Sybil Verch has an irrepressible motivation to build what she calls “the wealthy life” for herself and for others.
“I’m living it, and I’m helping others live it, and that really is what gets me out of bed in the morning,” said Verch, senior wealth advisor and portfolio manager with Wealthy Life Group, Raymond James Ltd., in Victoria.
The wealthy life refers to arriving at a destination of contentment but also purpose. “It’s not how much money you have,” Verch said. “It’s what you do with it, and how you make the most out of what you have.”
Last year, after four years as executive vice-president and head of private client services with Raymond James, Verch decided to return to a full-time financial advisor role.
The decision came as Verch’s firefighter husband retired. He was planning post-retirement adventures, and Verch thought perhaps her work/life balance was “a little out of whack.”
“And it was,” Verch said. “So, how do I get it back?”
She officially stepped off the executive track in January.
Clearing the obstacles on a purposeful path
As a child, Verch was fascinated by numbers, math and money, so a career in financial services seemed inevitable. When her parents bought their first home, Verch — then a preschooler — hammered them with questions: “Why were they so excited? How much did the house cost? Where did they get the money?”
“They taught me what a mortgage was when I was five years old,” Verch said. “I was just always curious and interested in money and finances.”
When Verch was growing up, the family didn’t have a lot of disposable income, but they made the most of what they had, scrimping to pay for Verch’s dance lessons.
“What they taught me was what’s really important and [to] get your priorities straight,” she said. “And they always lived within their means.”
Verch began working at an early age (babysitting, selling lemonade, retail gigs), using her wages during high school to buy household items such as bedsheets and dishes — “[collecting] everything I needed to move out when it was time,” she said. “I was prepared; a planner.”
Her financial services career began when she got a job with Midland Walwyn Inc. (later acquired by Merrill Lynch & Co.) in Victoria, a co-op work placement that she secured while working toward her business degree. The branch administrator was about to go on maternity leave, and Verch convinced her that she (Verch) would be the ideal replacement. During Verch’s stint as the new administrator, she helped the branch manager run an office of 80 employees.
“I was there all of three days and knew this was the career path for me,” Verch said.
The financial advisor role, which Verch observed as branch administrator, ticked all the boxes for her: math and money, unlimited income potential, problem-solving and helping people, and entrepreneurship. Verch eventually became an associate with the firm, but a male advisor told her she’d never make it as an advisor. He suggested that because she was young, a woman and attractive, no client would take her seriously. It was the mid-1990s, and Verch soon discovered he was, unfortunately, right.
“It’s really important … when we deal with these bad experiences that we let ourselves decide what we want the outcomes to be,” Verch said. “Don’t let anyone else tell you what you can or cannot do.”
Verch did become an advisor at the firm. When a group of colleagues were leaving Midland to set up HSBC Securities (Canada) Inc.’s first office in Victoria, they asked Verch to join them as branch administrator. She agreed, but only if they would hire her as an advisor after she set up the office.
They agreed, and it turned out to be the right call: “I brought $20 million of assets in, in each of my first three years,” Verch said. “I worked my butt off.”
Achieving that growth meant driving up Vancouver Island each week to an underserviced market, from Campbell River to Gold River, prospecting for clients. She attended chamber of commerce mixers, researched demographics at the local library, and asked employees and bankers at the local bank branch what people needed.
“I asked, and I listened,” Verch said.
The pulp mill in Gold River closed in 1999, leaving workers who received severance packages in need of advice. Verch gained seven clients after mailing a flyer advertising early retirement strategies. She created financial plans and retirement income projections, and answered clients’ key questions: “How much can I spend? How long will my money last? Will I be OK?”
Her approach is similar today: “Clients still want to know the answers to those questions.”
Word of mouth about her work spread in the community. However, she was still a young woman. “When I would get people to come in for that initial meeting … I would address [the bias] head-on,” Verch said. She would acknowledge that they were probably wondering what she could possibly know. But she would assure prospective clients that she was “born to do this,” sharing her childhood experiences and her background. “I’m going to learn what you need and what your goals are,” she would say. “I’m going to run some projections to help answer … how long your money will last and will you be OK.”
After that speech, “they immediately were OK,” Verch said.
Scaling up to share the wealth
Verch built a Chairman’s Level advisory practice (the firm’s top quartile by assets) and as her branch manager approached retirement, she decided she wanted to replace him.
In researching the role, Verch consulted a colleague in another city who was a producing branch manager. He told her to tell the firm she wanted the job because they wouldn’t even consider her otherwise. She communicated her intentions to the firm’s management and got the job — but only after a prolonged due-diligence process that no previous branch manager had undergone.
While the experience was frustrating, it provided another lesson: “Don’t assume people see the great work you’re doing and that you’re going to get promoted as a result,” Verch said. “You need to put your hand up. You need to build those relationships with people in decision-making roles.”
Verch had been branch manager for less than a year when, in 2011, HSBC sold its advisory business to National Bank of Canada (NBC). The fit at NBC wasn’t right for her, so she began interviewing with other firms. She then found a new home with Raymond James, where she liked the platform and independence. Also, since 1994, that firm had held an annual women’s symposium for its women advisors.
At Raymond James, Verch made sure key people knew about her accomplishments. She began as a producing manager in Victoria, and was promoted to Western regional manager, national manager and then to the executive team. She was also considered for the CEO role (which went to Jamie Coulter in 2022).
Along the way, Verch’s business coach encouraged her to write a book, and The Female Edge was published in 2017. She wanted to use her book to help women turn obstacles into opportunities, instead of complaining about the “old boys’ club.”
“It’s our time,” Verch said, noting that companies are looking to hire women. “They understand that women add to the bottom line.”
Verch’s book describes her career path and encourages women to overcome self-limiting beliefs and negative self-talk. She encourages readers to set goals, get involved in mentorship and sponsorship, and step outside their comfort zone. Another message is that it’s OK to fail.
Learn from failure, Verch said, and try again.
Verch stepped outside her own comfort zone when she decided to produce and create a TV show on finances. She booked an information session with a local TV station to learn about the production process. The station became interested in producing Verch’s proposed show, and The Wealthy Life was born, sponsored by Raymond James.
“It was rewarding work — and scary as hell,” Verch said of taping the show. “I was a nervous wreck that first year.” (Season 8 will begin production in October 2025.)
Verch says she values making a bigger impact on more people’s lives — something she’s been able to do both as an executive and as a TV producer/host. “I’m helping 500 advisors create better client experiences,” she said. “Same with The Wealthy Life — a one-to-many strategy.”
Adventure time
In June, after taking the first half of 2024 off to travel with her husband, Verch returned to her advisory practice full time. So far, she has 20 clients, mostly executives.
“I’ve been in the C-suite; they’re in the C-suite,” Verch said of her clients. “I want to help them transition to that purposeful life.”
She’ll target up to 40 or 50 clients, she said, each with a net worth of $10 million or more. Her team includes experts in tax, law and trusts, and financial planning.
Verch will also help her associate grow an advisory business after completing Raymond James’ internship program, which launched under Verch’s tenure as an executive. And she’ll continue to refer clients to other Raymond James advisors.
“I am rebuilding this focused practice.” Verch said. “I want fewer clients so I can continue to travel and have this work/life balance [while] building up this team.”
While Verch has come full circle, the terrain is brand new. When she first considered pursuing a practice again, a mix of excitement and doubt emerged: although the journey could be “beautiful,” she thought at the time, “it was scary too [to] rebuild a business all over again. Can I do it? Things have changed.”
Then she and her husband hopped into a van and drove across the U.S. The trip ended, but the adventure — and the wealthy life — continues.
“I’ve done so many different things. Now, I’m back working,” Verch said. “I love the challenge, I love the balance of it.”
This article appears in the November issue of Investment Executive. Subscribe to the print edition, read the digital edition or read the articles online.