Zero to 22 Years in the Blink of an EyeCliff Broetz, CSA, Wealth Advisor
The Story of Precision Wealth Management
It was approaching the mid 1990’s and I had left a working relationship with a multinational Oil company. I could no longer believe in the industry, the long term sustainability, the prospects and the lengths taken to make money, to too many exclusions. I needed to control my own destiny and be closer to helping people instead of the employees and shareholders of massive organizations.
A love of finance sparks a surprising new beginning
In my youth I grew interested in the stock market, investing and the larger spectrum of Finance. The business section of the newspaper was always saved until last, to better savour. And even though my initial work years were not directly in Finance, the call was always there.
I responded to an Ad in the paper promising a great career in Finance, even though it lacked specificity. In my mind, it sounded too good to be true but
I’d respond anyhow, if even just to test out my resume effectiveness. When I got the call to come in I’ll admit to being disappointed to hear it was an Insurance company, SunLife. Well, why not test my interviewing skills at the very least? The interview went well and I truly liked the local Manager. She did entice me not so much with the opportunity of being a Life Agent, but rather in the upward mobility that she insisted I shouldn’t overlook. So off I went through courses and licensing. SunLife asked me to look after a few hundred ‘orphan clients’ – those are the existing clients that no longer had an agent, as the Life Agent career claims many casualties in their quest to get established. These clients became my roots and the Life Agent path taught me the importance of the planning and contextual approach to all solid financial plans.
A big picture look at people’s financial lives
Rather than a Stock Broker, who focuses on the transactional approach to wealth accumulation, the more rounded path I was on did far more to address the ‘why’ and the ‘what if’ in peoples financial lives. Licensing followed and off I went helping people and building my practice. I was recruited aggressively by Manulife in the early 2000’s and elected to make that change. Manulife was a good fit for a while but slowly and relentlessly they encroached on my independence and insisted more on proprietary product sales. Along that timeline I was also working from a home office such that I could be closer to home and watch my kids grow up – simply put that just translated to working nights as well. But grow, my children did, and so did the practice.
Honing my skills and building a practice with pride
In 2011 I was asked by a colleague to take over his practice so he could relocate to Calgary. Working from my home office, kids long since having done most of their growing and me having fought ambition for years to stay small and boutique, I finally acquiesced to my inner voice and made the leap with one view, and one view only. To bring every idea I ever had on how to run a modern practice, into play on day one. Why just have a little chaos I always say, let’s go all in. New practice to merge into mine, new building, added staff and an Associate Advisor, some one to collaborate with. Why not convert to a full digital practice at the same time – my goodness my staff have been flexible! And if that weren’t enough, why not give up the commission aspect of the work and take it to fee based asset management? That was an easy choice, the client wins with the fee based approach so let’s just get there fast. It has been an unbelievable journey. We work for the loveliest of people, they need us and we love that. Every time we put our clients first, the practice grows. The harder we fight for them, the busier we get. My utopian work life – we can indeed do well by doing good.
Succession planning for the planner himself
Having seen that the end of work is drawing near and having been a planner for a long time, it was time to listen to my own advice and do those things we are careful to coach our clients on. Prepare and position for the coming years. In my case, get going on succession. Identify and take the steps needed to make Precision Wealth Management, and our approach and values, a brand that will endure. An Advisory firm or system built to help our clients, their children and their grandchildren. That led me to the move to our current new office. More space, more flexibility and a chance to build out the offering. I am thrilled that we will be a firm of six Advisors and four licensed Assistants by Summer of 2018. The team has been identified, the transitions being carefully planned and on-boarding has begun. I now have two success’s to be very grateful for. The first is the gratitude for whom we work for, how they treat us, how they refer us and the difference we have made in their lives. The next is the quality of Advisor coming in to take Precision into the decades ahead. I could not be more proud of the skills, attitudes and ethics of those new professionals joining us. I so look forward to making proper invitations to you in the next year or two.
The future is bright
It has been an amazing journey. We are launching a full digital strategy to better connect with existing clients and potential new clients. We want to shout our story from the rooftops and we have found the way to do it. Motiontide Media, our digital agency, will help us tell our story in just the right way. With class and style, with integrity and passion. Just the same attributes we apply to our work for you.
The future does indeed look bright. I’m not ready to ride into the sunset yet, but things are sure ready for that…
I look forward to continue helping you reach your financial dreams.
Cliff Broetz, RDB, CSA
President, Senior Wealth Advisor
Precision Wealth Management