Kevin Klein, senior wealth advisor and portfolio manager at National Bank Financial Wealth Management in Calgary.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: You can find episodes from all four seasons here. Stay tuned for Season Five coming in late September.
Kevin Klein, senior wealth advisor and portfolio manager at Evida Wealth Advisory at National Bank Financial Wealth Management in Calgary, talks about a restaurant rule that taught him about buying only what you need, how he got into finance and why he doesn’t shy away from conversations with clients during difficult markets.
Describe your upbringing and where your interest in finance came from.
I was born and raised in Calgary and have lived here my whole life. My mother was a teacher and my father worked as a salesman in the oil industry. I’m the middle child between an older sister and a younger brother, both of whom also still live in Calgary.
Growing up, money wasn’t really a dinnertime conversation at our house. I wasn’t earmarked for the financial services industry. I majored in economics at the University of Calgary, thinking I would end up in the oil and gas industry. However, in my final year, I applied to a bank’s fast-track program and realized quickly that I enjoyed the work and wanted to build a career in financial services.
What was your first money lesson?
One of my earliest lessons came during family outings to restaurants. My parents had a rule: We could order anything we wanted, but if we didn’t finish it, we had to pay for it ourselves. It taught us to be mindful that your eyes can be bigger than your stomach and to think about your choices in advance.
Was there an experience with money earlier in your life that impacts how you work with clients?
I can’t pinpoint one experience, but growing up I learned to appreciate when someone gave me straightforward, honest answers.
I learned that – whether it’s good news or bad news – people just want to hear from you. They may not always like the answer, but at least they know what they need to know.
That has helped me in my career, especially during periods of market volatility. Some advisors shy away from conversations with clients when markets are tough, but I believe that’s when you need to communicate with them more.
What’s the hardest piece of money advice for you to follow?
Removing emotion from financial decision-making is always a challenge, even as an advisor. Markets are driven by sentiment as much as data, and staying objective requires constant effort.
What’s the best piece of advice you’ve received in your career?
No one cares about what you know until they know they can trust you. Once they understand you’re there to help them achieve their goals, then they start to work with you. It becomes a true partnership between you and the client.
What’s the most significant change you see coming for the financial services industry in the next five years?
Thanks to rapidly changing technology, investors have more information at their fingertips than ever. I believe demand for advice on how to synthesize that information will increase.
What clients will want from their advisor will also continue to change: More investors are looking for advisors who can provide holistic services, so not just an ‘investment person’ but a team approach that also includes tax and estate planning. I believe technology will give us even more tools to enhance that type of practice.
What advice do you have for someone who wants to enter your business?
It’s a people business. Crunching numbers and providing financial education are just the baseline. As advisors, we need to look beyond the figures and understand the full context of a client’s life.
Money carries meaning: it represents someone’s hard work, aspirations and future security. Our role is to see the true value behind it and guide clients with care, empathy and purpose.
This interview has been edited and condensed.