In a trust-based industry, this advisor plays the long game

In the Behind the Advice series, Globe Advisor asks advisors about their relationship with money from a young age, lessons learned over the years, and how their experiences influence the advice they give to clients.
Patti Dolan, senior wealth advisor and portfolio manager at Wellington-Altus Private Wealth Inc. in Calgary, talks about growing up financially literate, the “ah-ha” moment when she tried to apply for a credit card as a single mom, and advice her father gave her about “being able to walk down the street and look people in the eye.”
Describe your first money lesson.
I was raised with some financial literacy. My dad was a chartered accountant who ran his own practice. He also loved the stock market and became a stockbroker. I knew what the Dow Jones index was at age 10.
We also had a program in elementary school here in Calgary, where I grew up, in which representatives from the local credit union would talk to the class about saving money. They showed us how to record our savings in those little bank passbooks that people used to use. So, I understood early in life how saving and investing worked.
My parents then divorced when I was 13 and my siblings and I lived with my mom. I remember her always budgeting to ensure our dollars stretched as far as possible. We had a comfortable lifestyle but nothing too extravagant. I learned about living within our means.
How did these experiences influence your money habits growing up?
I would often set myself financial goals. For instance, when I was 15, I set a goal to save $1,000. I worked a few different jobs in my teens, including wrapping hamburgers at the Calgary Stampede, serving ice cream at the local dairy bar and babysitting. I reached that savings goal by the end of the summer.
I didn’t just save my money. I would sometimes indulge, buying items my mother or father wouldn’t get for me. I remember buying a leather jacket. I also saved up to take a bus trip to Nelson, B.C., to visit my aunt and uncle when I was 14.
I moved to Toronto at 17, where I took a clerical program at Humber College and then had a summer job at a brokerage firm. I moved back to Calgary when I got pregnant with my first son and then went to business school. I got my first full-time job in financial services working in operations at Merrill Lynch. One day, one of the advisors overheard me explaining a Treasury bill to a client and said I should be working on the sales side. I worked as a sales assistant for about 10 years and then became a broker.
What’s the biggest money mistake you’ve made, and what did you learn from it?
After my first marriage ended, I applied for a personal credit card but was declined. The credit card company said I didn’t have a credit history. I had joint credit when I was married, but not individually. That was a big ‘ah-ha’ moment for me. I then bought a TV on credit, at zero per cent interest, and paid it off over six months. Although I could’ve paid for it in cash, I needed to show I could take on debt and pay it off.
What decision around money and investing has made the greatest impact on your life?
Choosing my market niche, which is responsible investing. It has created many opportunities for me and my career and enabled me to develop great relationships with clients.
What is the best professional advice you’ve received?
When I became an investment advisor, my dad said, ‘Whatever you do in this business, make sure you can walk down the street and look people in the eye.’ To me, that was profound. This industry is trust-based. Early in your career, you get wined and dined, and there are all sorts of shortcuts you can try to take to make a quick buck, but the long game counts.
What are you best at when it comes to your own finances?
Budgeting and long-term planning. I’ve always set goals and lived within my means. I live what I preach.
What’s the hardest piece of money advice for you to follow?
Don’t fall in love with an investment. It’s hard when you really like a particular company, but there are times when you need to sell – to let it go.
What do you worry about in your industry?
I worry about the loss of unbiased, independent advice. There are a lot of proprietary products and expectations for advisors to sell them at some investment firms. Also, with the rise of artificial intelligence, I worry about losing some of the human aspects of the business over the long term.
What advice do you have for others getting into the industry?
Find a good, reputable team to join that will allow you to develop your book of business. Also, develop a good work ethic and stay true to your values. It goes back to being able to walk down the street and look people in the eye.
This interview has been edited and condensed.
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