In an industry based on trust, this advisor is playing the long game

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In our “Behind the Advice” series, Globe Advisor asks advisors about their interactions with money from a young age, the lessons they’ve learned over the years, and how their experiences influence the advice they give to their clients.

Patty Dolan, senior wealth advisor and portfolio manager at Wellington Altus Private Wealth in Calgary, talks about growing up with financial literacy, her “eureka” moment trying to apply for a credit card as a single mother, and her father’s advice to “look people in the eye when you walk down the street.”

Describe your first money lesson.

I grew up with some financial knowledge. My father was a CPA and ran his own firm. He also loved the stock market and became a stockbroker. I knew what the Dow Jones index was when I was 10 years old.

My elementary school in Calgary, where I grew up, also had a program where representatives from the local credit union would talk to the class about saving money. They taught me how to keep track of my savings in those little old bank books. So I understood how saving and investing worked from an early age.

When I was 13, my parents divorced and my siblings and I lived with my mom. I remember my mom always budgeting money to make sure we were spending as much as possible. We lived a comfortable life, but not lavish. I learned to live within my means.

How did these experiences influence your financial habits growing up?

I often set financial goals for myself. For example, when I was 15, I set a goal to save $1,000. I worked a few different jobs during my teenage years, including wrapping burgers at the Calgary Stampede, handing out ice cream at a local dairy, and babysitting. By the end of the summer, I reached my savings goal.

I didn’t just save money. Sometimes I would splurge and buy things that my mom and dad didn’t buy for me. I remember buying a leather jacket. I also saved money to take a bus trip to Nelson, BC, when I was 14, to visit my aunt and uncle.

I moved to Toronto when I was 17 and enrolled in an administrative program at Humber College, then did summer jobs at a brokerage firm. When I was pregnant with my first son, I moved back to Calgary and went to business school. I got my first full-time job in financial services in operations at Merrill Lynch. One day, one of my advisors overheard me explaining Treasury bills to a client and suggested I should work in sales. I worked as a sales assistant for about 10 years and then became a broker.

What’s the biggest financial mistake you’ve ever made and what did you learn from it?

After my first marriage ended, I applied for a personal credit card and was turned down. The credit card companies said I had no credit history. We had joint credit when we were married, but no personal credit. That was a big “aha” moment for me. After that, I bought a TV on no-interest credit and paid it off over 6 months. I could have paid cash, but I had to show I could borrow money and pay it back.

What decision about money and investing has had the biggest impact on your life?

I chose my niche, which is responsible investing, and this has created many opportunities for me and my career and allowed me to develop great relationships with my clients.

What’s the best professional advice you’ve ever received?

When I became an investment advisor, my dad said, “Whatever you do in this industry, make sure you can look people in the eye when you walk down the street.” To me, that meant a lot. This industry is based on trust. In the beginning of your career, you can be wined and dined and try all kinds of shortcuts to make a quick buck, but it’s about the long-term commitment.

What do you do best when it comes to managing your money?

Budgeting and long term planning. I have always set goals and lived within my means. I live what I preach.

What’s the hardest money advice for you to follow?

Don’t get carried away with your investments. It’s hard when you really like a particular company, but sometimes you just need to sell and let go.

What are you worried about in your industry?

They worry that impartial, independent advice will be lost — some investment firms have lots of proprietary products and expect advisors to sell them — and they worry that the rise of artificial intelligence will take away some of the human aspect of the business in the long term.

What advice would you give to people looking to break into the industry?

Find a good, reputable team to join and grow your business. Also, have a good work ethic and stay true to your values. It will help you to be able to look people in the eye when you walk down the street.

This interview has been edited and condensed.

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