.
What advice do you wish had been shared with you early in your career?
Not every rejection is a reflection of your work or skill. Sometimes, the client is just not a fit, and that’s okay. I wish I had recognized who my people were earlier, so that I could focus my attention there.
What’s the single most important move you made to build your business?
Admitting when I didn’t know something and then learning it. I have my certified financial planner, chartered life underwriter, chartered financial divorce specialist and responsible investment specialist designations. I keep looking for the next opportunity to learn. You can’t build the business if you don’t invest in yourself.
What advice do you have for someone who wants to enter your business?
The average financial advisor in Canada is in their early to mid-50s. Find an advisor who is looking for a junior and work with them. Get to know the business and see if that’s what you want to do. Figure out your niche, who your ideal client is and refine your craft.
Which famous person or fictional character would make a great financial advisor and why?
Harrison Ford’s character, Dr. Paul Rhoades, a senior therapist in the TV show Shrinking. In one episode, he gave his patients a mindfulness exercise to handle an issue. When a patient called him in a panic, he reminded them of those tools and they figured out the problem themselves.
It reminds me of what we do as advisors: educate clients about markets and their investments and when something bad happens, such as a market downturn, we give them a refresher and remind them about their financial plan. As advisors, I believe we’ll need to play more of that psychologist-type role.
This interview has been edited and condensed.