This Investors Group financial planner and Whitby, Ont., native shares the best advice he's ever been given and why the first two years in business are so often make or break for an advisor.
Whitby, Ont., native Victor Lamba -- an Investors Group financial planner, shares the best advice he's ever been given and his take on the biggest challenge facing the industry.
Why financial advice?
I’ve always been a social person. This was a good business for me to get into because not only can I talk to and meet people, but I can also help them make money. And, while helping other people make money, I can make money for myself and my family at the same time.
How would you sum up advisors in three words?
Honesty, integrity, helpful.
How would you change the industry?
The Investors Group is a pioneer with financial plans, so I think that’s where the industry needs to go. Our approach is to create comprehensive financial plans for people. At the end of the day, people don’t really care about (financial) products; the products are basically a means to an end.
Best advice you’ve ever been given?
You have to be passionate about what you do, regardless of what you are doing in life.
What’s the most important thing an advisor can do to develop their business?
The most important thing in our business is developing relationships with people. Financial advising is truly a relationship-building business.
If you were prime minister for a day, what would you do?
I would try to do more for the people and the country than worry about myself and the other politicians working in my cabinet or the Senate.
What’s the biggest challenge facing the industry today?
One of the biggest reasons why people don’t succeed in financial planning is because many of the companies do not provide much support during your first two years. I think there needs to be more financial support for advisors during this time because it does take time to build relationships with people.
What has been the highlight of your career?
Through networking, I have met many great and positive people. I used to think I was the only person out there with big dreams, but now I’m meeting a lot of people through business networking who are trying to help others achieve their goals in different areas.
NHL, NBA, MLB or other?
NHL all the way. I’m a big Toronto Maple Leafs and Pittsburgh Penguins fan.
What’s your favoured type of coffee?
I’m actually a tea drinker. I prefer regular tea.
If you could invite three people to dinner, dead or alive, and excluding family and friends, who would they be and why?
Abraham Lincoln – I’ve read in self-development books about how people failed in life. The story I read about Lincoln was the amount of times he failed at different things in his life, and the trials and tribulations he went through in his lifetime. I would ask him about what got him through those tough times.
Andrew Carnegie – I’ve always been inspired by his success, and I would love to get his advice on how to build a great business.
Donald Trump – I have a passion for investing in real estate, and I would love to learn about how he became a successful investor and developer.
Complete this sentence: If I wasn’t in advice, I would be…
…an NHL player or a race car driver. I’ve always loved hockey, and since I started driving, I’ve watched auto racing on television.