Bo Banner, advisor and founder of Bo Banner Wealth at Investia Financial Services Inc., pictured at Okanagan Lake in Kelowna. B.C.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.
Bo Banner, advisor and founder of Bo Banner Wealth at Investia Financial Services Inc., in Whistler, B.C., talks about growing up in both Canada and the U.S., playing in the Canadian Football League, and his decision to leave the sport to pursue a career as an advisor.
Describe your upbringing.
I was born and raised in White Rock, B.C., and moved to Bellingham, Wash., when I was 10. My father is American and was in the U.S. Navy for about 20 years. He’s since retired and is now a manager at the Bellingham Airport. My mother is Canadian and a manager at an insurance brokerage. I come from a big, blended family. My sister lives in Bellingham, and one of my brothers lives in Vancouver, while another brother and two sisters live in Ontario.
My childhood felt pretty normal, hanging out with friends, going to movies and playing sports. Money never felt scarce, but it wasn’t excessive either. My parents handled their finances quietly, and I learned by watching them.
One of the biggest takeaways from that time was that money buys time and experiences. My parents worked hard during the week but always made time for us kids on weekends. To me, that’s what money was for: freedom and the ability to spend quality time with loved ones.
Describe your first money lesson.
When I was around 12, I found a wallet in a 7-Eleven parking lot with more than $1,200 in it. My friend and I turned it over to the store clerk, who recognized the ID. It belonged to an employee who had just been paid. Watching that man’s relief when he got his wallet back left a mark on me. It clicked that people work incredibly hard for their money, and losing it can feel devastating. That moment sparked my curiosity about how money works, how it’s earned, managed and grown.
How did you get into football and eventually the CFL?
Sports were a huge part of my upbringing. I started playing football in middle school, but then picked up skateboarding. I was quite good, but then I got to a point at which the tricks got too dangerous. I decided to get back into football, but I didn’t get good at the sport until my senior year of high school. From there, I got the opportunity to play at Central Washington University, where I also got a degree in finance.
After graduation, I returned to Canada to play for the Montreal Alouettes. I played for three years until COVID-19 hit and the season was cancelled. It was the first time in a decade that I didn’t play football, and it hit me: I don’t have to train all the time. I don’t have to worry about being hurt and can do different things.
Football is a lot of fun until you get hurt, traded or cut. As much as I wanted to be the guy who played for 10 years, it wasn’t meant to be. So, I retired, got my mutual fund and life insurance licences, and started building my Plan B, which was to build my financial advisory practice. I felt I could make a bigger, more lasting impact as a financial advisor.
Making the transition to finance from sports wasn’t easy, but it felt right. I bring the same work ethic, focus and resilience from my athletic career into my practice as a financial advisor.
What is your biggest money mistake, and what did you learn from it?
Not buying property earlier in life. I’m still renting, but my wife and I are saving to build a home. I could’ve gotten into the real estate market when I was in the CFL, but I didn’t have anyone to give me that kind of financial guidance. My ego got in the way. I assumed things would fall into place eventually. Looking back, I should’ve sought financial advice a lot sooner. It would’ve made a big difference.
What are you best at when it comes to your finances?
Saving. When I got to the CFL at 22, I received a salary paid within six months and an upfront signing bonus. Instead of blowing the money, I invested it. I didn’t have a financial goal, but I loved the feeling of knowing I had a financial cushion. It gave me more flexibility and less stress. I get that same feeling today when I save money.
What advice do you have for someone who wants to enter your business?
Call about 10 to 15 advisors in different parts of the industry – financial planning, brokerages, family offices, etc. – and ask them if they’d be willing to jump on a 15- to 20-minute call on which you can ask them about their business. But don’t just ask them about the good stuff, ask them what they think sucks, too.
You want to hear about how it feels when the market drops 20 per cent, or what happens if a client leaves because they don’t believe in your services. That way, you’ll get the full picture instead of just what’s in the brochures.
Financial planning is a powerful career, but it’s not easy. It’s emotionally demanding, requires deep trust, and often comes with high stakes for your clients.
Also, find a good mentor who inspires you, leads with integrity and genuinely cares about people so that you can do the same.
This interview has been edited and condensed.