DOUG BIEHN, A CERTIFIED financial planner with Viking Wealth Management Inc. in Humboldt, Sask., is benefiting from a surge of newcomers to his rural community, which is among the fastest-growing centres in the province.
Biehn says Humboldt is experiencing rapid growth in the manufacturing and service sectors, as well as in the potash industry. This dynamism has led to a shortage of skilled labour. In response, the federal government has initiated a program aimed at luring skilled immigrants to Saskatchewan. Many of these immigrants, because of the particular skill sets required, are coming from Britain and Ukraine, where unemployment among skilled workers is high in certain sectors.
“The demand for well-paying, skilled jobs is very high,” says Biehn. “We have a lot of clients who are truck drivers from [Britain]; skilled tradesmen in areas like welding, and steel and aluminum manufacturing from Ukraine; and doctors from South Africa.”
Biehn says that the potential to attract newcomers to Saskatchewan remains “very significant” and he expects the number of newcomers to Humboldt to continue to grow.
Born and raised in Saskatchewan, Biehn founded Viking in 2006 with his wife, Shirley, who works as his assistant and business partner. Biehn believes that “investors are increasingly in need of custom-tailored financial plans to help them meet their specific goals and requirements.”
Biehn has been working in the financial planning sector since 1989, specializing mostly in clients who own farms and other small businesses. Shirley’s roots in the business go back even further, to 1982. Says Biehn: “We have a lot of experience working in this community and have built a solid reputation, which goes a fair way in establishing our credibility with newcomers.”
Biehn’s primary source of newcomer clients is through referrals. In addition to full-service financial planning, Viking administers an employee benefits program that has allowed the firm to develop close relationships with many employers in Humboldt. As a result, these employers have become a natural source of referrals of newcomer employees.
Biehn also meets with the Humboldt Regional Newcomers Centre at least three times a year, which gives him an opportunity to market his services and obtain introductions to newcomers. As well, Biehn hosts seminars, runs newspaper ads, sends out direct mail on specific topics and does mail drops.
Biehn plays an active role in local charities and is involved with helping the disabled and under-privileged, particularly the deaf. He has a personal interest in this area – two of his three, now grown, children were born deaf.
Biehn does not have to deal with any language or significant cultural barriers with newcomers from Britain but does have challenges connecting with those from the Ukraine. In general, however, Biehn finds Ukrainians are “eager to learn about how the financial system works here; they don’t have such conversations back home.”
Although language can be perceived as a barrier with these clients, Biehn claims that it generally is not a problem: “They use English every day.” Language becomes a concern, he says, only when technical issues arise; in such instances, he will provide clients with material to take home. Biehn finds that his clients tend to be “more studious than the average Canadian” and often get back to him with relevant questions.
As is often the case with newcomers, especially when there’s a language barrier, the most difficult part, Biehn says, is getting in the door and “having a conversation.” With those clients, he says, it all comes down to trust.
With Britain-born clients, Biehn’s biggest challenge is dealing with pension-transfer issues from the home country. However, once he overcomes this issue, which can be cumbersome to deal with at times, he often earns the confidence of these newcomers.
Like many non-bank advisors, Biehn says that a continuing problem with establishing relationships with newcomers is the strong competition from banks. Surmounting that hurdle requires overcoming the common impression that banks are providing their services for free, he says. “Banks are prominent in everything,” he adds, “and engage in aggressive marketing.”
At the end of the day, however, Biehn says, “it comes down to showing newcomers that you want to help them, provide them with education.” Biehn contends that “newcomers might be innocent but are not naïve.” They are not necessarily concerned about a better deal but want to know: “‘What can you do for me?'”
Above all, advisors need to “be able to differentiate yourself and demonstrate what sets you apart, and be accessible,” Biehn suggests. Once you land a newcomer, referrals to family members are almost a certainty, he adds.
In Biehn’s spare time, he likes to build cabinets and furniture in his “state of the art” woodworking shop. He also likes fishing and “everything football.”
MEETING THE NEEDS OF NEWCOMERS
In the third of a three-part series, IE profiles two financial advisors who are working with the newly arrived
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