Brodie Lawson 00:00:00
Welcome to Wealth Skilled TV. I am Brodie Lawson, and with us right now 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 price in these turbulent instances?
Chris Arthur 00:00:36 Yeah, nice query. I feel 2025 after we had been ending the 2024 12 months, we anticipated it to be a bit totally different. We thought there have been going to be many ups and downs, a really risky 12 months, some surprises coming this 12 months. I do not assume any analyst will let you know. We all know how it’ll end on the finish of the 12 months, however I feel what we thought coming in was, hey, that is going to be vault. It is a 12 months the place we’ll be speaking to our purchasers fairly a bit, producing a variety of communications alongside the way in which. And I feel it is actually necessary to essentially know your shopper base, whether or not your shopper base is admittedly younger they usually can actually lean on development, or our shopper base is primarily approaching retirement. So preservation of capital, smoothing out these rides was actually necessary. So we tailor-made in and type 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 way in which you use as an advisor?
Chris Arthur 00:01:45
Yeah, I’d say that have in door knocking with Edward Jones taught me just a few issues, and I feel the way it comes into play right now may be very pure, and once I see one thing, I am going to point out it, it is type of given me the boldness to essentially, type of act actually simply purely within the shopper’s greatest pursuits. Not afraid to voice my ideas if I see a plan that is not going to work, or a shopper suggesting doing one thing that I feel goes to harm their plan over the long run. I am not going to be shy to say it type of issues all the time actually, there’s one driver right here is it is that shopper their targets and serving to them get there, and that they suggest one thing that I feel 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 right now, we’re largely working by means of referrals from our current purchasers, so much less door knocking on, sadly or thankfully, relying on somebody could have a look at it, however I feel it is given me the boldness to not maintain something again, and that is actually only a bonus to the shopper that we see one thing we’re not gonna be shy to say it.
Brodie Lawson 00:02:47
With the trade consistently altering, what methods do you utilize to maintain up?
Chris Arthur 00:02:52
Yeah, nice query. So I do know AI is type of all the time on the forefront of a variety of conversations like, how are you utilizing AI? We as monetary planner get requested fairly a bit, I feel, on the group facet of issues, and for example a recapping a shopper assembly notes and serving to our employees make to do’s and staying organized. I feel AI and know-how actually has, has its place there and has actually improved over the approaching years, of type of serving to us hold organized. I feel 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 feel, I feel there’s nonetheless slightly little bit of runway for it to return, for it to be leveraged in areas like that. Once more, a really younger employees, a really, a really tech ahead employees that may have a look at type of utilizing these concepts, implementing extra know-how, extra AI because it type of proves its price, type of factor. However in a really type of compliance pushed, privateness pushed trade, we’ll 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 shopper 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 type of serving to us keep organized and serving to our administrative employees. And once more, we’ll be gradual movers, however we’ll be adopters, probably in a while when it is sensible. However we actually need to see that proof of idea, particularly once you’re coping with individuals’s cash and their retirement financial savings.
Brodie Lawson 00:04:19
How do you preserve 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 feel, type 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 performed unsuitable at different corporations, and a variety of our employees members have spent a variety of massive instances on the massive banks and enormous establishments right here in Canada. And I feel type of one massive factor that we actually love to do is type of be sure we’re getting in entrance of our purchasers just a few instances a 12 months and making that systematic so that’s, once more, monitoring our conferences, ensuring we’re in entrance of each particular person. Line once more, as a result of if we simply type of went out by means of the 12 months, sure, purchasers would attain out to us, however are we proactively reaching out to all of our purchasers just a few instances? And that wants organizations, that wants type of challenge administration, that is a process of itself to be organized in that space. So I feel that is one actually necessary piece, is type of actually being proactive with their shopper base, and never reactive. As a result of what we discover by doing that’s we uncover issues a shopper is seeking to purchase a house earlier than we thought. That is actually necessary for us to know type of factor. So by being lively with that communication, we be taught a variety of issues in saying that we will not work with 1000s of purchasers per advisor. We the financial institution mannequin type 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 a better degree of service. So we fairly like that mannequin, however we will by no means join 1000s and 1000s of purchasers per advisor. The Financial institution mannequin of the type of does not match an enormous second half to that query would even be type of getting entrance of your purchasers with actually good communication that is necessary to them. There’s a variety of communication suppliers on the market, a variety of materials, however what we actually discover as an necessary piece of our job is what info is admittedly necessary to that finish shopper, and the way does it have an effect on their everyday, their funds, their week, their month, and never simply throwing out any materials. So we’re making an attempt to cowl matters which might be necessary to their taxes, their funds, retired purchasers approaching retirement, new accounts coming to Canada, speaking about what’s occurring down south, and simply type of the week by week, evolution of what is going on on there. So that is what we attempt to put on the market. After which I feel a variety of materials on the market right here, into the information is that they need to get you to learn the article. So a variety of it’s type of, type of very harsh factors making an attempt to seize you, and perhaps it is not type of the complete story. So we’re making an attempt to dig in there, discover the details, discover what’s actually occurring, and if one thing’s being exaggerated elsewhere, we actually need to type of lay out why we predict that is perhaps not as necessary, otherwise you’re not as efficient. An enormous level being is, at any time when we hear us markets lined, usually, they’re referencing the s and p5 100. And if a shopper does not have a really excessive weighting to the s and p5 100, or these firms in there, a shopper would possibly assume, hey, I’ve new publicity. I should be down 15 20% just like the index was, type of factor. So it is type of letting purchasers know, hey, we’re approaching issues slightly bit in another way. This is not our main publicity. Of the US. These are the type of shares, these are the type of merchandise we’ve within the portfolio, and that is the way you’re being protected, type of factor. So it is type of realizing what the information is coming on the market to the shopper, after which letting them know, type of what we’re doing, why they should be much less conserved, type of factor. I feel this 12 months is admittedly necessary to get on the market with a variety of materials. Get on the market and speak to your purchasers, and get on the market with info that is type of very informational to your shopper, however then additionally, once more, straightforward to know, and type of covers issues which might be necessary to them.
Brodie Lawson 00:08:02
What are you trying ahead to within the coming 12 months, and what areas are you seeking to give attention to?
Chris Arthur 00:08:06
Yeah, nice query. So I feel some massive areas of focus for us, particularly this 12 months once more, is type of bettering our shopper communication, creating extra methods. This can be a 12 months the place I got here into the 12 months and let our employees know our purpose this 12 months 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 12 months once more, realizing it’s kind of of a risky 12 months, 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 would possibly spook a shopper. They need to know they’re okay. They need to know the plans on monitor, type of factor. So we knew this 12 months we’ll be assembly with our purchasers greater than common, so we type of issue that into the 12 months. However we actually need to type of broaden our type of shopper base by type of hiring actually high quality monetary advisors, not overworking them, having that basically proactive contact, and increasing our service fashions by way of having accountants shut by, having authorized employees shut by and totally different areas to essentially type of have a full service strategy to a shopper. And one factor we take very significantly is referrals. Our purchasers are. We all the time say any query relating to {dollars} and cents, movement it by means of our employees, we’ll have somebody very shut by that we belief be vetted, as a result of all too usually we hear our purchasers say, Oh, I exploit this ex mortgage dealer, or I exploit this accountant, and it is not a excellent news story. So we’ve an inventory of referral companions that we personally vetted. Shoppers have vetted which might be specialists of their areas. So we need to be bothered greater than usually by our purchasers by way of, hey, if they’ve a query whether or not it is associated to their mortgages, their accounting, no matter it could be, it is perhaps 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, type of factor. So we need to broaden which have extra service suppliers shut. Us by and actually type of elevate our expertise to essentially being a real small household workplace store. Slightly, we’re type of in between each fashions proper now. We actually need to get to that finish stage. In order that’s type of a long run purpose of us is admittedly simply type of having a full service providing for our purchasers right here.
Brodie Lawson 00:10:18
What are an important attributes for a profitable advisor to have?
Chris Arthur 00:10:23
Nice query. So I feel on the forefront is admittedly realizing your shopper. If you already know your shopper, I really feel like you possibly can ship an excellent service. And I feel a second piece to that isn’t stretching your self too skinny. I feel new advisors coming on the market, perhaps they will be making an attempt to work with as many individuals as doable. After I would say, stream down your focus, discover type of your your area of interest, discover what shopper group you need to work with, and be selective. And I feel you possibly can construct a extremely, actually good observe 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 feel the primary piece of actually realizing your shopper actually comes into multitude of areas. As a result of if you already know your shopper, you already know you need to be proactive. You’ll be able to’t be reactive. And you already know the shopper’s solely going to need to have a number of contact factors all year long. You already know they’ll need to get good materials all through the months, whether or not that is month-to-month, quarterly, all through the way in which, I feel the piece of, for example, efficiency of so long as it is not 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 destructive 12 months. So it is not about making an attempt to keep away from the destructive 12 months. It is about setting your purchasers up for fulfillment on the long run, realizing their plan, realizing their totally different targets, segmenting their targets, and actually simply making an attempt to be taught as a lot as you possibly can about that particular person particular person. And you’ll’t actually do this in case you’re working with 1000s of individuals, type of factor. So I’d say, discover type of your area of interest. Be selective about who you’re employed with. Actually get to know these individuals, and have a extremely sturdy emphasis on the planning. If you happen to plan very well, know their targets once more, phase their targets, have every part laid out. It is exhausting to set your self up for failure, type of factor. So ask too many questions actually. Get to know the individuals that you simply’re in entrance of.
Brodie Lawson 00:12:17
Thanks for these invaluable insights, Chris.
Chris Arthur 00:12:20
No. Because of you Brodie. Nice chatting with you.
Brodie Lawson 00:12:23
You’re most welcome and thanks for watching.