Brodie Lawson 00:00:00
Welcome to Wealth Skilled TV. I am Brodie Lawson, and with us at present is Chris Arthur, Head of Monetary Planning at Dunbrook Associates. Chris was just lately acknowledged by wealth skilled as a 5 star advisor of their annual awards. Chris, welcome and congratulations.
Chris Arthur 00:00:22
Yeah, thanks for having me.
Brodie Lawson 00:00:25
Brodie, 2025 has been stuffed with uncertainty and volatility. How have you ever handled the ever altering market state of affairs, and the way have you ever proved your value in these turbulent occasions?
Chris Arthur 00:00:36 Yeah, nice query. I believe 2025 after we had been ending the 2024 yr, we anticipated it to be a bit totally different. We thought there have been going to be many ups and downs, a really unstable yr, some surprises coming this yr. I do not assume any analyst will let you know. We all know how it may end on the finish of the yr, however I believe what we thought coming in was, hey, that is going to be vault. It is a yr the place we will be speaking to our purchasers fairly a bit, producing a number of communications alongside the best way. And I believe it is actually vital to essentially know your consumer base, whether or not your consumer base is basically younger and so they can actually lean on progress, or our consumer base is primarily approaching retirement. So preservation of capital, smoothing out these rides was actually vital. So we tailor-made in and form of leaned into that the place 2024 we had been leaning in on the expansion. 2025 we actually went to the protection in January, as a result of we anticipated numerous volatility all year long and all through totally different moments all year long. We actually leaned in on that, and that is actually helped our purchasers shield on the draw back.
Brodie Lawson 00:01:36
You talked about your power in door knocking in your early profession. How has that have impacted the best way you use as an advisor?
Chris Arthur 00:01:45
Yeah, I might say that have in door knocking with Edward Jones taught me just a few issues, and I believe the way it comes into play at present could be very pure, and once I see one thing, I am going to point out it, it is form of given me the boldness to essentially, form of act actually simply purely within the consumer’s greatest pursuits. Not afraid to voice my ideas if I see a plan that is not going to work, or a consumer suggesting doing one thing that I believe goes to harm their plan over the long run. I am not going to be shy to say it form of issues at all times actually, there’s one driver right here is it is that consumer their objectives and serving to them get there, and that they suggest one thing that I believe this may not work for, that plan, that secondary home, or one thing of that nature, and I do not assume it is the time I will not be shy to say it. So though at present, we’re principally working by way of referrals from our current purchasers, so much less door knocking on, sadly or luckily, relying on somebody could have a look at it, however I believe it is given me the boldness to not maintain something again, and that is actually only a bonus to the consumer that we see one thing we’re not gonna be shy to say it.
Brodie Lawson 00:02:47
With the business consistently altering, what methods do you utilize to maintain up?
Chris Arthur 00:02:52
Yeah, nice query. So I do know AI is form of at all times on the forefront of a number of conversations like, how are you utilizing AI? We as monetary planner get requested fairly a bit, I believe, on the group facet of issues, and as an instance a recapping a consumer assembly notes and serving to our workers make to do’s and staying organized. I believe AI and know-how actually has, has its place there and has actually improved over the approaching years, of form of serving to us hold organized. I believe is a extremely good place for AI and know-how proper now the place we’re not utilizing it’s within the buying and selling issues and making selections there, I believe, I believe there’s nonetheless a little bit little bit of runway for it to come back, for it to be leveraged in areas like that. Once more, a really younger workers, a really, a really tech ahead workers that may have a look at form of utilizing these concepts, implementing extra know-how, extra AI because it form of proves its value, form of factor. However in a really form of compliance pushed, privateness pushed business, we will give it slower remover than different industries. We need to see proof of idea first see it in motion, as a result of we’re coping with consumer funds on the finish of the day. So we’re not going to make automobiles selections. We will use it proper now the place it makes it is sensible, which is simply form of serving to us keep organized and serving to our administrative workers. And once more, we’ll be gradual movers, however we’ll be adopters, presumably in a while when it is sensible. However we actually need to see that proof of idea, particularly whenever you’re coping with folks’s cash and their retirement financial savings.
Brodie Lawson 00:04:19
How do you keep long run relationships along with your purchasers, and what units you aside in your strategy to interpersonal relationships with purchasers?
Chris Arthur 00:04:28
Yeah, nice query. I believe, form of being across the block and dealing at just a few massive corporations right here in Canada, we attempt to mannequin our mannequin our agency, off of what we see do unsuitable what we see executed unsuitable at different corporations, and a number of our workers members have spent a number of huge occasions on the huge banks and enormous establishments right here in Canada. And I believe form of one huge factor that we actually love to do is form of make certain we’re getting in entrance of our purchasers just a few occasions a yr and making that systematic so that’s, once more, monitoring our conferences, ensuring we’re in entrance of each individual. Line once more, as a result of if we simply form of went out by way of the yr, sure, purchasers would attain out to us, however are we proactively reaching out to all of our purchasers just a few occasions? And that wants organizations, that wants form of challenge administration, that is a activity of itself to be organized in that space. So I believe that is one actually vital piece, is form of actually being proactive with their consumer base, and never reactive. As a result of what we discover by doing that’s we uncover issues a consumer is trying to purchase a house prior to we thought. That is actually vital for us to know form of factor. So by being energetic with that communication, we study a number of issues in saying that we won’t work with 1000s of purchasers per advisor. We the financial institution mannequin form of does not work with that proactive contact. So we’re going to work with much less purchasers per monetary advisor, and that is okay. We’re comfy with that. We’ll get to know our purchasers very well, and we’ll ship the next stage of service. So we fairly like that mannequin, however we are able to by no means enroll 1000s and 1000s of purchasers per advisor. The Financial institution mannequin of the form of does not match an enormous second half to that query would even be form of getting entrance of your purchasers with actually good communication that is vital to them. There’s a number of communication suppliers on the market, a number of materials, however what we actually discover as an vital piece of our job is what info is basically vital to that finish consumer, and the way does it have an effect on their each day, their funds, their week, their month, and never simply throwing out any materials. So we’re attempting to cowl matters which are vital to their taxes, their funds, retired purchasers approaching retirement, new accounts coming to Canada, speaking about what’s occurring down south, and simply form of the week by week, evolution of what is going on on there. So that is what we try to put on the market. After which I believe a number of materials on the market right here, into the information is that they need to get you to learn the article. So a number of it’s form of, form of very harsh factors attempting to seize you, and perhaps it isn’t form of the complete story. So we’re attempting to dig in there, discover the details, discover what’s actually occurring, and if one thing’s being exaggerated elsewhere, we actually need to form of lay out why we expect that is perhaps not as vital, otherwise you’re not as efficient. A giant level being is, each time we hear us markets lined, usually, they’re referencing the s and p5 100. And if a consumer does not have a really excessive weighting to the s and p5 100, or these corporations in there, a consumer may assume, hey, I’ve new publicity. I should be down 15 20% just like the index was, form of factor. So it is form of letting purchasers know, hey, we’re approaching issues a little bit bit otherwise. This is not our main publicity. Of the US. These are the sort of shares, these are the sort of merchandise we’ve within the portfolio, and that is the way you’re being protected, form of factor. So it is form of understanding what the information is coming on the market to the consumer, after which letting them know, form of what we’re doing, why they should be much less conserved, form of factor. I believe this yr is basically vital to get on the market with a number of materials. Get on the market and discuss to your purchasers, and get on the market with info that is form of very informational to your consumer, however then additionally, once more, simple to know, and form of covers issues which are vital to them.
Brodie Lawson 00:08:02
What are you wanting ahead to within the coming yr, and what areas are you trying to concentrate on?
Chris Arthur 00:08:06
Yeah, nice query. So I believe some huge areas of focus for us, particularly this yr once more, is form of bettering our consumer communication, creating extra techniques. It is a yr the place I got here into the yr and let our workers know our aim this yr is to enhance our system, enhance our insurance policies, our procedures, get on the market with actually good materials to our purchasers once more, this yr once more, understanding it is a bit of a unstable yr, we’re right here to fulfill with our purchasers, most likely greater than common, as a result of we all know, once more, issues within the markets may spook a consumer. They need to know they’re okay. They need to know the plans on observe, form of factor. So we knew this yr we will be assembly with our purchasers greater than common, so we form of issue that into the yr. However we actually need to form of increase our form of consumer base by form of hiring actually high quality monetary advisors, not overworking them, having that basically proactive contact, and increasing our service fashions when it comes to having accountants shut by, having authorized workers shut by and totally different areas to essentially form of have a full service strategy to a consumer. And one factor we take very severely is referrals. Our purchasers are. We at all times say any query relating to {dollars} and cents, movement it by way of our workers, we’ll have somebody very shut by that we belief be vetted, as a result of all too typically we hear our purchasers say, Oh, I take advantage of this ex mortgage dealer, or I take advantage of this accountant, and it isn’t a excellent news story. So we’ve a listing of referral companions that we personally vetted. Purchasers have vetted which are consultants of their areas. So we need to be bothered greater than typically by our purchasers when it comes to, hey, if they’ve a query whether or not it is associated to their mortgages, their accounting, no matter it could be, it is likely to be outdoors of our scope, however we’ve an knowledgeable that we belief in these areas, so we all know the purchasers not going to get a foul expertise, get scanned or no matter it could be, form of factor. So we need to increase which have extra service suppliers shut. Us by and actually form of elevate our expertise to essentially being a real small household workplace store. Slightly, we’re form of in between each fashions proper now. We actually need to get to that finish stage. In order that’s form of a long run aim of us is basically simply form of having a full service providing for our purchasers right here.
Brodie Lawson 00:10:18
What are crucial attributes for a profitable advisor to have?
Chris Arthur 00:10:23
Nice query. So I believe on the forefront is basically understanding your consumer. If you understand your consumer, I really feel like you may ship an excellent service. And I believe a second piece to that’s not stretching your self too skinny. I believe new advisors coming on the market, perhaps they will be attempting to work with as many individuals as potential. Once I would say, stream down your focus, discover form of your your area of interest, discover what consumer group you need to work with, and be selective. And I believe you may construct a extremely, actually good apply the place, once more, you are not overworked. You’ll be able to ship proactive service, as a result of your time’s not stretched. However I believe the primary piece of actually understanding your consumer actually comes into multitude of areas. As a result of if you understand your consumer, you understand you must be proactive. You’ll be able to’t be reactive. And you understand the consumer’s solely going to need to have a number of contact factors all year long. they are going to need to get good materials all through the months, whether or not that is month-to-month, quarterly, all through the best way, I believe the piece of, as an instance, efficiency of so long as it isn’t radically totally different and also you’re utilizing good high quality merchandise and researching them, markets have unhealthy years. One out of 5 years is normally a adverse yr. So it isn’t about attempting to keep away from the adverse yr. It is about setting your purchasers up for fulfillment on the long run, understanding their plan, understanding their totally different objectives, segmenting their objectives, and actually simply attempting to study as a lot as you may about that particular person individual. And you may’t actually try this for those who’re working with 1000s of individuals, form of factor. So I might say, discover form of your area of interest. Be selective about who you’re employed with. Actually get to know these folks, and have a extremely sturdy emphasis on the planning. For those who plan very well, know their objectives once more, phase their objectives, have every part laid out. It is arduous to set your self up for failure, form of factor. So ask too many questions actually. Get to know the folks that you just’re in entrance of.
Brodie Lawson 00:12:17
Thanks for these invaluable insights, Chris.
Chris Arthur 00:12:20
No. Due to you Brodie. Nice chatting with you.
Brodie Lawson 00:12:23
You might be most welcome and thanks for watching.
