Casual Confoes 009 – A Financial Planner’s Journey in Canada w/ Eason Ye
Welcome back to the Casual Confoes podcast, a series dedicated towards economics and finance. Today we had Eason Ye as a guest; a Qualified Associate Financial Planner at TD Canada. In short, he’s the guy that advises clients based on their criteria on investment and retirement. We talked about his youth, how he ended up in Canada, what factors he considers before setting up a portfolio and how he even lost more money than his clients during the March 2020 stock market crash.
Everything said by Eason are his own opinions and views and do not necessarily equate to the views of his employer. If you have any questions, Eason has graciously made him self available. You contact him through his website profile.
- 0:00 – Casual Confoes Opening
- 1:20 – Introduction: Eason from China to Canada
- 8:02 – Why Eason Chose Finance
- 10:28 – Explaining his Job Title as a Qualified Financial Planner
- 14:02 – How Eason Got His First Job out of College
- 25:50 – Eason’s First Selling Experiences
- 30:08 – Misconceptions of his Job
- 33:25 – What Does an Average Day Look Like?
- 37:20 – Setting up a Client’s Portfolio (Young to Old)
- 43:02 – General Financial Literacy of the Clients
- 46:25 – What Was March 2020 Crash Like For You?
- 51:03 – His Views on the Current Market Situation (Aug 2020)
- 55:24 – How He Relates Towards Clients
- 1:01:50 – Client Demographics
- 1:08:10 – How to Grow Inside the Organization
- 1:11:38 – Managing Clients
- 1:17:55 – Real Life vs the “Wolf of Wall Street” Image
- 1:23:00 – What’s his Future Look Like in the Next 10-15 Years
- 1:25:00 – Seneca
- 1:27:05 – Closing Remarks
Video Version of the Episode
Intro/Outro beat with compliments of Sjakeem Seedo.
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Diego: [00:00:00] All right, guys. Welcome back to the casual convos podcast series, dedicated to economics and finance. In today’s episode, we are at ease and yes, a guest qualified financial planner at TD bank in Canada. What he does in short is the guy that advises clients based on your criteria on investments and retirement.
Gregory: [00:00:21] funnily enough, we used to go to the same high school together, and we talked about his youth, how he ended up in Canada, what factors he considers before setting up a portfolio and how he lost even more money than his clients during the March stock market crash.
Diego: [00:00:37] One last thing before we jump into the episode, everything said that ISA expresses its own opinions at you and does not necessarily equate to the abuse of his employer. As always,
all the links can be found in the description below are on confoes.com. And if you have any questions for Eason, he has graciously made himself available. You can contact him through his website profile. The description below. And of course, if you have any questions for us feedback or possible guest suggestions, feel free to reach out in the links mentioned in the description as well. This podcast is available on all standard podcasts, iTunes, Spotify, Google podcasts, and video. You can check out YouTube and 3Speak.
All right, guys. We’re back with another episode of casual confoes with Greg Diego and Tim, and we have a special guest today, all the way from Canada. Eason Ye. He’s a investment banker at TD America, right?
Eason: [00:01:38] Yeah. TD one has actually, yeah, DDI
Diego: [00:01:41] does. Alright. Thanks for that correction. And just how we’re going to have a quick talk about you know about his job. He does get another perspective. We’ve had previous episode where we talked about the different dynamics and economics, cryptocurrency investing in general, but it’s good to hear it from someone inside and their perspective on it.
That’s short intro for Eason I think you already know Greg, but I’ve met Greg a few years ago. We know each other from previous encounters, but I’ve recently found out that he’s a certified technical analyst. The I’m also a good friend of mine. He got me into cryptocurrency. Me I’m.
I’m currently studying in New Zealand doing a post-grad in business and have interested in design, but also recently finance investing and the markets in general. if there’s anything we missed on you feel free to give us a short intro on yourself if that’s possible.
Gregory: [00:02:37] Yes, please.
Diego: [00:02:38] That’s your cue. Eason
Eason: [00:02:40] okay for me. Okay. So, you know, a little bit about me is that born in China raised in Suriname after my teenage years and then like went to college here in Canada studying finances investments and now working at TD bank and their, a wealth management unit TD Waterhouse, TD financial planning.
So my job really is to help retail clients, mass affluent, and High network clients relating to their financial planning needs in terms of like you know, we time and tax planning estates planning and then also government benefits within the Canadian tax structure.
And I’m more focused on the financial planning side where I utilize my team of specialists on the investment you know, like the management side of TD to do most of the investing. So that’s my line of expertise, I would say.
Diego: [00:03:36] Let’s take it back a bit. Born in China, raised in Suriname.
Teenage years moving to Canada to tell us let’s, let’s talk about that journey. How did you end up from China to Suriname and then decided to go to Canada?
Eason: [00:03:51] Well, okay. So I basically, yeah, so, so I basically got kidnapped by as a kid from my, by my parents. Like get to go with the story now, because I think we didn’t have a choice cause they were moving there.
So, you know Matt, my good friend, Greg you know, over there in, in high school actually where we spend most of the time, you know, like fighting with our teachers, I would say. And you know, as a, as a 10 year, as a ten-year-old, you know, going to Suriname, you know, like if for me it was like I would say a bit of a struggle first couple of years, I couldn’t speak English, couldn’t speak Dutch.
So like I had to learn a lot, you know, through my roots, which is like a Mandarin and Cantonese. So like using. My Chinese language to learn a foreign language and then eventually learning English. And I think for most first generation immigrants as myself, a lot of the, a lot of the decision, we’re not driven by like, you know, us knowing what to do.
It’s more by, okay. My parents is going there, so we’re going with them. And then the second step to Canada was that it was more like a personal choice for me because like it was either between like a Holland and Canada at a time. I didn’t know. There was a treaty between Suriname and Harland regarding to the, you know, tuition situation.
So otherwise I would gone there. But you know, I chose Canada, you know, upon my research on the type of immigration system that he had in place, and that I kind of had a grasp on, you know, where do I not, I can, you know, I would say like a stay cause a lot of people don’t get to stay, you know, usually when they go, you know, a broad study.
So that was some of my concerns too. So that’s how I came up with, you know, choosing Canada in Toronto as a, you know, like, you know, where I based my studies and why I choose finance was, you know, Toronto is one of the biggest finance hubs in North America. So that’s another, you know, factor, you know, when I thought about my career path, I wanted to go to, so that’s how I ended up choosing, you know, learning about finance, investment, financial planning, insurance, and things like that.
Gregory: [00:05:55] before you, you left to go abroad to study abroad in college. You already knew that you weren’t coming back to Suriname because you actively sought out universities in countries where you were allowed to state after you, you, you graduated. Wow.
Eason: [00:06:09] Kind of had that in mind. Yeah.
Gregory: [00:06:14] Yeah. I didn’t know you were a Chinese and I re I didn’t know, he came here when you were 10, because the language barriers between a ten-year-old and coming to a completely new country. I had no idea. I had no idea that you started speaking Dutch after you were 10. I would
Eason: [00:06:30] have never guessed. Yeah. I mean, we were like 15, 16, I
Gregory: [00:06:37] guess I would have had no clue that you came from China a few years ago. All right. Now. Good. Good to know, man.
Diego: [00:06:44] quite a, yeah. Quite interesting to figure out here, Greg. So you deliberately chose like finance. Is there a specific reason why that sector like really interested you, anything happened in the past or things you’ve seen that drew you to that industry?
Eason: [00:07:02] I think it was like, initially it was more like a career development, like a thought process on like, okay. I, I initially came here on a business degree and then like a halfway through, you know, I did some more research, you know, we diving to the job markets you know, and other things surrounding, you know, like in my studies. And I kind of knew that, you know, like with business degrees is so broad in a sense that, you know, a little bit of everything, but I nothing specialized.
So in order for me to kind of like you know, sell myself to employers and, you know, and also think about certain few that are widely available, you know, you know, hiring people all the time. Those were kind of like the driving factors seem to like me changing my I would say special specialty, like at the, their semester.
So I did the first two and then like a general studies you know, that well over there and kinda like just sat down and really thought about it, you know? At end of second semester to see. Okay, well, do I want to like make a change or do I want to continue this path? And then you know, let it lead.
You know, meeting to whatever though, I, you know, deliberately choose to go into finance, specialized you know, in insurance you know, financial planning and insurance like an investment. So that way I fell more secure going into the job force. That was really like a I would say initial decision, but as I, you know, continue to study more about the markets the more about investment in general and also, you know, the, the type of job that would be.
I’m going to be, you know, doing like a, when I’m done with school. That attracted me more because I know that I’m going to be focusing on like, you know, working with individuals, families, our businesses, with it, into, you know, like tax management, investment management, and also financial planning. So that’s something that, you know, I still enjoy day-to-day so that would be, yeah, my continued kind of like motivation to keep working as, you know what I’m doing right now.
Gregory: [00:08:55] All right. So the official title that you have is certified financial planner. Am I right?
Eason: [00:09:00] Right now qualified financial planner. Yes, but I’m doing my certification and this year where I’m going to get the CFP designation. Yes. Huh.
Gregory: [00:09:09] Great. So that says that you help clients set up a portfolio and you gauge based on whatever their risk parameters are. And then you suggest to them a sort of portfolio structure. You’re not the analyst that makes the stock picks. Right.
Eason: [00:09:27] So I think, I think for me, it’s like when I meet with a client, right? Like, so most of them, when I meet with the client, they will be processed as in like if I’m going to, you know, talk to them about, you know, what they actually want to achieve you know, I can kind of find out, okay, it’s just a task management issue.
Is this an investment issue? This is a financial planning issue. And then, you know, when it comes to other core investments, do they want to do it themselves? Or they want to have, you know, rely on, you know, like two specialists to do it so that it makes a difference, right? Because we have different lines of businesses to provide different kind of people.
So if they still want financial planning component to what they’re doing while in the meantime they want to do their own trades, I will refer them to another specialist, you know, in the direct investing channel. So that would be how I do it. And then we’ll after this coffee, you know, meeting then.
I will have kind of like a base plan set up for day, or would it be time and tax planning estates insurance investment, things like that. And then as we fall into the process the plan also, you follow us with buy-in and then that’s how I kind of work with them, you know, throughout the day after day, year after year and things like that.
Diego: [00:10:42] Just for some clarification, dumb question what would be the differences being a qualified associate and being certified in, yeah, I guess in the title, is there a certain privileges that certified individual has.
Eason: [00:10:58] Hm, I would say like at this, at this, in terms of the title is differences, I think a qualified financial planner versus a certified financial planner would be the level of complexity if financial and risk involved.
Yeah. So the level of complexity that, you know, like a, you know, a qualified financial planner versus a sort of upper management, certified financial planners, still with the highest level of complexity, like of financial planning within Canadian soil, basically. And that has to do with businesses too, personal to a person with business and personal stuff to holding companies to corporations and so forth.
So it’s some, some more technicalities you know, if you, if you asked me, but that’s my understanding, you know, between the two and now I’m doing, you know, the second part I’ll let you know when I’m done next year. Great.
Gregory: [00:11:56] Awesome. All right. You told me a fascinating story about how you got recruited straight out of college to work over there. I was wondering if you could, it could tell the audience what exactly happened, cause that’s pretty cool.
Eason: [00:12:08] Okay. Yeah, so I guess you know, like that happened kind of at. I would say last semester of college, what I did was a was already looking around for jobs and applying and such. But I haven’t been hearing back from, you know, like a lot of employers at the time, and most of them would just send me email to fill in some personal information.
And that was it. So what I did was to one of the employers that I actually applied to I just went into a seminar. Off a local advisor that worked for this firm called Edward Jones, dear a licensed both in the States and here in Canada. One of the biggest brokers actually in Toronto. And I basically attended his seminar listen to what they had to say about, you know, Type of job they did.
And then I kind of you know, invited him to do a interview with me, for my schoolwork. And then it’s actually for my HR course, actually about like a, you know, interviewing some, someone in the field that you want to work in. And then after that what I did was constructed about 20 different questions relating to the field and also what they do.
And in the mean, meantime also sell myself, you know, as like a fresh graduate about like my knowledge about like my business management, like a you know, skills that I kind of developed, you know, when I was working for my parents back in Suriname you know, in the boutique and you know, kind of like sold myself on, you know, what I know.
Versus what it did. And that, I guess when, well, I would say, and he also wrote me like a recommendation letter to the central HR department. And that’s when, you know, like you know, they started calling me a week already and no financial about offering. It was kind of like a train program that kind of more into a you know, like ready to work, find your advisor in the field, whether it’d be, you know, bonds, mutual funds and ETFs on all of those.
So that’s kinda like how I, my first job path. So I basically went and whatnot and basically went through this house almost well to the office. And they’re like ask fast what a job basically.
Gregory: [00:14:21] Wow. Wow. It’s interesting. You said you actively sold yourself, which is contrary to the normal way. People view this as you just get a job, you get offered a job, but you actively marketed yourself to get that job. You made it impossible for them not to take you. Right. in a sense, in a sense, yeah, you’re not even finished with college. So how do you actively sell yourself to go into investment banking of all places where I’m sure there are thousands of people who want it more than you, but it said they did pick you. What’s the difference? What happened?
Eason: [00:15:00] I guess it’s, it’s not, as, it’s not as hard, I will say, like to get a job offer, but the thing is that, how do you pass that? You know, like at that stage of actually getting an interview. So that would be like the harder part and like, through my, you know, two, three years of like looking for jobs, like from local companies and not getting a, a single call back or like an email bag and whatnot, my mind was kind of like going, okay, well, how do I get these people’s attention?
And like the only thing that I can get their attention. And I read a lot of like YouTube videos or like online posts about, is to, you know, to prepare myself for these kinds of encounters is yeah. And it’s just like my job too, is like at every opportunity you have to show your value to the client so that they want to continue to work with you.
Whether it be a, you know, like a simple thing, as you know, okay, well, you have to be a South started to work at this job. In my previous role, as I was helping my parents, we actually had to be proactively looking into solutions to prevent things from happening to train ourselves staff and to manage our business.
So that’s kind of like the things that I relate to, Oh, I have to run my own brokerage office while I had these types of experiences. Oh, I have to make a sell. I used to be, you know, helping training myself, staff into selling clothes. For example, I have these different kinds of skillset, but that, you know, may not be applicable to this industry, but I have the knowledge to apply it.
And kinda, you know, in that way was, you know, like that wow moment. Right. Has, you know, like. The guy saying to, okay, well, you know, they expect, you know, someone coming out of college to have all these different kinds of experiences, but like if you’re willing to try and the hit they warned me about is like, is a really hard job, you know, to, to learn and to you know, get clients out of nowhere and to study for exam, like all these three combined together.
But my first. Three months of work. So you know, you know, he warned me about it and and I still went through it. It you know, luckily I survived the whole process, but I guess at the end of the day is that, you know, nobody’s going to give you a chance, right. Unless you give yourself a chance. So if you wait for someone else to give you a chance and like, what does that make you differently than the guy that’s looking for money on the street?
Like in my mind. Right? So like, for me, it’s more like, okay, how do I proactively solicit myself to like different employers? Like if I get the platform to do it, like, and if I know that I’ve been getting my so many no’s in that know previous encounters already, you know, I have to just, you know, do whatever I need.
You know, in order to get this position or like another position or whatever the case may be. So I just try my hardest to not sound too cringy while selling myself. And that works, I would say luckily so that’s, that’s basically my mindset around that here.
Diego: [00:18:03] great approach. I must say it seems you spent a lot of time as well, aside from your, like the technical side of study investing in a lot of your personal development in building rapport with people. And I think that’s the thing you’re building that relationship before getting in there. So, and relating to them in a way with your past experiences and that got your foot into the door because it was different because other people don’t do that.
Eason: [00:18:31] Right. So like that really got my foot into the door and what’s coming.
I didn’t expect the, like a, it was a three short, well, I wouldn’t say short, but like three interactions with HR personnel, like to basically evaluate your own work versus the mental state that I was in. And then like finally with the HR manager to kind of like they literally say this, like, you’re going to probably sit here like a hundred people say no to you every day.
Like, are you okay with that? Right. Things like that. And then afterwards going into like a professional development More interviews with like regional, like management teams on, you know, like a business plan building and building your three years, five years and 10 year business plan in your market area, how do you market itself?
Things like that. And the craziest thing is that even without any previous experience in being a banker or advisor and never had the opportunity to what I did in a way, but I’ve never really had the opportunity to like be fully licensed, you know, as a investment advisor, they asked you to go through a, a day in the life of a financial advisor.
So what happens is it’s a six hour assessment that they hire actors from the States to test you on. And in the morning, you will get the introduction of the company, what we do. And then from there you have your own clients, you have prospects, and you have. Leads. So leads are people that you never spoke to prospects are the people that already know you and you have your own clients to manage.
So how do you divide your time? Right. Within a three-hour period, and then there’s like a halftime report. So they’re going to tell you, okay, what you did well and what you didn’t do well, and then second, three hours you know, you have to commit. I mean, like work with a a prospect that’s been, you know, interested into working with you.
Well, you have to have a phone conversation, kind of like a phone meeting with him. For me out of college. I was like a bit of a challenge for sure, but like a so I didn’t do a, in the first half by it. Okay. In the second half. So they let me in. So that was kind of like a whole process, you know, eh, it was around like a six to eight weeks in total for the whole interview process. So after that, my training stocks for real, so that was a pretty hefty.
Gregory: [00:20:55] So they, they gauged your ability to handle clients before they actually. Thought you the intricate details of stock paper, portfolio construction. Wow. Wow. That’s pretty cool.
Eason: [00:21:10] Like what kind of conversation? Or like even, and what can that conversation you have? Right. So like now, you know, like with in close eyes, I know what to say to clients. Well, at that time, when I was doing school, like they leave and kind of like teach you how to talk to clients, but how to talk to them. And you’re dating to their you know, finances or planning is, and things like that.
But I had to do that within that timeframe within the one day. It’s just escalated learning curve basically. And I’m just happy I survived.
Diego: [00:21:38] In other words, they just threw you into the deep end of the pool and see if you could make it out on your own.
Eason: [00:21:45] Right. Right. Are you going to, are you going to sink or swim? Basically. They want to see under pressure. And Oh, they also, they also throw in a complaint in there in the middle of the, in the middle of the whole assessment. And like someone was calling me to complain about, you know, something that I need to get back to like right away. And then like and then I think the hardest part was like to make sense of okay.
Why you did certain things first versus starting things last. What was your motive around that? What is your thinking around that then when you talk to these prospects what, what is going through your mind? Like why do you say certain things versus the other. Like soft skills and technical skills, like were tested basically.
Diego: [00:22:25] And having gone through that whole process and now actually being in a position to get clients, what was your experience like onboarding your first client? How did that go?
Eason: [00:22:36] I, I, I can remember, I can’t remember the first client, I would say like but I remember first time going to a stranger’s door and to knock on it.
I still remember that the street number and that street in the intersection and what I said and what the lady said, because part of my training was. It was that they will kind of in training centers with like actors and like coaches and things like that. To teach you, for example, when you are at someone’s front door, what do you say?
How do you introduce yourself? And also like you know, how the market is up and things like that. So it was a, a, you know, like in the afternoon somewhere in 2016 towards at the end of the year you know, on the streets. So I knock on this person’s store and I just held a fly in my hand.
I go, my name is Eason Ye yeah. Local financial advisor, you know, like, I’m just going to be opening a branch in the near future, around your area, you know, like these are, you know, what we do. And then she looks at me, she’s like, okay, I’m not interested. And then she closed the door and I was just still talking to her at the door.
I just kept talking. I was so nervous. I just kept talking that I stopped after a while. And I’m like, Hmm, Okay. And then that was kind of like the experience of me, you know, going through, you know, like talking to strangers and soliciting yourself, you know, for the first time in my life. So that was kind of like, yeah, that was pretty hard.
Gregory: [00:24:00] What, what is the default conversation look like? Cause I can imagine when someone comes through your front door asking you, if you want to buy something, the standard answer isn’t no, and it’s probably no go away. Leave me alone. Right? You got up, you got up and you just got to keep on going, keep on going. Everyone tells you just stay away, but how, how does that go?
Eason: [00:24:23] You just take it one by one, usually. And on a daily basis, I like, in the beginning I probably visit like a hundred to 200 doors from businesses to home, I’m still like, you know, walking right. You know, and walking in the neighborhood.
So a standard conversation would be, I later changed my style, I would say in the beginning it was small about the emphasis of, okay. I work for Edward Jones and I’m opening, you know, like I’m working in office close by and, you know, I wanted to, you know, like get that student know that, you know, things like that and what I’m doing later on, it became much more about, more casual, like a about like you know, I’m coming from Disney investment company.
And we have, I was doing monthly seminars with like Banking portfolio managers and investment portfolio managers. So that would become like a easier, like a talking point for me at that time. So I would just go in and be like, Hey, you know what? I have monthly seminars. They are usually punches close by.
You can come in and during lesson, I will have a RBC and, you know, banks, you know, before the manager coming in to talk a little bit about, you know, you know, current, you know, strategies or like you know, portfolios or like current trends, you know, into like the investments I will be in my account.
My spill, as you would say. And basically just finding, I would say the right lens you know, for the right kind of like a product. So, you know, I have retirees that say, you know what, I don’t even want to do stock market a don’t worry. We have like guaranteed banking products, whatever, you know, things like that.
Just making sure that, you know, we can kind of in the sense of, you know, one that got to find clients for my survival, but to also, you know, find the right products for the right audience, because oftentimes, you know, like at the bank, because they already bank clients they might not pay as much attention to these clients, compare it to like you know, brokerages.
So that’s why even now when I get clients from the branch, like I would say most of the time they are not properly. I, for a SIFY all I properly you’ve asked it. So I have like the full suite of the investment that’s available. But at the Waterhouse side, even though we are saying bank, but because I specialize in this area so I can give them more, offers, more choices cheaper options and things like that.
So that really becomes the you know, my go-to conversations. And then, you know, it depends on the client. So it’s, it’s really no go-to, I would say latches on the fly, how, how the conversation goes. Like you just need to know your stuff and, you know, whatever comes your way just answered.
Diego: [00:26:59] So from going from looking like the early days, being like a pesky salesman at the door and evolve to finding their needs pushing the right buttons what are some common misconceptions that people generally have from what you do as a planner compared to the standard bankings and investment,
Eason: [00:27:19] Right. So, so previously when I was at Edward Jones, there were thinking that I wanted to steal the money from the bank. So that was the general misconception. And they also thought that, you know, like the person with the same title as me at the bank did exactly what I did. So they would often say, Oh, I already have a financial planner, but that’s not it.
Yeah. I don’t deal with mortgages. I only specialize in investments. And that is the investment advisor in the banking side, which you need a million or more to enter the door, but he I’m giving you the same type of service at $50 and, or like hundred thousand or whatever, things like that. So that would be like a main misconception.
And then even now, you know, at the financial planning offer people would say that, Oh, I already have a, you know, guide that looks after my finances at the bank. And they don’t know that we have different, like, we are all great in our own field, but we have different tools in terms of like planning for retirement, for example, managing texts you know, in retirement, for example, when you draw down your investment, what kind of taxes are involved.
With different type flag counts. People at the branches because there are jack-of-all-trades, they have to do mortgages credit cards, open accounts, investment, a lot of things are kind of like lost in the process where they have to go to do all these things separately for the client.
Whereas me, I just specializing. Okay. If you’re investing, these are kind of like the things they need to look out for. If you have a regular account, you know, these are kind of like the taxes, the case back, you know, at the end of the year from dividends, from income, from taxes, interesting slider. So that would be like a general misconception, you know, like between what I do versus, you know, the president of the bank.
Gregory: [00:29:11] All right. Cool. So what does your day look like right now? Cause do you still actively sell house the house or do clients come to you now? What’s the deal.
Eason: [00:29:21] So I think since I moved to banking you know, investment, even as an 18 right now I work with one and a half branches, I would say initially I started working with like three branches.
What I do is like, I train my advisors at these branches to kind of identify, you know, the right kind of clients that should come to this channel. For example, people with. You know, North of 250,000, and they are just invested in a branch at no extra cost. They can have a personalized financial plan, you know, already including to the you know, the cost of the already paying.
So those are kind of like a thing additional level of, I guess, due diligence from the bank side to make sure that their clients get the best value or at least that they know about it. And no, I don’t go door to door anymore, but I, from time to time, I would like, for example, go to different seminars, for example you know, if my school will advise me to go have talk with them, I go if some market specialists or like my bank managers that I, you know, partner with you know, according to a event where they might do a presentations, like I would be in charge for the investment, then we’d time portion of the investor, like the presentations.
And also I would. Maybe go to like different balls from like a, you know, with Hyman homes you know, professional groups then also professional organizations, things like that. So that’s, that’s really, it like mainly referrals on the, you know, bank SDS specialists within the branch.
Diego: [00:30:50] Could you clarify one thing for us? So you are the investment. Free visit and in independent investment advisor, and now you’re under a bank because
Eason: [00:31:00] yes, yes, yes. So, so when I was working with Edward Jones, I was more in a, a private company. So over there I actually ran my office with another senior financial advisor. So each of us has between like I was managing about 200 families and he was maybe managing about like three to 400 families.
And then within the team we have about like a three to four associates doing like admin work, calling clients and things like that. So that was my previous role in a private not publicly traded investment company based in Canada, in States. Since 2018, I came over to TD bank under their TD bank investment unit.
So over here I basically work with branch teams. As the primary financial planner which is my title. And then I work with branch teams to identify, for example you know, the right type of clients that suit, you know, like enjoy this kind of financial planning service, and then like coach them on you know, what’s happening on the market you know, on the coach, them on, you know, like products that we have at the bank site and then also work out strategies to market, you know, like the business and also make sure that let’s see if I meet someone and if they’re more suitable for another channel at another advisor, I’ll do that, you know, like send them their way.
Or if they need like business banking, I have a business banking like a advisor, send it his way right out. That’s kind of like my line of work. And I’ll just to clarify everything that I said is more of a personal opinion. It’s not the same of the bank, just going through trouble.
Gregory: [00:32:40] All right. So let’s just stay, get a practical, let’s say I’m I’m 25. I barely have any savings, a few thousand dollars, but I want to start now investing for retirement. I come to your office. How do you set me up? What kind of questions do you ask me?
Eason: [00:32:57] So I think for everyone is it’s pretty much the same thing that I kind of go through. So if you’re 25, that means that, you know, retirement age is about like 65. So you have like 40 years to invest. You know, that’s like initial findings, right. And if you’re 25 and you’re here, like, are you a permanent resident here? Or are you like a Canadian citizen now? Are you a student here on abroad?
So those kind of like all the things that will affect your Retirement income from the golf. Right. And then from there, really just looking to your, like your work history to kind of gauge, gauge, understanding, and also let you know that. Okay, well, if you’re working since you’re 18, and then you’re gonna continue working or what kind of money you can expect from the government in terms of like social security, you know, like off Canada and then from there, really just to gauge understanding of your income level, how much you’re okay to save what kind of goals you have, if in the interim, you don’t own your house yet.
That might be something that you, you know, you might want to think about. Right? So if you’re going to purchase a house, that means that that might be a primary goal now, because. Your retirement is 40 years away. And if that’s not the case, then like you know, then we can work towards things that, you know, give you some like tax efficient strategies relating to what you do.
What kind of income you have what kind of capacity you have in terms of like the different account types that you. May or may not own already. And it just to work a plan now, you know more, more focused on the plan first because the investment side of things like depending on my understanding of you, like we can find a good portfolio fully managed by portfolio managers, you know, whereas I’m will be more of a, a quarterback to your like you know, like the financial plan in place to make sure that, you know, the investment of working in your favor to get to where you want to be eventually.
Right. Whether it be purchasing a home, you know, retirement and additional income. Depends. So it’s a long conversation for sure.
Gregory: [00:34:53] All right. So let’s take the complete other end of the spectrum. Someone who’s 60 years old. Yes. No that his children are going off to college. He just wants to preserve as wealth into his retirement. What was, what would a person like that portfolio look like?
Eason: [00:35:10] I think the age factor is definitely there. So age factor, meaning that you will probably be more income focused. That’s definitely gonna be there, but like, as you said, like he’s 60, he is like, has to know that this is still working. His kids are going to college.
Does he want to keep something aside from them in their name or like a, you know, what his name now, but then like, they will be the beneficiary. Does he have like a charity that he wants to like donate to like it, that way you can say some taxes. Right. You know, and then from there really just gauge understanding of like his like expectations, you know, and also he’s like a risk you know tolerance and even going into the behavioral finance of things where you know, he might behave a certain way in bad market conditions.
So those are the things that I will need to assess before, you know, we even go and we talk about investment because investment is just, you know, the idea of, you know, me knowing everything about the client and then eventually choosing the right product. Not just because, Hey, you know what? I won 10%, what can you do for me?
Well, I have 10% product, but if you pull the plug, like, you know, this March, you probably will not make it. Right. You know, if you behave a certain ways that I’m proudest not right for you. So where to me giving you a high risk profile, I’ll give you a balanced profile so that if you see that the money is not dropping that much, you will not, you know, like you know, be so fast to salad and catch your losses.
So that way over the long run, you’ll keep more to yourself. You know, those are kind of like the things that we like us, that we face, like individual clients that we have to do. It’s that not only do we need the right product, but also the right product for the right client. Right? if someone is where we are quick to react to market situation, that’s like some of my not even retired, like some of my 60 year old, 50 year old clients, they see that their portfolio dropped by 1%, they’re calling me.
So I know, okay, well you need to go into like, you know, we time and portfolio. So, so it’s a lot. So, so I like power struggles dealing with people you know, knowing that we are imperfect in any way many ways and just really deal with that. yeah, I can’t wait to go into like you know, details on like investment because I need to know more. Yeah. Before I can do anything, but definitely income, income focus for retirees.
Diego: [00:37:39] Generally what’s the like financial literacy from most of the people that approach the office looking to invest. is it like they have already have an idea of our, why would someone go to an investment or financial planner compared to, you know, going to a broker opening account on a brokerage himself and doing it themselves? Trying to gauged the financial literacy in general, why people would go to a bank or not.
Eason: [00:38:07] Right, right, right. Okay. I think like my opinion is that people go to a bank because a one either they don’t have time or they’re not interested to their knowledge is not to a state where they are comfortable managing their own money and three stat some people are just lazy.
right? Like you have your time to do everything else in the world, whether it be doing the job that you like to doing, the hobbies that you like. I spend time with family. If this was not my job probably won’t pay us much attention and time to it versus is what I’m doing right now.
Cause this is my job, right? So I’m supposed to be falling into markets, knowing what’s happening in the market, you know, in the world defense you know, you know, marketing events, economic events, things like that. But you know, to me, I think that most people do value advice in terms of you know, even if they have great knowledge.
Great, great. You know, example is that a couple months ago I spoke to a, a gentleman, he, and Three other families combined with the wealth of around like 6 million Canadian dollars. He told me like a specific beat that. It’s not about the investment because I, I can do that myself. I want to, I want the value of knowing that, you know, that tax planning is being done right.
You know, that different, you know, like tax strategies operating in my accounts and also, you know, like a hymen plan and a financial plan we dating to our own, you know, like needs, right. Each family you know, like he, he knows that the fees invested with that kind of that amount of money is gonna get some pretty good returns, even if you throw into balance.
But that’s not the value. Right? The value is really like in terms of like tax management, estate management, like, how do you prevent from like paying the tax agencies off the government versus paying yourself, right. It’s those kind of things that people value, especially at their later stages.
And the third thing I would say is that, you know, it’s, it’s the easier way, right? You’re not going to keep cash under your pillow anymore. So I would say, yeah, those are kind of like things that I see mostly.
Diego: [00:40:21] Cool. Yeah. Thanks for clarifying that maneuvering the tax system, especially
Gregory: [00:40:26] let’s, let’s just take the March scenario stocks down. What? 30%, 40%. Right. I’m really curious to see how your days were at the office.
Eason: [00:40:37] I was in Columbia on vacation,
but my buddy who was yes, yes, yes. But my buddy who was covering for me was having the time of his life. He just started working as a financial planner. And he was covering me and normally you know, nothing happens in March. So that was right after tax season, right after everything you know, that’s being done.
So usually our business time is between January to like an a February and in March, it’s usually like nobody’s going to call you because it’s like a closing. Closing down to like a summer, like almost summer so that people all are either working or like you’re working on this summer plan, but then the market, like it hits rock bottom.
Right. So I have people emailing me. I have my buddy who was covering me, emailing me, calling me. And I had the people who I added on the Chinese WeChat program. Like they also were calling me, you know, on that platform. It’s basically like Instagram, but like for China. So, but they were calling me like constantly and like why I was on vacation because like, Wi-Fi was pretty scars and Columbia.
So I like, whenever I go, I come back, like maybe I’ll see like five to 10 different messages. I’ll have to like, get to them and speak with each one of them, like, you know, 20 to 30 minutes to kind of like calm them down and to kind of like make them kind of, we assess, you know, what is happening versus, you know, like what they actually want to achieve.
Right. So fortunately, I would say only about like a 5% to 10% of people like sold off what they had and they didn’t enjoy the you know, rise back you know, to the top right now. Some of them, you know, like exited and wanted to jump back in right away. So that’s another challenge too. And Again, it was about like managing people’s emotions versus actually managing, you know, the investment, which is, we know for sure that, you know, the portfolio managers are doing everything in their power to, you know, not job like the markets.
So I would say the most aggressive funds that I have year to date the only down by like a 1%. So what that means is that when the market dropped for the, with it about like negative seven, eight, because of the mechanism of the you know, the fund managers, like they’re doing like offsetting you know, the market volatilities and also some advanced strategies like short-selling options and things like that were in place.
So long story short Managed to calm most of the grants down. And it was pretty positive, but you always have some of these kinds where you know, they pull the trigger and like, they get kind of upset about it, but it’s too late afterwards because you know, like as, as much as I can talk to them about, you know, like you know, thinking about this on the more I would say not non-emotional senses and more like looking.
Long-term it’s really hard at that moment. Like even I have a struggle cause I, my photos were down 45% right. In March and my own money. And then I put more money into it and then it drop again. But now I’m that positive. So I’m happy that I stick through the process, you know, like, because whenever I get kind of nervous and you know, kind of upset about, you know, all my calories and what the hell are you doing?
You know, I kind of go back to research, you know, actual data, you know, what is happening versus panic selling. So panic selling is the worst enemy off everybody. And I would say March leading into April was a pretty. Busy, emotional and a lot of you know, back and forth with the clients, making sure that they okay. So other than that, you know, it’s, it’s, it’s not as crazy.
Diego: [00:44:20] On the flip side, we are five months further. Now a pandemic is still going on crisis, but the markets are at their all-time high now, is that the whole, what’s your take on that? This is how, how are people reacting to that now? The, are people coming to okay. They want to invest now when they see things are going great, even though we are in a world wide crisis,
Eason: [00:44:44] I like my take on it is that like, we are really suspicious about like a if it’s maintainable. But we know that long-term wise like one year, two years from now, like this is not going to be a huge issue.
Whereas if we miss five best trading days within the year or two years when we are probably going to be down like five to 10% from our actual earnings. So I don’t want to do that. Right. So and we know this because like it’s time tested. Like, you know, it shows itself even within this year with the last six months, people who pulled out doing, you know, like the job missed all of the good trading days.
So they are net negative for the year while they put out at the bottom. So I think it’s a lot of different things, you know, that’s surrounding this whole like increase at one. The government is pumping tons of money into the market to make them like run as they are right now. But if you look at the data, most it companies are having a great year and they are helping lift you know, the unasked tax and the Dow Jones’s and S and P 500.
So, you know, if you look at it that way they have net gains so it’s not just like BS information out there, you know, someone’s pushing the market up is like they have actual revenues. So that’s a plus. Why we are suspicious is that, you know, we’ve never seen something jobs so fast because we’re so quickly, the job was tremendously quick and that we cover even quicker, like compared to, to us and a where the job happened over nine months.
Like it’s just in comparable. So we are looking at this on a more tactical basis, meaning that we have you know, certain short selling orders in place to offset you know, like some of the market volatilities, we have a lot more strategies in the back end where you know, we also deployed the mechanism to purchase like currencies and gold and things like that as the occasion arises depending on the market situation.
So like, our view really is that, it’s a bit unstable right now and we are doing our best to control the risk. But if you ask me, I think that is probably going to continue at least you know, into the election. It’s kind of like my view right. Lead on, on the, on the situation right now. But you know, like when, when it comes to it, like nobody really knows.
Right. And if I tell you that, I know for sure, like, I’ll be bullshitting too. I, the only thing that battle is worded, like what I think it’s important is that if you have your fundamentals and if you have your fundamental strategies on like different situations, what the potential outcome potentially will be and controlling your risks to the lowest the market is going to do what they are doing.
Like we still have to find a way to maintain, you know, like some good real returns, not what’s happening now, but like Ruby turns a couple of years after now when things are said and done like audio still okay. Where retirement is, what we are paying attention to. Right. So that’s kind of like, yeah, my, my view on the whole thing.
Gregory: [00:47:55] Yeah. Even you said that you yourself suffered a 45% loss during the dip. I need that. That’s ridiculous, man. That, that really sucks, but I’m glad I I’m glad you stuck through it and that you bought someone a dip, but has that given you a different perspective on how to relate to your clients because you’ve experienced it yourself or did you already know beforehand what it was like you knew it was going to happen eventually. Now we just have the practical experience.
Eason: [00:48:25] So I would say yet to both I already know what’s going to happen when market goes down like this and the fact that I went under with them. I think every year, whenever things go down, I went under with my clients anyway, cause like we have similar stuff.
You know, I, you know, used the same products that I use sometimes for my clients. So I know that, you know, I’m in with them at the same time as like a market’s going to do what they do. I need to be able to relate to them one way or the other in order to kind of like do then I would say surfacing in a good way, because like, if I can not, you know, let them know that, you know, what.
I’m doing even worse than you, because most of my clients are not even down 10%, so I’m, I’m doing worse than them. And then, you know, I need, I need them to understand that this is gonna, you know, go by because I know that, you know, just like my, and from my own money is that I’m not going to touch my money for the next two years.
So I, while this is happening now, it doesn’t really matter to me. I want to know that, you know, two years time, like my money is still going to be okay. And if that’s the case, then I’m fine. I know that that’s going to happen. And seeing things to you. Like now you’re maybe down 6%, but you know, a year from now, like you might not be down 6%.
You might even be up 6%. I’m like, cool. You know, instead of like worrying about, okay, well she is Sal. I should go do whatever now. Like, why don’t you just wait to the next year? Because you know, At your best interest is going to be a worst nightmare right now with interest rates being this low, like cash is going to be the worst, you know, security for like years to come because century serve is probably not going to increase their rate for like another two, three years.
Also in the Canadian side of things, we’re not like we, we don’t see, you know, like essential bank increasing their rates for like the next year to two years. So that’s why the guaranteed investments is solo right now. Savings accounts are like rector low add like 0.1% you know, maybe a different story from a Suriname, but like a here, like everything is super low.
So like it’s a punch that go to the savers. And the only way for us to really like move forward and be able to at least speed you know, inflation is that you need to have some kind of like growth that’s maintainable something like a dividend paying companies, even, right. Like they, you know, settle price and then pay you reasonable, like interest or Yeah, I like that.
That would be, that would be like, we talked for savers. And another thing also is that the bonds, according downwards as well so you can even rely on bonds start is if you have mutual funds to have like long-term bonds for like 30 to 50 years from like five, 10 years ago, like they’re still okay.
Right. They still paying decent like five, 6%. But like right now they’re issuing bonds for like one something presented very so it’s, it’s not feasible. And, you know, it’s, it’s, it’s going to be like an equity. yeah, like, I don’t know how to, I don’t know how to put it. Yes, definitely the experience led me to be able to relate more to the clients and let them know that, you know, I’m more aggressive than him.
I’m losing more money than them. And that happens all my weddings you know, salad, AIPAC at the high. So that’s my, like I would say my my motive is to make sure that they don’t sell at a loss. And I’m pretty open about that with all my clients to start with you lessen some phones just pretty, you know, straightforward. It’s saying that you know what, like, I know you bought this prize right now.
We are here, but I don’t want you to lose money. So like bear with it for like a couple more months. We’ll talk again. And you know, kinda like handle mentally, you know, make sure that they’re okay and calm them down. Cause otherwise I can’t stop them from salad because at the end of the day, it’s their money.
They do whatever they want. But I’m an advisor and I do my best to stop him from doing some data and we’re not supposed to do.
Gregory: [00:52:08] Yeah. Yeah. So when a client sells against your advice, does that mean that the fear of losing money is higher than they trusted they have in you personally? Or is it something else you think?
Eason: [00:52:22] I think on the behavioral science perspective, when you are losing money, it’s the equivalent of you being chased by a guy with a knife in their hand, so they can relate the feeling of losing money. To physical harm being experienced by an individual. So in that sense, I don’t take anything personal because I know that, you know, at the end of the day life that comes in down, I’ll do it, but I let them know that, you know this is probably not the right move, but life, this make you feel better, right?
Like, I’ll do it for you, but this is not my advice. And I also know that you know, on my interactions with each client and yeah, I, I don’t think it’s a trust issue. I do think is a, a mental and behavioral, like a science issue, which there are studies about it, like all over . Yeah. I don’t take it personally here.
Gregory: [00:53:20] And, and the people that panic sold are there, is it mostly the older crowd with more money to lose or is it the younger crowd with less experienced? They’ve never really experienced a recession.
Eason: [00:53:33] I would say mix and somewhere in between. But I don’t think it’s so much about like being, living through a market cycle like this, it is more about like individual basis.
I have seniors who like, are just stuck through the process, like, yeah, I know market is behaving a certain way. We just wait till next year. It’s no big deal. But so you have people like that. I need inside the same age group you have. Oh my God. Even my kids are losing their job too. And a market is so low.
I want the South to keep some cash so that, you know, if they need help, I can help them. Right. So they’re souls and there’s also like, Oh my God, the market is going down. Like I’m really conservative. I’m not even going to talk to you. I’m going to call it the trade desk and I’m selling myself. So you have all kinds of different people for sure, but at the end of the day, it’s like everyone is different and that’s why I have like a personalized plan for everyone.
Because I know that certain people behave a certain way and know that certain clients of mine are good with volatility, but out of stones. So I will have like different strategies when like you know, it comes to like managing their money and also like managing their emotions. So it depends.
yeah, it’s no, I got my psychotic yeah,
Diego: [00:54:57] innocence and then more with emotions and calming people down the technical side, like to make a quick segway. You mentioned previously, you also had when you you’re a Columbia people on a WeChat channel. So, but now predominantly handle local clients. How’s the internet style clientele work for you. And lastly, to intertwine with that, how has your multi-lingual specialty has been able to speak Mandarin Chinese? English helped you in this position for international.
Eason: [00:55:34] So like the first one would be like yes mostly local like clients, because everyone needs to have like a, they call it like a social security number in order to open up a investment account bank accounts, you can have, that’s not an issue, but like to open up an investment account, like a brokerage account, you, you need to have like attacks.
Number basically. So yes, only with locals and it does not work with international, like clients although some people who have previously invested here in their retirement, for example, like a, for 401k equivalent in Canada even if they become like a non-resident, but they’re still Canadian, but they are living abroad.
Like they can still maintain that. So I have some clients that do have that. But yes, mostly just all Canadians and I’m not able to work with like international investors. And then in terms of multi-lingual skills, I think that that does open up the dialogue. You know, like, even though I’m not fluent in Spanish, like I can say a couple of words in Spanish and like you know, that does open up like a wider range of like conversations where, you know, those kinds of also lead me to have a better understanding of the client, you know, feeling easy around me and willing to share more.
So that’s always a challenge between like you know, like you meeting someone new versus like you know, them opening up about, you know, what they want to achieve or what they have for like what they do. You know, things like that in terms of like Mandarin and Cantonese definitely helped me, you know, even getting my.
Current role because the previous branch manager was a a Chinese branch manager. And he predominantly hired a lot more Asian advisors. So in order for me to work with these advisors referrals, I would must be able to speak Cantonese and Mandarin where it leads to, I would say right now, 70%, you know, of my book of business is Chinese clients.
You know, Differentiating from my Mandarin and Cantonese where 30% is predominantly English speaking. So that’s kind of like a mixed for now. No Spanish clients.
Diego: [00:57:34] It’s a pretty interesting to see how that divide is between the languages. I didn’t really expect that, especially in Canada being local. I know that when I still have more than 50% in a foreign language.
Eason: [00:57:47] Yeah. So I think in terms of like geographic location a lot of Asians like live in a neighborhood like before. So they still have their accounts here. So even though they move away from here when, after we call, they still come back to banking.
So that’s what led to you know, like us having like a large pool of like Chinese clientele. Especially out of the three branches that I manage before, two of them are like predominantly Chinese clients, because they were the only branches in this whole area that had Chinese advisors at work.
So for the people that do speak English, but like maybe they’re more comfortable in their own skin, you know, speaking Chinese, they will probably prefer more, you know, talking to like a Chinese advisor in the area. So that’s how it got segregated that way, I would say. And then now, since I got a new branch manager that I’m working with, so now it’s becoming a mix of everything. So no, like not specifically one or the other, but yeah.
Gregory: [00:58:53] from looking at you and comparing you to your superiors, your superior officers, superior manager, what are the differences in qualities between you and the higher ups? How can someone like you, who’s already pretty high up the food chain, I guess. How can you get higher and higher and higher? What qualities would you need?
Eason: [00:59:15] Hmm. Okay. I think you’re talking about in terms of like, maybe going to like a management or corporate, is that what you mean or,
Gregory: [00:59:23] yeah, exactly.
Eason: [00:59:24] Okay. So in my line of business, we are actually not in it to going to management. So different levels structures, like maybe we start from the basic store.
If you are a tablet at the, at the branch, you are level one, So we have level one until like maybe level like 12 I’m a level eight. Right. So what that means is that equivalent to a, a like the same level, like I would say like an assistant branch manager, but because she is going to management.
So like, she is not a financial planner, for example. So when you’re going to management, you only do like management positions. So like coaching positions. So like other positions, mostly lead teams. My role is more to face like clients, client facing Yeah, so that’s kind of like the difference. So for me to up, it would be from financial planner, coined into investment advisor where I will have the ability to use like alternative investments you know, purchase ETF stocks short-selling margining accounts Group manage accounts and things like that.
So that would be kind of like my pathway to go for it. And that’s kind of like a level 11 or level 10, so it skips a couple of levels there. But if you ask me where to, you know, like my differentiations to the management team, which is, let’s say my manager, it would be like they would be the people that have more experience coaching and leading a team for versus us.
We’ll be more experiencing too, like a facing clients, coaching clients, and talking to clients. So different route of like specialties, I would say. Yeah, that’s a total
Diego: [01:01:14] different interface, basically what you deal with.
Eason: [01:01:17] Yeah. It’s, it’s different. Yeah. It’s different. So like you know, like when you’re a manager, maybe you’re after, you know, like managing talent and making sure that, you know, they do the right thing within compliance, you know, like that, that they are compliant and that they are, you know, doing, you know, like in what’s in the client’s best interest and, you know, to be able to coach them as best as you can.
Right. And then like, from there, when you I would say lead the effective teams, then that’s how you move up. Right. And then at the certain level, maybe you have to do your MBA before you go to the next level. And for me, it’s more like basically manage my own clients to a point where I would say some of my colleagues would happen once that because of how their portfolio grew.
But individual clients having so much money that you know, this platform is no longer feasible for certain clients. And we have a lot of those clients, you move up to a investment advisor role where we’re going to have more offerings, more diversification at a team of handling things. And then also I will be able to kind of like hire my own staff to formulate a team around, you know, my clients.
So that would be kind of like a, a route, you know, to like from now to like the next step, what that looks like.
Gregory: [01:02:31] Yeah. Cause I can imagine you can only manage so many clients before it because, because it starts getting way too much and way too many phone calls. And you said now I believe you have around 200 clients. At what point would it be just too much to handle?
Eason: [01:02:48] 200 clients, 130 families. I think. A study has been done. So the best number to get to is 250 families, 250 families, meaning approximately 500 something clients. Right. That’s kind of like the best number to get to. But a lot of us, you know, at, in my team, like they have more than that.
So some people have like 2000 clients. So like how they, how they manage it. Like, I’ve seen people that, you know, basically conducts like five, six meetings a day nonstop every day. Yeah. So that’s kind of like how they may maintain it, like certain, like to a certain degree. Right.
Diego: [01:03:26] you calling that number, like 2000 clients doesn’t that kind of bring you out of touch with people. How do you even remember who you’re dealing with and keeping that relationship going?
Eason: [01:03:37] So, so that’s, that’s where that’s where discipline comes into place. Right? So like I said before, every interaction, I have notes on what we spoke about what kind of decision we made, where they be on taxes, investment and the plan.
So for each of my families, I have like a group of notes under there. That’s like how I make sure that I remember everything. So like before my meetings or before my conversations I’ll have like a quick with the, on what we spoke about so far and then kind of like, just go from there. So it’s more like I would say for me, because I started doing it since I started working, so it’s like second nature to me.
So that’s mostly how we organize things around that. And I think the good thing about is like maybe 2000 people is like a reach maybe 1500. You know, if you have 1500, that means that you have at least like 750 families. And you know, if you’re lucky at that number, that means that every year you at least have to, you know, have like two meetings a day, Right.
If you’re not taking vacation. So, you know, one family will be one meeting, right? So 750 family divided by two around like at three, three 75. And then if you do three meetings a day, you know, in a year, then you’re covering everybody. So it’s actually not that it’s not that hard, I would say. And with the support to technology where you know, some people might not want to travel.
So we have like, you know, zoom call for example, right. To meet with these different clients and make sure that we service them to the best that we can. So yeah, I mean, it’s loss of touch she asked potentially, but like, we can probably, at least from my peers to actually have that many clients. And they’re not missing anything like it’s crazy.
Diego: [01:05:24] Would you say that that emotional detachment is kind of a good thing? Cause not being too invested in, you know, the people and just having a summary of notes saying, okay, this is what’s going on. And then be able to engage with that without, you know, being emotionally invested.
Eason: [01:05:41] Yes. Yes. Yes. That’s this one of the more important things all actually, you know, when I do my licensing exams. So those are like the things that they you know, explicitly like teacher August basically be as unbiased as possible because if you are using your emotions and your biases and you know, other things, you know, surrounding you know, your decisions then like you’re not serving the client that their best interest you want to be as, you know, like as neutral as possible when it comes to like a client, like dealing with clients or talking to clients you know whether it be like on the investments, on planning on other things, like, like we just more of a, okay, I hear what you’re saying and then use our knowledge to like, guide them the right way as a, in a sense.
So, yeah. Try to be as unbiased as possible.
Diego: [01:06:32] So I assume that also be a policy as in not being allowed to handling like family or close friends. Is there something like that in place?
Eason: [01:06:42] There is nothing like that in place, but I just don’t do with friends because I think that it’s really hard for me to do it.
So like when they meet me for business, it will be one phase. But then when they meet me outside will be another face or like for me it will be really hard. Right. So and that does not mean that, you know, like when I have clients is strictly business, there’s also like personal side to it. Like they do become friends over time, but like, for me to deal with, like, for example, my classmates, it will be no, I, I don’t want to do that. Yeah. I wouldn’t want to do that.
Gregory: [01:07:15] So I got to ask this question because the impression that. Yes, people from Suriname, half of wall street, and indexing is obviously the famous movie with drugs and hookers, the Wolf of wall street. So, well, how much of it is fake and exaggerated and how much of it is actually true.
Eason: [01:07:39] I think that that’s true in a lot of things like because what I feel is that back in those days where there is no do not call list right. Where you don’t get fined for like cold calling people out of the blue and Southern endings. I think that most of the things were probably true, but I cannot, you know, like speak on their behalf cause one, and I’ve worked in New York.
So I don’t know how I actually goes down to, from my personal experience, that kind of exaggeration never led me anywhere and never really used the kind of exaggerations when I needed to, for example, present a investment, like a product in front of the client. And three for me was more like pretty much of a I would say that I’m pretty compliant when it comes to like things that I should and should not say.
And like one of the secret shoppers that the TD Sam, you could verify that because we get tested by like a secret shoppers from the licensing organization and also from my own companies, like every now and then. So they would basically observe what we say, what we do in terms of life, for example, falls promising on like a return numbers and exaggerating and things like that.
So I think that so far I never had a problem and I am a person that’s where we staring to like getting into trouble too. So that kind of helped. And yeah, I would say a for me, not really, like, I wouldn’t, like, I wouldn’t say that that’s true in my career. But I can see it happening, you know, like 20 years or 30 years ago from people wanting to sell a stock to someone that don’t know of any better. I can’t see that from happening. Yes.
Gregory: [01:09:17] Okay. So there’s actually active company policy to make sure this kind of stuff does not happen.
Eason: [01:09:22] They will send people to test you by secret shoppers. Yeah. So they do have that.
Gregory: [01:09:29] All right. Great. So what does your average colleague, just the average guy in finance, what does that person do? Are they just kind of normal guys? They just go home home to their wives, watch sports, or are they cut above the rest? Just smarter than the rest? Just way more into the stuff they do. How do they differ?
Eason: [01:09:51] Like from my experience most of the people that are in my line of work or either specialize in one thing or the other and it goes well beyond their working hours too. So that’s kind of fascinating to see, like for me, I like to. Work overtime, not knowing like we’re over time.
But like, for me, it’s more about you know, like reading the principles and the strategies in the market updates and also following like investment news. So that for me is like 24 seven. Right. But I have some colleagues where they go to the extreme. And have like you know, having a full eight hour stay and then doing additional studies on, like, for example, like state management taxations and things like that.
And some people, they actually studies the market while they’re doing their full-time job because like they dabble in the market too. But oftentimes what I see is that the people who get promoted quite quickly, or the ones that have a King interest, you know, into, you know, the things that we do right in various, like a specializations at a one step, you know, kind of like stay behind or the ones that are feeling comfortable, There’s nothing wrong with that because like maybe we’re making it about the same kind of money, but like some people just like more comfortable doing.
X, Y it’s that, whereas sort of people want to try ABCD probably in the middle, cause like I’m not too hardcore techno like tech tactical stuff, but I’m not also like too hardcore until I stay in place. You know, just knowing what I know is enough to get me by, like every year I’m doing some kind of licensing, but like not to the whole core folks.
Gregory: [01:11:29] So if you keep improving with every year, what, what do you plan on doing after that’s just a 10 years, 15 years? What does your future look like?
Eason: [01:11:39] For me it’s more about, like, for me, it’s more about Basically accumulating clients for me. And then like in the meantime, like accumulating more knowledge to support these clients because wherever I see a challenge, I tried to mitigate that challenge as soon as possible, whether it be like a knowledge issue or like a a soft skill issue or some other things.
Right. So for me, a small, like how to be. Battery every year and 10 years from now, maybe I’m still doing this same thing, but like maybe in another firm, maybe in another structure, but I think long-term, ours is a pretty good career. People make anywhere between like 60 to like a, you know, 600,000, like at, at my level but there’s also you know, more potential into going to like the millions you know, like with the next steps.
Right. So it really depends. It really depends. Some people never make the jump and some people make the jump early. But like for me, it’s like still wait and see. For me, it’s more like, let, let me do what I’m able to do now and do it the best that I can first before going to the next step. So that’s kinda like how I see it.
Diego: [01:12:50] no, I, I think that’s great. And it seems like you’re really enjoying it once you’re doing banking, you know, help helps share like financial security in a sense for the future and retirement. Right. It’s been a awesome topic is, and I do have one little question totally off topic. Really,
Eason: [01:13:16] I love this topic though.
Diego: [01:13:18] I see behind to something say Seneca, a certificate or a sign. Is that a reference to Tao of Seneca, like stoicism or something like that?
Eason: [01:13:32] Oh, no, no, this is my school. I was at school. Yeah. That was my school. And that’s my finance diploma from Ontario.
Diego: [01:13:41] Do you know how they got that name? Senate?
Eason: [01:13:43] No, I have no clue.
I just know that they have a lot of foreign students. That’s what I know.
Diego: [01:13:47] Interesting. Cause from my understanding, at least I haven’t dive really deep into it, but I have encountered the name Previously before and like self-development, so I thought maybe you encountered it during your self development phase. This is like about stoicism showing no emotions and just being the payments actually fits the profile.
Deliberate and all that. So thank you. Thank you. Thank
Eason: [01:14:16] you.
No, no. But yes, I probably did like some kind of training around that, like what you said, but no, no formal like education where you got into like controlling my emotions. Now I just try not to get pissed at any situation. And that’s great. You know, when you can do that, you know, dealing with. Women is definitely something that’s needed, maybe. Correct. Can you tell us more about that too, but yeah.
Gregory: [01:14:46] Hey man, you’re the guy who’s basically married, right? So you should be giving advice.
Eason: [01:14:51] Yes. And like, I think it’s, it’s, it’s good in badges, you know, making, making like at work usually the best experience.
So nothing to exaggerate over there.
Gregory: [01:15:03] All right. Great. Eason it’s been fun. It’s really amazing. If people want to ask you some questions, where’s the best place to find you?
Eason: [01:15:12] I think the best way let me see. I go through my website probably. Let me see.
Diego: [01:15:17] And do you have any like final thoughts?
You’d like to like a knowledge Bob you’d like to drop on us or just editing random before we close out? Yeah. So
Eason: [01:15:25] I think.
before we close yeah.
My website so that’s it like you can find me and you can contact me again. Just, you know, send me a message on there and then like it’ll get to me, but final thoughts. I mean, like worry much, appreciate that, you know, you guys even inviting me to this this is my first time, you know, like talking on the podcast again, all personal, like opinions and like thoughts surrounding, you know, everything that is spoke about.
You know, I do not represent like TD within this podcast, but. You know, more like a friendly chat. But yeah, in case anything like in terms of you know, immigrating here, I do answer a lot of questions from like folks that come here from Suriname, like you know, how they can, what they expect from like studying here, expectation of like, Working after studying here and what they need to do to like, stay like you know, as a, as a, you know, Suriname easier in Toronto.
Like if you need some help, like you can let me know and then I’ll get you, you know, information that you need kind of like that. But otherwise yes, they awesome.
Diego: [01:16:30] No, that’s awesome. You offering that as well. Could you repeat that website again because we’ll, we’ll put it in the description, but you just cut off.
When you were browsing for it. Okay.
Eason: [01:16:41] So maybe I can pack it in, right?
Diego: [01:16:43] Yeah. And we’ll put it in the show notes as well. And while Eason is doing that I’m going to, I guess, close off, but thanks for joining when awesome financial planners that td.com/eason.ye.
I think that’s a good This has been the casual Confoes thanks for joining us. Thanks for listening. The podcasts will be available on Spotify iTunes, the regular spot gas places, probably on YouTube and 3Speak. That’s the new blockchain platform we’re exploring, and we’ll see you in the next one.