Terry Wright, portfolio manager with LT Wealth Management Partners at Raymond James Ltd. in Vancouver, says the biggest investment mistakes often come from impatience.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.
Terry Wright, portfolio manager with LT Wealth Management Partners at Raymond James Ltd. in Vancouver, talks about his frugal upbringing, his shift from a career in woodworking to financial services, and his biggest money mistake:
Describe your upbringing.
I was born in Virden, a small town in Manitoba, to working-class parents. When I was 10, my parents relocated our family, including me and my three siblings, to Prince Rupert, B.C., where they saw more opportunities for work as entrepreneurs. They held numerous jobs and owned several small businesses over the years to support us, including a flower shop, bakery and deli. My mother is also a seamstress, and my dad ran a small trucking business.
My parents weren’t wealthy, but they were disciplined with money. My mom was especially frugal – a mindset that shaped my approach to spending and saving from an early age. I had a lot of odd jobs growing up. The summer I turned 13, I worked two jobs: babysitting my baby sister and helping out at my dad’s company, where I washed and painted trucks. I saved up $1,000 and invested it in a one-year term deposit at 7.5 per cent in 1992. When I earned $75 in interest, I saw for the first time how money could grow on its own.
That experience reinforced what my parents had always told me – saving and patience pay off. It also sparked my interest in finance and set me on the path to where I am today.
What did you want to be growing up, and how did you get into finance?
I was really into woodworking in high school and ended up earning a diploma in wood engineering at the Southern Alberta Institute of Technology in Calgary. I was headed for a blue-collar career and got my first job in the construction industry as an estimator. But after about a year, I realized it wasn’t for me.
I ended up moving to British Columbia, first to Victoria and then to Vancouver, where I decided to pursue a career in the investment industry. After weeks of going door-to-door at every investment firm I could find, I landed my first job as an evening telemarketer at National Bank Financial. It was from 6:30 p.m. to 8:30 p.m. I earned $10 an hour, plus $2 for every lead that requested a package be mailed to them. It wasn’t glamorous, but I saw it as my foot in the door in the industry.
I did that for several months while bartending on the side, until I got a full-time job – first in marketing and then as a junior financial advisor. I was a sponge for information, learning everything I could and gaining all the necessary credentials along the way. In July, 2008, I went out on my own, on the eve of the global financial crisis, and built my practice from the ground up.
What is your biggest money mistake and what did you learn from it?
Using my student loans to trade stocks. At the time, I thought I had it all figured out. I read the business section every morning, learning about the markets, and was convinced I could make a quick profit. Instead, I lost money. It was a hard lesson, but probably the most valuable one I’ve ever learned. That experience taught me investing isn’t about luck; it’s about research, patience and managing risk. I realized that to be successful in finance, I needed to develop skills rather than relying on gut feelings or hype.
From that moment on, I approached investing differently. I focused on long-term strategy, diversification and making informed decisions rather than chasing quick wins.
What decision around money and investing made the greatest impact on your life?
I’ve seen first-hand that the biggest investment mistakes often come from impatience or looking for a quick win – pulling out of the market at the first sign of trouble, or chasing trends without a strategy. I made a conscious choice early in my career to do the opposite: stick to a plan, take advantage of opportunities when the market is down, and trim when things are high. It’s not the most exciting approach, but it’s the one that works.
Ultimately, the best decision I ever made was understanding that wealth isn’t built overnight – it’s built over decades. That realization has enabled me to enhance my financial security and, more importantly, help my clients do the same.
What’s the hardest piece of money advice or wisdom for you to follow?
Patience. It’s one of the most fundamental principles in investing but, even knowing that, it can be tough to practice – especially when the market is volatile.
What do you worry about when it comes to money?
Personally, I know I have more than enough. But psychologically, there’s always that lingering feeling of what if I run out? I see this all the time with clients, too. Some people retire with what looks like plenty on paper, but once we start factoring in what-ifs such as market downturns, unexpected expenses and longevity risks, they might not be as set as they think.
On the flip side, I also have clients who are financially secure but still struggle with the idea of spending their money. They’ve saved their whole lives, and now that it’s time to enjoy it, they can’t shake the fear of running out.
What advice do you have for someone who wants to work in the financial sector?
Be patient, be persistent and don’t expect overnight success. When I started out, I was making 60 cold calls every morning, just trying to connect with people. Financial advising isn’t about quick wins; it’s about relationships. If you put your clients first, build trust and keep showing up, success will follow.
Oh, and don’t buy stocks with your student loans. Trust me on that one.
This interview has been edited and condensed.