Ladan Shokrgozar, senior portfolio manager at Harbourfront Wealth Management, says advisors need to focus on the human side of wealth management.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.
Ladan Shokrgozar, senior portfolio manager at Harbourfront Wealth Management in Vancouver, talks about moving from Iran to Canada as a kid, how she keeps emotion out of investing, and advice for people looking to get into her industry.
Describe your upbringing.
I was born in Iran and moved to Vancouver with my family (my parents and older brother) when I was 8. Adjusting to a new country with a different language, culture and way of life was difficult for my parents. Still, they worked tirelessly and made countless sacrifices to ensure my brother and I had everything we needed.
Describe your first money lesson.
It came not long after we moved to Canada. We lived in a complex full of young families, and we kids spent our summers swimming, biking and hanging out outdoors. One of the complex’s attendants, Art, offered us a deal: help him collect pinecones and he’d pay us 25 cents for each bucket. We’d collect our quarters, bike to the local Safeway, buy Kool-Aid packets and set up a Kool-Aid stand.
What started as a fun way to pass the time became a hands-on lesson on making money work for us. Looking back, that early experience helped me understand the value of working for money and the power of reinvesting it to generate more.
How did this influence your money habits in your younger years?
My early experience of earning money by collecting pinecones and my parents’ approach laid the foundation for my understanding of work ethic and money. I was taught that if you want something, you have to put in the effort.
Unfortunately, at the time, I only understood one side of the savings/spending equation: what was earned was spent. I didn’t fully grasp the importance of saving or reinvesting. Over time, I learned it’s just as important to be mindful of how you manage your money, not just how you earn it.
What is your biggest money mistake and what did you learn from it?
Aside from these early “ventures,” I started working part-time in retail at 15. While my paycheques were modest, my expenses were also next to none, just a cellphone bill. Looking back, I should have saved a portion of my pay. Had I understood the power of compounding growth and how consistent contributions could grow over time, I would’ve built a much stronger financial foundation in those early years.
What’s the hardest piece of money advice for you to follow?
Avoiding emotional decision-making. In wealth management, we often discuss the importance of sticking to a long-term plan and not letting short-term market movements drive your decisions. But as an investor, it’s easy (and common) to get caught up in market noise or personal emotions.
In my early years, I was less confident, sticking to the rational path during volatile times, even while knowing better. The key lesson has been to trust the process and not let heightened emotions, whether fear or greed, lead decisions. Investors who maintain discipline and patience are often rewarded.
What are you best at when it comes to your finances?
Over the years, I’ve come to understand the importance of saving for tomorrow while still enjoying today. Life is all about balance. It’s not about sacrificing today’s happiness for tomorrow’s security, but ensuring your short-term spending goals align with your long-term investments and savings strategy.
As a kid, what did you want to be when you grew up?
I always wanted to be a lawyer; the idea of helping people navigate complex situations and advocating for them appealed to me. However, as I grew older, I realized there were other ways I could make a lasting impact.
Wealth management resonated more with my passion for helping families secure their futures and was better suited to my personality.
Both fields require problem-solving and a deep understanding of human needs, whether guiding individuals through legal matters or helping them navigate their financial paths.
What advice do you have for someone who wants to enter your business?
Beyond the technical understanding of financial markets and numbers, my advice is to focus on understanding the human side of wealth management.
Success in this business goes far beyond just the numbers; it’s about knowing your clients and listening for the unspoken fears, hopes and concerns that shape their decisions.
Building long-term relationships based on trust is key, and sometimes that means having the courage to give advice that’s hard for clients to hear but will ultimately benefit them in the long run.
This interview has been edited and condensed.