Terry Robertson wasn’t planning to launch a new career when she first connected with Debra Terry in the spring of 2010. Rather, Robertson, then director of business development with Freedom 55 Financial in Kelowna, B.C., was hoping to recruit Terry, who was an investment and insurance advisor with the local office of Envision Credit Union. But as the two women got to know one another, Robertson’s plans changed.
“We discussed what we wanted in terms of lifestyle, job satisfaction and ethical practices, and what we felt was missing in the Kelowna market,” Robertson recalls. “Our shared values came to light and we started talking about establishing our own company.”
Eventually, both women resigned from their positions and Kelowna-based Strongbridge Financial Group Ltd. was born in October 2011. This firm provides full financial planning services to about 100 clients in the heart of British Columbia’s Okanagan Valley, with Terry and Robertson brokering the sale of insurance and investment products. Strongbridge currently has almost $10 million in assets under management and has reached double digits in insurance policies.
“We’re part of the Desjardins Financial Security Independent Network, which sponsors our life and mutual fund licences,” Robertson says. “However, we don’t have quotas of any kind and we can deal with a wide range of companies, including Manulife [Financial Corp.], Canada Life [Assurance Co.], Great-West Life [Assurance Co.], RBC Insurance [Services Inc.] and BMO [Life Assurance Co.]”
Robertson and Terry bring a wealth of financial services experience to their new enterprise. Terry, 51, was born in New Westminster, B.C., and began her career at Canada Trust, for which she was that firm’s first female lender at age 21. She moved to Royal Trust, for which she opened a new location in North Vancouver as that firm’s youngest branch manager.
Terry then took a break from financial services as co-owner (with her ex-husband) of a dealership for Duradek sheet vinyl waterproofing in B.C.’s Lower Mainland. She rejoined the financial services industry as an account manager, investments, with Royal Bank of Canada in Vernon, B.C. Along the way, Terry acquired the personal financial planner designation, completed the Canadian securities course and obtained the branch manager compliance certification. In 2008, Terry joined Envision in Kelowna as an investment and insurance advisor.
Robertson, a 57-year-old native of Winnipeg, spent 15 years in banking management and owned and managed two upscale retail clothing stores in the Vancouver area for a decade. She then became a financial advisor with the Mutual Group. En route, Robertson acquired the certified financial planner designation and completed the CSC and the branch manager compliance certification. After joining Freedom 55 as a training manager, Robertson moved to the Kelowna office as director of business development, where she met Terry.
Robertson and Terry welcome new clients as prospective partners and begin the relationship with an interview designed to ensure a comfortable fit. “Our clients have unique issues,” says Terry, “so we start by discussing their goals and objectives, then establish priorities. We use a template to review the client’s net worth and summarize their strengths and weaknesses.”
Strongbridge then presents a written plan that outlines recommended strategies and an action plan for its implementation in a followup interview. “We usually recommend three possible product solutions,” says Robertson. “This approach helps to prevent the confusion and indecision that can result when clients are overloaded with product options.”
The experience the two partners have acquired while running their own small businesses stands them in good stead with their client base, says Terry: “Working with small-business owners is a natural fit for us because we understand the issues they face, including cash flow and the challenge of putting money into a business and then getting it out again. Business owners need tax-efficient strategies to facilitate that.”
Women are another major focus of the Strongbridge partners. Says Robertson: “I think we enjoy an advantage over male financial advisors because we understand women’s needs. They want an ongoing relationship with their advisor that is equal parts coach, counsellor and friend; whereas, most men just want to know what product options we recommend.”
Adds Terry: “It’s a matter of respect. Women often complain that male advisors ignore them, and when they ask a question, the advisor directs the answer to their husbands. We don’t make that mistake.”
Because many older women are used to having financial decisions made for them, these clients sometimes lack self-esteem and are fearful of making mistakes. To allay those concerns, Robertson and Terry assess each client’s level of expertise regarding financial planning and investing and then provide the information necessary to get the client up to speed.
“If I sense weaknesses, I often give the client homework and arrange meetings to address specific topics,” says Terry. “My job is to partner with the client, educate her and discuss the pros and cons of the various options. I want the client to make the ultimate decisions. And women make the best decisions when they’re educated, not told what to do.”
One of Strongbridge’s unique features is its practice of involving other professionals — lawyers, accountants, insurance experts, and mortgage and real estate brokers — to check financial plans from all perspectives before finalizing them.
“Every client faces investment, tax, insurance, estate and legal issues,” Robertson explains. “We act like quarterbacks, bringing together the client’s trusted advisors or consulting with our network of experts before finalizing any plan. It gives the client real confidence when a financial strategy is vetted from all angles. Problems can be resolved quickly this way, and it can save clients money.”
Strongbridge is very much relationship-based, working largely on referrals from satisfied clients. Terry and Robertson are also associated with Financial Divas, a new, quarterly magazine aimed at improving women’s financial literacy. As the “divas” for the Okanagan, Terry and Robertson host monthly seminars that cover financial issues, from estate planning to investing and real estate. Three or four speakers speak at each event for about 10 to 15 minutes each. No business is solicited and names are not put on a mailing list.
Although getting a fledgling financial services firm off the ground is a full-time undertaking, both women manage to make time for a wide range of outside activities. Robertson, who loves to travel, has two adult stepchildren in Vancouver, a six-year-old granddaughter and a cocker spaniel named Maisie. As a director and chairwoman of Kelowna Women in Business, Robertson has been able to influence and develop policy, mission and vision statements, and formalize its board processes, which has increased KWB’s membership.
Terry has two sons: Matthew, 18, and Josh, 12. An avid cook and gardener, Terry has done all of the landscape design work at her West Kelowna home. She also has combined her love of travel with a desire to make a social contribution. After meeting a blind teacher in Samburu, Africa, Terry raised money for an operation to restore his sight so the man could resume teaching. And while on a recent trip to Ireland, Terry ran 10 kilometres to raise $6,100 for the Canadian Diabetes Association. IE